4 Successful Examples and Best Practices of Influencer Marketing
Although influencer marketing has become a common playground for just about any other marketer out there, a lot could go wrong during the execution phase. For instance, hooking up with an influencer with an audience that doesn’t relate to your business niche, is one of the mistakes that newbie marketers make during the early phases of their careers.
This is where influencer marketing best practices come into action; it is a collection of handpicked strategies that will help you to redefine & scale your business. Now, with that being said, do not expect overnight results. Patience is key – and knowing that the audience can see through poorly constructed content, is something to bear in mind.
Having said that, influencer marketing best practices are not tricky to follow. We have a relatively clear list of tips and tricks to get you started. As a rule of thumb, don’t forget to improvise and make changes to these strategies for an optimal experience. After all, depending on the niche you’re working in, your business requirements might be a little different
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Facts about Influencer Marketing Best Practices
Since 2014 influencer marketing has gradually taken over print advertising. According to Google Trends, you can see that print advertising state has been more or less the same, while influencer marketing had an exponential spike, especially during the years 2016 – and 2018 respectively.
That’s not all.
Over the last decade, many other things are a result of direct or indirect influencer marketing campaigns – so much so that a lot of those strategies have become a benchmark for modern-day marketing practices.
a. Influencer Marketing Growth Expected to Surpass $13 Billion Worth
Over the last two years, during the COVID-19 pandemic situation, many MNCs shifted their focus to influencer marketing best practices. Others were quick to adapt their marketing models to what would be defined later as the “new normal” for business industries.
Back in 2016, influencer marketing had an estimated worth of $1.7 billion. If you think that’s a lot of money, then the latest state of affairs will definitely shock you. According to the experts at Influencer Marketing Co., the online influencer marketing trend will reach an expected worth of $13.8 billion at the end of the year 2021.
b. 240 New Platforms and Digital Marketing Agencies Joined the Influencer Marketing Best Practices “Rally” from Different Parts of the World
Since influencer marketing has been on the rise, many more agencies are hitting the radar as up & coming service providers. In 2019, almost 240 new companies were founded, rounding up to an exact 1360 influencer marketing agencies that didn’t exist until a few years ago.
The majority of brands use some form of influencer marketing best practices to scale their business. Out of ten companies, 9 are expected to be in contract with a professional digital marketing agency, or they are busy running their own influencer marketing gig on the side.
• Micro-influencers have the highest engagement rates of all time
New influencer marketer profiles with a follower count between 1,000 – 10,000 are expected to have a whopping 5% – 8.8% engagement rate. Depending on the social media platform, this engagement rate may vary, but it will always be higher.
To that end, working with micro-influencers is much better from an audience diversity, feasibility, and engagement perspective.
When it comes to macro influencers vs. micro influencers, which one’s the ideal choice for your business? Here’s what experts suggest doing before getting started right away. Read on…
Any type of influencer marketing best practices need a lot of sub-level effort to head your overall marketing strategy in the right direction. Here’s what experts recommend doing if you are getting started towards business scalability for the first time. Read on…
Why Do Influencer Marketing Best Practices Work Better Than Conventional Strategies?
A bulletproof influencer marketing is absolutely necessary if you want your brand, products, or services to be on the front page of the internet. People listen to influencers. And when a recommendation comes from someone that people trust on the internet.
According to an online survey conducted by Visual Capitalist, almost 67% of the online marketers have increased their spend limit on influencer marketing best practices and strategies. It is expected that the total amount of marketing budget will be between $5 to $10 billion at the end of the year 2021.
The question is, why does influencer marketing work better than conventional marketing practices.
To start off, implementing influencer marketing best practices is a guaranteed way of driving referral traffic to a website. The process also generates leads, raises brand awareness, and does much more in terms of business scalability.
However, those businesses that retain customer information and use it through email marketing funnels perform better than companies that only hop from one influencer marketing campaign to another.
There are many other sub-level strategies that supplement the effect of any ongoing influencer marketing process.
Take a look below.
4 Influencer Marketing Practices to Scale Your Business In 2021
1. Create Smart Content
Other than having a rock-solid collaboration program with influencers in place, content is the key to this whole thing.
New York Times’ Jonah Berger wanted to know what makes people share their stories when they are influenced by marketers on the same social media platform.
As it turns out, it is a mix of emotions, trust, and positivity. All of it is derived from the type of content that the influencer marketer is creating for the audience. In that sense, whenever you are creating content or having an influencer create something for your company, make sure that it’s value-added, something insightful, and short enough to retain the attention span.
Speak to your customers by highlighting unique product features. People do not care about the technical mumbo jumbo. Therefore, concentrate on the practical implementation of those unique product features.
For instance, if you are promoting hiking boots for your company, people would be interested in whether those boots are waterproof, their grip, build quality, and vice versa. Talk about things in your content that your potential customer can relate to. This is exactly how smart content “influences” buyers’ decisions.
2. Getting In Touch with the Right Influencer Is The Key
As we said earlier in this post, any influencer can divert traffic to your website, but for an optimal conversion rate, the type of influencer matters a lot.
For example, a beauty products brand will get better conversion from an influencer working in the same niche. The traffic will convert better; people will be inclined to browse through the product catalog, and you are more than likely to succeed through follow-up email marketing campaigns.
Although many marketing companies dream of working with social media influencers and celebrities because of the sheer amount of followers on those profiles. However, it might not be the soundest marketing traffic if the audience is not related to the business niche you’re working in.
On the same note, work with a bunch of macro and micro-influencers instead of relying on one brand ambassador. Small-time influencers with follower count averaging between 10,000 to 100K have a better audience engagement rate, better conversions, and a better ROI for business partners.
3. Show Genuine Care for Your Influencers
Working with influencers is no different than working with a real-life business partner. At the end of the day, influencers are people like us. They perform well when they are rewarded for their efforts.
You can reward your influencers by sending them free products to review, personalized gifts from your brand, or monetary incentives at the end of each milestone. Whatever your rewards strategy is, make sure that it sends a message of care and love to your influencers.
Most importantly, don’t forget to ask your influencers for feedback on your current collaboration strategy. These people are creative, which is why the social media platforms call them “influencers.” Therefore, listen to what they have to say, and incorporate strategies that are potentially better than what you have on paper.
4. Don’t Forget to Vet Influencers
Did you know that social media platforms are littered with fake influencers?
As it turns out, there are many profiles that have tons of followers in the form of bots, recently created accounts, and duplicate content.
As part of influencer marketing best practices, make sure that the influencer you’re considering working with, has organic followers, a healthy engagement rate, and valuable content to offer.
Even at times, when you are working with the right influencer, a lot could go wrong. Try setting up a notification system to monitor the traffic coming to your website. For instance, your competitors might send bot traffic, or there might be an unusual increase in the number of mentions over the last few days. Such signs indicate that something is not right, either at the influencers’ end or due to competitors resorting to malpractices.
Stay in the loop to minimize your reaction time, and handle a crisis before it affects your entire influencer marketing strategy.
Influencer marketing best practices can give your business that much-needed boost. Over time, the strategies mentioned in this post will help you to identify and retain leads, generate traffic, and work on business scalability at a faster pace.
At the end of the day, the message is clear: yes, influencer marketing works, and it should be integrated into your marketing strategy at the earliest.