Why should brands use influencer marketing?
Nearly ⅔ of US brands worked with influencers, often called creators, in the last year, and for good reason. Brands are seeking solutions to build brand authenticity, especially among younger generations who value genuineness over polish.
Consumers tend to trust creators’ recommendations more readily. So adding the weight of an influencer’s opinion has a myriad of benefits:
- Adding relatable faces to represent your brand
- Reaching highly engaged, diverse audiences
- Improving customer acquisition, retention, and loyalty
Despite these benefits, brands often believe influencers are not a viable option due to their particular industry, budget, or goals. So we brought together experts to shed light on the three key myths of influencer marketing.
Three Common Influencer Marketing Myths
Myth #1: Influencer is an awareness-only tactic
Whether your goal is top of the funnel, bottom-funnel, or somewhere in between, social media creators can influence buying decisions and drive measurable impact. Yes – influencer marketing originated as an upper-funnel, awareness tactic. But the creatorverse, and social media at large, have expanded and evolved since its beginnings.
The recent proliferation of influencer-driven social commerce is further indicating this down-funnel shift. With trackable coupon codes, UTMs, shoppable posts, and more now being incorporated into influencer marketing tactics, brands are able to more easily tie business results to this content.
Myth #2: Influencer marketing is expensive
The cost of a sponsored influencer post can range anywhere from $10-10K+, making it a viable option for ANY marketing budget. Nano and micro-influencers with smaller, but highly attentive, follower bases are a lower-cost option for growing brands looking to build a reputation, whereas macro-influencers come with a heftier price tag but can make a significant splash. Additionally, the barriers to entry for influencer marketing are much lower than many other digital channels with the right reach out and process.
Myth #3: Influencer marketing is only for CPG brands
Sure, having a physical, consumable product an influencer can hold up, wear or demonstrate is visually effective. But service-based brands, non-profits, and B2Bs, among other brands across a wide variety of industries, have also established strong influencer relationships that pay dividends. Some prolific examples of this are Audible.com, BetterHelp, and Robinhood.
Best Practices of Influencer Marketing
Ready to get started?
Here are three key influencer marketing tips to launch a successful strategy:
#1 Incorporate influencer into your broader media strategy
Influencer should be woven into a holistic marketing strategy, not treated as a one-off tactic. Consolidate your paid media and influencer within one agency so budgets and channel activation can be handled fluidly and with greater agility.
#2 Be strategic with your influencer selection
Find influencers that authentically match your brand values, have a following that overlaps with your target audience, and use photography and video that complement your brand aesthetics.
#3 Build accountability through measurement
Take a blended approach of measurement tactics to tie influencer spending back to meaningful metrics. For more clearly attributable sales, use discount codes or affiliate links that allow backend tracking.
For help capitalizing on the true ROI of influencer marketing, reach out to Coegi for a strategy consultation today.
To continue learning more, download The Practitioner’s Guide to Influencer Marketing.