Influencer marketing has taken the world by storm. Companies and marketers are swearing by this new phenomenon which involves collaborating with online influencers towards mutual benefit.
So,what is influencer marketing exactly? Let’s try and find out.
Who are Influencers?
When it comes to the internet and social media, an influencer is someone who can influence their audience’s purchasing habits.
There are many influencers who work in different niches and enjoy a sizeable online following because of their expertise in the given niche. Since the audience respects their knowledge and opinion, such influencers have sway over many people. Many brands collaborate with such influencers to gain more brand recognition and sell their products or services with ease.
Influencers have a certain kind of authority over their audience, which they build over time by giving valuable, expert insights about a given industry. For instance, a fashion blogger who creates content regularly and gives tips about the world of fashion is respected by his/her followers. So, if this blogger recommends a certain fashion or beauty product, the audience is bound to listen to them. In this way, such content creators can easily affect the buying decisions of their followers.
Today, all kinds of businesses are collaborating with influencers to further their brand’s reach through influencer marketing.
What is Influencer Marketing?
Influencer marketing is probably the biggest trend in the world of online marketing nowadays. It is a unique type of marketing that involves brands collaborating with social media influencers to further their brand’s message. Brands can sell their products and services, improve brand recognition, and even gain more social media followers through influencer marketing.
Influencer marketing is a great way for brands to reach a large group of potential customers with comparative ease. Instead of reaching out to each individual separately, a brand can just hire the services of an influencer who then markets the brand to their large audience.
According to estimates based on Mediakix data, the influencer marketing industry is expected to be worth up to $15 billion by 2022 as compared to only $8 billion in 2019.
The Value of Influencer Marketing
Picture this: You’ve been binging on YouTube and Netflix. Late into the evening, after work, you’ve been laying on your couch for hours watching your favourite show. Suddenly, an ad pops up where your favourite social media personality recommends an app for ordering ‘hot and tasty food within minutes’. It’s not surprising if you download the app immediately because you crave some good food.
Welcome to the world of influencer marketing!
In recent years, influencer marketing has been growing by leaps and bounds. It has become the weapon of choice for many companies, both big and small. Some pundits have rightly claimed it to be the ‘next big evolution in digital marketing’. The reasons for this are manifold.
Cost-effectiveInstead of traditional marketing mediums like print and television media, influencer marketing has a much wider reach as the internet has become a part of our daily lives. While running a television ad or putting up banners across cities is quite expensive, influencer marketing isn’t so. Most brands will pay an influencer only a nominal fee in exchange for an endorsement from them. Even so, the influencer has more reach than a television or print ad would ever do in today’s times.
Human touch:Instead of watching a static banner or a glossy advertisement, potential customers are engaged through the authentic and heartfelt storytelling of an influencer – someone who they already know and respect. Consumers can feel that personal touch when a product or service is explained and recommended to them by a voice that they can trust.
Examples of Influencer Marketing
Influencer marketing has already helped many companies improve their overall ROI and become more successful. Let’s take a look at some of the famous examples of influence marketing:
Taco Bell (#MakePotatoGreatAgain)Tanmay Bhatt, of AIB fame, partnered with the world-renowned Taco Bell chain to introduce the ‘Crispy Potaco’. The unique taco and potato combination was perfect for India, and the campaign featured the lovable comedian in a few short slips drooling and fantasizing over a Crispy Potaco.
The healthy dose of humour, paired with the Taco Bell name, did wonders and created quite a buzz on social media. Twitter led the charge with nearly 25 lakh impressions on #MakePotatoGreat.
Axis Bank (#AxisThoughtFactory):Axis Bank launched a very innovative influencer marketing campaign – The Thought Factory. The bank teamed up with famous technology bloggers and other eminent personalities in the field to facilitate the event’s launch.
Social media personalities and tech gurus such as Rajiv Makhani, Abhishek Kumar, and Himanshu Sheth live-tweeted and blogged about the event. On average, each post had more than 1000 views, with one of them garnering almost 2 lakh views.
Allen Solly (#ShootForSolly)Allen Solly’s famous #ShootForSolly campaign was aimed at young working adults with a clear motive – to make them realize that Allen Solly Chinos were the perfect choice as they could be used in work as well as casual atmospheres. The chinos were marketed as a viable alternative to jeans.
The campaign itself featured 11 famous personalities who were clicked by 11 amateur photographers. The #ShootForSolly trended on all social media platforms, especially Facebook, with over 32 lakh impressions. It was a resounding success for the clothing company.
How to Create an Influencer Marketing Strategy?
Creating a successful influencer marketing strategy is all about having a clear vision and then working with the right influencer to realize it. Here’s a step-by-step breakdown on how to go about achieving this:
Set Clear GoalsWhile influencer marketing can be as much as a gamble as other forms of marketing, it’s a good practice to have your goals clearly outlined. Much like any other endeavour, influencer marketing also succeeds only when you have a clear vision of what you want. Are you looking to increase sales? Do you just want to create brand awareness? Do you want to introduce a new product? It is important to define and set your goals before anything else.
Find the Right InfluencerOnce you have decided upon your goals, its time to find an influencer who will help you in achieving them. Ensure that you choose an influencer who has expert knowledge about your industry. If the influencer genuinely likes your brand, that’s even more brownie points for you. The next thing to consider is that they should have a sizeable following that you can tap into. Finally, work out the payment details with your chosen influencer and ensure that both parties are on the same page regarding your influencer marketing strategy.
Measure and ImproveOnce your influencer marketing campaign has begun, the last thing to do is constantly tracking, measuring and improving it. There are various metrics that can be applied to give you a clear insight into how well your influencer marketing campaign is doing. Keep track of your audience feedback at all times and improve upon the areas which are most complained about. Always try to optimize your campaign in any way you can.
How to Track Your Influencer Marketing Campaign
Identify your Key Performance Indicators (KPIs) and other such metrics that will give you tangible insights into the performance of your campaign. One thing to bear in mind is that even though KPIs are important, you should not rely on them solely.
A host of other metrics can be equally indicative of your campaign’s success. Amongst these are statistics about your views, impressions, comments, engagement levels, in-bound and out-bound traffic, and much more. You need to pay attention to all these metrics too.
Ultimately, tracking all the aforementioned metrics will help you analyze, modify and improve the performance of your influencer marketing campaign.
What is Angel Broking’s Amplifiers Influencer Programme?
Amplifiers is an influencer marketing platform that aims to help online influencers tap into the interesting and lucrative world of stock trading while educating the millennial masses at the same time.
This unique platform empowers influencers by providing them with an immensely supportive ecosystem where they can collaborate with numerous peers. To help budding influencers grow, Amplifiers offers them curated offers to choose from, an impressive content library and easy-to-use templates.
With such resources at their disposal, influencers can create amazingly engaging content to educate their audience about the world of stock trading and ensure that everyone makes the right investment choices.
The Amplifiers platform is very user-friendly and displays all the important information such as performance metrics as well as payment details.
You can access the platform on your desktop or through the mobile app available on Google Play Store and the App Store.
In the end, it won’t be far from the truth to state that influencer marketing is here to stay. Already the biggest marketing trend in recent years, it will only get bigger as the world gets more connected and the internet becomes a necessity for one and all – something which is bound to happen one day or the other. Both businesses and prospective influencers today should definitely jump onto the bandwagon before its too late.