Traditional outbound marketing is on its way out. And influencer marketing is on the rise.
Wondering what's influencer marketing?
This type of market involves a company using an influencer to advertise their product or service.
And, according to this study, it seems to be working wonders.
Word-of-mouth delivers twice as many sales as paid advertising.
On top of that, it has a higher customer retention rate—37% to be exact.
Which is why you're seeing more influencers on TV such as Youtube stars, Ray William Johnson, DeStorm Power, and Colleen Evans on DiGiorno's TV ad campaign.
And it's not just large companies that use digital marketing influencers. Smaller companies do too.
So, whether your company is large or small, you can still benefit from an influencer promoting your brand.
But just what is an influencer? And how do you find him or her?
Read on to find out!
What is a digital marketing influencer?
In a nutshell, an influencer is someone who's very active on social platforms, including blogs. They're already brand advocates, whether they have contracts with those brands or not.
And, besides this, they're niche promoters—just by talking.
To put it simply, their words move mountains.
For instance, Oprah is a very famous and popular influencer. Books on her booklist can expect to do better simply because she recommends them.
Other influencers include Tesla CEO and Founder, Elon Musk, Basketball Superstar, Michael Jordan, and real estate millionaire, Barbara Cocoran.
However, an influence doesn't have to be as mainstream and financially successful as these three.
Actually, we're seeing many influencers from Youtube and blogs. Which goes to show you don't need to own a television network, create cutting-edge hybrid cars, or sell high-end real estate to be one.
How do you determine the right influencer for your brand?
Ok, so now that you know what an influencer is, how do you know which influencer is right for your brand? Here's what you need to know...
1. Study your target audience
First, you need to take a hard look at who you're selling to. Would someone who takes a more conversational approach be better?
Or what about an influencer who comes off as traditionally professional?
Also, how niche-specific do you need to get to appeal to your target audience?
The answers to these questions will help you get a sense of what type of digital marketing influencer you're looking for.
Want a trick?
Check out your buyer persona. (If you don't have one, be sure to create one.)
Highlight the key personality traits and features in it.
Then, look for those traits in the influencers you're scouting out.
2. Assess the influencer's reach
The reason being, the influencer brings his or her audience plus the audience's networks.
So, the bigger the audience, the bigger the networks. And the farther their reach.
But numbers aren't the only factor that determines an influencer's reach. How the audience responds and interacts with the influencer is vital, if not more important.
In other words, the influencer's words cause action.
For instance, you monitor a digital marketer's social media platform. You see, they tweeted their recent blog post on Twitter.
There are comments below the tweet saying things such as "Wow, thanks for the tips! I'm going to start using them right away."
Or "Thanks. You've convinced me to check out insert-tips/products-influencer-recommended."
These comments show that the influencer's words are directly affecting the lives of their audience.
Why is this important?
Because, you can bet an influencer will incorporate the same style they use for their blog posts, Youtube videos, etc... to discussing your product or service.
At the end of the day, sure, a digital marketing influencer may have millions of followers. And their words, be it on social media or blog posts, could stimulate conversations.
However, if no action comes from those words, the numbers don't matter.
Meaning the influencer could discuss at length why he or she loves your product. But few sales will come from it.
3. How relevant is the influencer...to your audience
Again, it comes down to audience.
And again, reflect on your buyer persona to determine the level of relevancy.
Just because an influencer in relevant to millennials doesn't mean you'll get more sales.
If your target audience is in their mid to late forties and fifties, consider an influencer that's in that same age bracket.
Basically, what it boils down to is...
The more relevant the influencer is, the better chance you have of getting more sales.
How do you get the influencer to promote your brand?
So, you've found an influencer you'd like to be the "spokesperson" for your brand. Now what?
1. Financial offer
We're talking about your standard financial offer, where company A offers influencer B an X amount of money per month.
That said, financial offers are tricky for a couple of reasons. For one, if the influencer isn't extremely passionate about your brand, the marketing will look hypocritical and ingenuine.
Adding a financial incentive will just add to the ingenuity.
However, given the influencer loves your product or service. And has already mentioned it several times in blog and social media posts.
A financial offer could make the influencer even more eager to show off your product or service.
Nonetheless, financial offers depend on the situation, influencer, niche, and target audience.
Commission may be a little easier, and more genuine to the audience.
It makes you look not as money-hungry because the purchase also benefits the influencer as well.
Plus, the influencer's audience (which, if you did your research, means your audience too) is more likely to support the influencer than a company.
Because their trust is worth more than the company's.
3. Offer your product or service
A lot of fashion businesses give their models free clothing. Restaurants and theme parks will give their employees discounts.
These perks are a thank you. And "I appreciate your hard work."
While the digital marketing influencer isn't your employee, offering your products or services to them does relay a similar message.
For more information about digital marketing, contact us.