Influencer Marketing is the new cool when it comes to building a brand image online. That’s why over 90% of marketers include it in their marketing strategy. The question here is, are you? A recent survey found out that businesses can earn up to $18 for every dollar invested. Here’s how you can build your brand with Influencer Marketing.
In simple words, influencers are social media stars. They can influence the choices of a multitude of people who follow and admire them. Taking advantage of this loyal audience base, brands can partner with the influencers in order to increase brand awareness and conversations. That’s influencer marketing.
With more people than ever trusting online influencers just like they trust friends and family, influencer marketing has huge potential for product and brand building. 89% of marketers say that the ROI from influencer marketing is comparable to or better than other marketing channels.
Why Your Brand Needs It
Over 3.2 billion people spend more than 2 hours a day on social media. That’s more than 6,400,000,000,000 hours each day, for 365 days a year. And who rules the online world? Influencers!
Influencer marketing has already surpassed the print marketing industry and is expected to hit the $10 Billion mark very soon. Over 74% of consumers trust social networks to guide their purchasing decisions, which makes influencer marketing crucial for overall brand building and marketing strategy.
Step 1: Finding the Right Influencers
Influencer marketing can provide great ROI. But only if your message goes to the right people. That invariably means you should select the right influencers first.
Depending upon your product, budget, and target audience, decide the type of influencers you want to hire, such as micro, macro, or mega. Then shortlist the influencers who have an online image that will suit your brand. Do some competitor research. See whom they are hiring.
Once you have a list of potential influencers, narrow it down to the candidates who fulfill these three criteria:
See how relevant the influencer is with your brand’s image. If they’re not relevant, the people who follow them would most probably have a different taste than what your product offers.
Finding a relevant influencer is essential, but what good is it if they do not have a sizable audience? Determine the reach of the influencer, or how many people will be exposed to your message.
Now that you have a relevant influencer with the necessary reach, the most important factor to consider is their ability to drive measurable engagement within the target market. How many people can they actually influence?
When you figure out the best candidates for your influencer marketing campaign, the next step is to build a working relationship with them.
Step 2: Maintaining a Working Relationship
Influencer marketing works best when both parties are benefitted. As this industry is growing every day, it is essential to maintain a working relationship with your influencers so they are happy promoting your product, and stay loyal to your brand when the competitor proposes another offer to them.
You can compensate influencers with cash, free products, discount coupons, sales commission, and also creative freedom. 77% of influencers said creative freedom is important to them. Moreover, the longer you partner with an influencer, the greater are the rewards. Because with time, the credibility of your brand also increases.
Step 3: Tracking Your ROI
This is the final step in the journey to build your brand image through influencer marketing. You can see how the campaign worked for you and assess what worked and what needs improvement.
Finally, the goal of influencer marketing is driving potential customers to your own channels on social media and your website. That is where you can actually build your brand image. Influencer marketing is a great way to attract customers to your website where you can serve them in the best possible way.
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