Influencer marketing is an increasingly popular and effective tool in the online marketing world. While using individuals or groups to market a product isn’t new; the digital world, notably social media, has opened up a larger range of possibilities for this type of strategy.
What is Influencer Marketing?
Influencer marketing is a form of marketing that targets an individual person, or type of person, rather than a target audience at large. For example, Tarte Cosmetics flew a large group of celebrities and social media influencers to Haymand Island in January, where they partied in the sun for the duration of their stay.
During their time on the island, guests utilised the hashtag #trippinwithtarte to document their holiday, bogging down literally thousands of Instagram and Twitter users with their photos. The result? A major bump in sales for Tarte Cosmetics.
Influencer marketing differs from your typical celebrity endorsement in that typically the goal is not to develop a formal ad campaign. In the example above, the total cost to Tarte Cosmetics was likely high. After all, a private jet and party for VIP’s isn’t exactly cheap. However, consider what the cost would have been had they taken a traditional approach.
Now weigh the cost of a party weekend against the cost of securing a dozen celebrity endorsement deals. No contest.
Why Should My Company Utilise Influencer Marketing?
Now, don’t get us wrong—influencer marketing does not exclusively require private island parties. Realistically, it can be something as simple as your organisation identifying an individual who has the following characteristics:
- A large following of people
- A platform from which they can reach their following
- A love for your brand, or brands similar to yours
Once this individual has been identified, doing something as small as sending them some promotional materials (hats, t-shirts, etc.) and asking them to show it all off on social media with the hashtag of your choice is one way to utilise influencer marketing.
The best part? The identified individual markets to their specific target audience for the low price of you sending them a t-shirt. Their specific target audience is now aware of your product, and more likely to purchase it because of influencer marketing. It’s a win, win situation.
Why Does Influencer Marketing Work?
Influencer marketing works because there’s already a set market that’s been targeted for your specific product. The reality is that when a major company promotes their own product, the return on investment in advertising pales in comparison to the promotion from a beloved celebrity or socialite. In fact, Tapfluence goes so far as to share that 92% of all consumers will trust a referral from someone they know before any other form of referral.
The return on investment (ROI) in influencer marketing tends to be much greater than the ROI coming from a more traditional marketing scheme. Consumers already trust the influencers that they follow, so the only work your organisation really needs to do is decide which influencer you’ll utilise, and what benefits you can provide for them.
It doesn’t have to be private islands or t-shirts. There are multitude ways to court the praise of an influencer. What is important is identifying an appropriate influencer for your target demographic. From there, make contact and invite them to try your product or service at no charge, low cost, or in some other fashion.
It may take a little extra work, but you’ll find the benefits can far outweigh those of traditional marketing channels.
If you need to get in touch with an influencer, we can help you get connected. Let’s chat about the right fit for you – 1300 467 489.
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