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What is influencer marketing?
Influencer marketing is when a business partners with an individual who has a significant presence on social media to market its services or products. Influencer marketing is a strategy to market on popular social media platforms.
Nowadays, hundreds of millions of people use social media daily. The people they follow have earned their trust. It’s a good idea for a business to reach out to influencers with many followers and high engagement rates.
Your products and services will be seen by as many people as possible by working with an influencer. Your conversion rates may be boosted as well.
Alpha Key Digital will help you devise a strong strategy allowing you to get the most out of your marketing campaign using an influencer.
Key Influencer Marketing Statistics to Drive Your Strategy in 2023
Fact: Influencer Marketing Industry Reached $16.4B in 2022
There’s no denying that influencer marketing is lucrative. The market grew from $1.7 billion in 2016 to $9.7 billion in 2020. In 2021, it soared to $13.8 billion, indicating steady growth. In 2022, the market expanded to a whopping $16.4 billion industry.
This growth is attributed to the increasing popularity of short video formats on platforms like TikTok, Facebook, and YouTube. Another aspect attributed to growth was the effects of the global pandemic on consumers, which catalyzed social media consumption. Finally, the optimization of data collection, which marketers used for social media ads, also added to growth over time.
How does influencer marketing work?
The ultimate goal of influencer marketing is to increase your brand’s exposure. Influencer marketing allows businesses to collaborate with influencers with a large following. The influencer will publish social media content promoting business services or products, build brand awareness, and attract potential customers.
Because followers trust the influencers, they follow you on social media. When they see your business advertised by the influencer, an automatic trust factor can boost your conversion rates.
Determining which influencers might suit your company is integral to any influencer strategy. For example, suppose you sell facial moisturizers. In that case, you should find an influencer with a strong success rate in promoting skincare products.
Generally, influencers receive a commission on all the services or products they sell. For example, they receive ten percent of revenues from the services or products they sell for your business.
How effective is influencer marketing?
There are significant benefits when businesses use influencer marketing. For example, businesses earn an average of $5.78 for every dollar they spend on influencer marketing (via Influencer Marketing Hub).
Advantages to consider:
- Establishes credibility and trust. One of the reasons many businesses need help selling their services or products is that they need credibility to be established. You can quickly boost your credibility by partnering with an influencer that followers trust.
- Cost-effective. Your business may generate a considerable return on your investment if you choose the right influencer. Another significant benefit is the cost-effectiveness of influencer marking use.
- Quality leads are attracted with influencer campaigns. Your conversion rates may increase as a result.
- Brand awareness gets a boost. Influencers can get your services and products in front of hundreds or thousands of people. Some influencers have millions of followers.
Creating an influencer marketing strategy
Alpha Key Digital will strategize with you with these critical steps:
1. First, your goals should be identified.
- What goals does your business have?
- How can you track your successes with influencer marketing?
2. Determine your audience. Next, you need to take a good look at your customers.
- Who is your ideal customer?
- Do you know what problems they have?
- What social media platforms do they use?
- Your business can reach your target market effectively by answering these questions.
3. Budget creation. Your budget determines how much your business can invest in an influencer.
4. Alpha Key will find the very best influencers. Finding the right influencer could take a long time if looking for one one your own.
- Do you know whom you want to partner with?
- Who are their followers?
- Do you want to partner with a social media star?
- Or do you want to partner with someone with a large following in a particular industry?
5. Track metrics and optimize your strategy accordingly. Finally, Alpha Key will track your metrics to measure brand awareness.
- How successful is your influencer campaign?
- Do you need to adjust to improve the campaign?
If you want to partner with social media influencers to grow your audience, there are several steps you can follow.
Alpha Key Digital will:
- Find influencers aligning with your business and brand to build awareness.
- Help you to understand that you should focus on something other than the number of followers they have. Alpha Key Digital is aware that if an influencer has a low engagement rate, your campaign may not do as well. Instead, paying attention to their relationship with their followers is a good idea.
- Create an agreement. Creating a formal written agreement with an influencer helps avoid confusion and ensures each party knows its responsibilities.
- Provide value. While you can pay influencers, you want to give them more value than just money. Alpha Key Digital’s work includes these types of considerations. For example, can you help them boost their exposure? Will this partnership be mutually beneficial?
- Alpha Key Digital will research influencers for you before making contact. Looking for the right influencer is like searching for the right employee for your business. Alpha Key will take the time to review what they post and their blog posts, and assess partnerships they’ve had in the past to ensure they’re a good fit.
When we find a suitable influencer to promote your products and services, you will increase your foothold in your industry.
The Future of Influencer Marketing
Influencer marketing is a formidable marketing tactic. Companies that leverage influencer marketing are likelier to succeed, especially if they can establish a healthy and long-term partnership. Also, 2023 will undoubtedly bring many changes to the influencer marketing industry.
Enhance your influencer marketing campaign!
Influencer marketing is a popular tactic for several reasons. Not only can it increase brand exposure quickly, but it’s also a cost-effective way to get your business in front of consumers likely to be interested in your product. However, you must identify influencers who are a good fit for the campaign to succeed. Otherwise, you may hurt your company’s reputation.
Once we have found the best influencer for your campaign, use our social media marketing tools to take your efforts for increased brand awareness to the next level. We will plan posts ahead of time with our organic social posting platform or run ads on Facebook and Instagram to maximize your reach. We can help you connect with your target audience, no matter your industry.
Allow us to take care of any of your digital needs. Alpha Key Digital specializes in advanced digital marketing techniques. From design to execution, to measurable branding, we can provide the clarity and confidence for the brand awareness campaign specific to your business needs.