In 2019, consumers are no strangers to the overwhelming number of options on the market. To combat the staggering effect of advertising, many turn to ad blockers, digital detox’s and full on no-buy challenges. Luckily, influencer marketing doesn’t seem to be going away anytime soon.
Only 1% of millennials trust traditional advertisements, but roughly a third will trust a blog or YouTube review before making a purchase decision. In fact, 40% of consumers report purchasing a product used by an influencer on Instagram or YouTube.
So how can you make the most of this hot-as-fire opportunity? Here are 5 tips:
Know the types of influencer campaigns: Affiliate marketing and giveaways are two of the most popular types of campaigns. Affiliate codes are promoted through influencer platforms to drive sales through promo codes and URLS. Contests and giveaways are easy ways to bring traffic to both the influencer and the sponsor.
Have a goal-oriented strategy: Documentation will be key to ensure you meet your KPI’s and stay on track. At FAULHABER, we leverage influencer marketing in many of our successful campaigns to drive engagement, build brand awareness, and build authentic relationships.
Look at the trends: According to Influencer Marketing Hub, some of the biggest trends in influencer marketing to look out for are:
- Greater emphasis on micro-influencers and nano-influencers
- Increased emphasis on video, specifically IGTV
- Focusing on brand alignment rather than following when choosing influencers
- Transparency around sponsorship
- Uniting against ‘fake followers’
Know who you’re looking for: When looking for the right influencer, be aware of the types of followers they have, engagement, and the overall quality of their relationship with their audience. The rise of the micro-influencer is a fantastic opportunity to tap into niche market segments. Meanwhile, those with larger followings, typically have a low engagement rate.
Compensation should be fair, but reasonable: Fair compensation will differ based on the influencer partnership, goals of the project, quality and number of followers, and length of the contract. While many influencers are happy to receive free products, others prefer working on an affiliate basis.
The age of the influencer is here–and it’s not going anyway soon! Consider these tips to build a smart, effective strategy for your next campaign.