Influence marketing is a marketing strategy in which brands partner with social media influencers to promote their products and services. Influence marketing uses celebrities, athletes, bloggers, and other influential figures to market brands. Simply put, influencer marketing is about collaborating with other social media users and content creators to establish mutually beneficial relationships. For brands, the benefits can be one or more of the objectives mentioned above.
Influencers are often compensated with cash, free products, or both. You'll base compensation on your goals, the amount of work involved, the number of followers and the social network. If you have a great influencer marketing strategy, you'll attract quality people to work with you. Likewise, followers, email subscribers, and employees with large numbers of followers on social media are potential influencers.
And this isn't just for B2C brands, as 86% of B2B brands consider influencer marketing to be a valuable strategy. At first it may seem that judging the value of influential people is unpredictable, but this type of approach will provide you with a familiar point of comparison and contrast. Having a quality influencer marketing strategy can boost sales and your company's overall objectives. Start a free trial of Wrike to increase brand awareness, increase conversions, and successfully execute your influencer marketing campaigns.
It changes and becomes a more expensive strategy when you choose who the influencer is and it depends on the type of content you want. It's always good to experiment with new influencers to see if they can exceed your average, always increasing the effectiveness of your influencer marketing strategy. Determine how you want to structure your influencer marketing campaign and message so that you can maintain them later on. An influencer marketing strategy takes advantage of digital creators who have a strong influence on specific industries or specific audiences to make purchasing decisions.
Of course, a large percentage of marketers have noticed the popularity of influencer marketing. When you work with an influencer in a different industry, you gain a level of influence where you can capitalize on the new audience. Rather than relying on thousands of followers, influencers will help you ensure that a very specific audience that is likely to be interested in your product reads your content and interacts with it. For example, if you're in the beauty industry, one of the biggest influences is Kylie Jenner.
According to a study recently published by Oracle, 80% of consumers have purchased products as a direct response to relevant content on social networks, and 37% of consumers said that they trust social media influencers more than brands.