Influencer marketing or affiliate marketing is growing very common these days. There are many reasons for this growth, but the main is cost. Every firm or company is moving to more cost-friendly methods and strategies.
While this isn’t an illegitimate attempt, it shouldn’t be compromising on the quality. Marketing is the only thing that companies spend a large sum of money on without thinking of the risks.
For every venture or investment opportunity, businesses carry out in-depth cost and benefit analyses. However, they dont do that for marketing as much. The basic reason is, that they have to spend on marketing regardless.
Especially for the eCommerce industry or book marketing services near me experts that rely solely on social media, this expense is crucial. Influencer marketing really takes the cost off because affiliate marketers aren’t paid till they actually sell something. It’s basically on a commission basis.
Now you might find it hard to monitor an affiliate marketing team, but that problem is also solvable. You can hire a proper influencer team that knows how to work.
Why Is Influencer Marketing Better?
Now the reason brands hire or make agreements with influencers is that they have a fan following. Something that these ‘Instagram celebs’ or TikTok influencers recommend is very likely to be followed. Although it also highly depends on the niche influencer’s aims.
No one would listen to a journalist recommending a cosmetic product, simply because they don’t have the target audience. This type of marketing is thus based on the same basic principles about reaching the target audience.
One has to keep their account active, post on accurate timings and remind the audience of their affiliation every now and then. For the company or brand that’s being marketed, this is really cost-friendly.
That’s because you just have to pay the influencer a specific sum to start the advertisement. Additionally, you have to give them some samples for free so that they can test your product. All this isn’t a big expense because you’re not supplying for free, instead investing in a model.
Sometimes a commission is a crucial part of influencer marketing, but most of the time that’s counted as a separate thing. You might also have to issue some discount codes that the influencer can offer to people to lure them.
Now isn’t all this better than investing millions in a television ad or sponsored Facebook ad that doesn’t even guarantee to reach the audience?
In today’s market, competition demands accurate analysis and plans based on those figures. Making a plan that doesn’t prove to be at least 50% effective in the long term isn’t worth it. And when it comes to marketing, social media is definitely the first platform you have to try out.
The tips we outline below are crucial for better decision-making in the influencer world, so make sure to give a read!
Tips For A Perfect Strategy
#1) Find The Right Influencers
It looks easy on the surface to just go for the influencers in your niche that have the largest amount of followers. However, that’s not the only factor one should keep in mind.
Influencers can promote their lifestyle, post tips or document a different kind of stuff even when in the same niche. Some post not so often but when they do, they might be prompting a new youtube video or a channel they found.
Others always like to post a morning selfie and they’re always on top when it comes to sharing stories. How often you wish to connect to their audience also determines what influencer you should be choosing.
That’s if you have a high-end perfume brand and all you wish to do is remind the audience. Thus you will be reminded that your perfumes are for the elite audience.
#2) Use Multiple Platforms
The influencers you partner with should have more than just one active social media account. We specifically recommend this to small and new businesses that wish to grow. Every social media platform is filled with the kind of audience you target.
You can not assume that Instagram is the only good place to market for cameras and not Facebook. Therefore, we recommend that you hire an influencer who has 2-3 public accounts and a good fan-following everywhere.
#3) Discount Codes And Vouchers
This is important when starting influencer marketing. Not until the marketer issues a discount code with their name can they actually prove their affiliation. Moreover, it can also lure a large amount of audience because they have just started knowing your brand.
New businesses such as app development should definitely use this method. In fact, it can also act as a penetration pricing policy that you label as a ‘discount’.
#4) Deciding A Commission
Some influencers who have gained enough experience in the industry negotiate rates often. Therefore, you should expect a high rate for a very in-demand influencer that matches the niche. Many influencers demand a commission on the number of people that bought the product through their code.
Others can make different rate agreements based on sales. The point is, the samples you offer them and the fees aren’t the only expense.
#5) Ethics And Influencer Marketing
Many influencers go against the concept of pretending to use a product merely for a fee. That is, they wish to give more honest advice to their followers rather than misleading them. This is crucial for their own career as an influencer because people follow them or take advice on related matters.
Also, if something doesn’t turn out to be as efficient as they said so, it might be problematic. Even a single bad review on their profiles can mean a lot. After all, on social media reviews on influencer marketing spread like wildfire.
Conclusively, social media is the best platform to market your product or brand without much cost. The best part is that you can reach the target audience and take customer feedback there and then. In fact, influencer marketing is one the best ways to take honest customer opinions without a large primary survey.