The most powerful type of marketing is influencer marketing, and it helps e-commerce brands to grow 10X revenue.
According to statistics, businesses are making $5.20 avg for every $1 spent on influencer marketing. Some giant companies are getting a $20 return for each dollar they spend.
It clearly shows that influencer marketing is not a choice anymore. It’s a must-have marketing strategy that e-commerce businesses need to implement to grow their business.
Many business owners are still not sure how effective influencer marketing is and whether it’s the best fit for the Ecommerce Development Company.
If you’re running an e-commerce business and want to take your brand to the next level then here you’ll get all your answers.
Here, we will explore everything about influencer marketing, types of influencers, recent statistics, their importance, benefits, and how to implement an influencer marketing strategy in your business to grow faster.
What is Influencer Marketing?
Influencer Marketing is the most powerful marketing strategy that every e-commerce brand is using in today’s era. Where rands are collaborating with social media influencers who have a large engaging audience to promote their products. It helps brands reach their potential customers with a face of trusted influencers and drive more traffic and conversions.
Influencers have a specific domain of audiences, and that’s why relevant brands are only approaching those who want to target specific audiences. For example, Cosmetic brands prefer those influencers who have beauty and makeup to interested audiences.
Some of the popular promotional content types that are utilized for influencer marketing are Instagram posts, YouTube videos, Blog posts, stories, and more.
What is an Influencer and its types?
An Influencer is a person who has built a large audience on any social media platform because of its quality content. Influencers generate quality content and publish it on social media channels that establish their credibility, authority, and position in a specific domain. They hold the purchasing power of their audiences because of the trust and relationships that Influencers have built with the audiences.
Types of Influencers are:
Mega-influencers are those individuals who have more than a million followers on their social media channels. They’re well-known celebrities who are in the top ranking of influencers.
Macro-influencers also have the following between 500k to 1 million. Most businesses prefer macro-influencers because of their diversified audiences and high engagement.
3. Mid-tier Influencers
Mid-tier Influencers are those individuals who have a following between 50k to 500k. They’re usually focused on a specific domain and build their audiences around it. Brands with specific industries prefer these Influencers for collaboration.
Micro-influencers are those who have a following between 50k to 100k. These are known for a particular industry where they have an engagement rate of 8-10%.
Nano influencers have 1k to 10k followers on their social accounts. Many brands prefer them for promotion and testing their Products with a small and high-engaging audience.
Top 5 Ways Influencers Market Your Brand
1. Product Reviews
Product reviews are the preferred way that brands use while collaborating with influencers. They want influencers to promote their brand’s products on social media in front of potential audiences and drive sales. It gives the biggest ROI to brands for investing in influencer marketing.
2. Instagram Storytelling
Instagram Stories is another popular marketing way for influencers where they can promote the brand’s products on their stories for the next 24 hours. Most brands use this strategy to promote some great offers or limited-time deals through the influencer.
3. Social Media Shoutouts
One of the simplest ways to promote a brand is Shoutout. It seems like a natural marketing strategy where Influencers talk about their experience after using the product and showcase the company’s name. It builds trust for the brand and encourages them to make buying decisions.
4. Contest and Giveaways
The giveaways trend will never go out and influencers make this marketing more effective by showing with their engaging audiences. This type of marketing is a win-win collaboration between brands and Influencers. Such contests and Giveaways include activities like following pages, subscribing, engaging with posts, and filling out forms. So influencers get more followers and brands get their customers’ details.
5. Video Content and Vlogs
Video is a most powerful and all-time high marketing strategy where brands collaborate with YouTubers who create videos and a large number of followers. It’s a top-notch marketing strategy that drives amazing results for brands.
Some Recent Statistics on Influencer Marketing
Here are some recent stats for Influencer Marketing future:
- The global market size of influencer marketing is expected to reach $21.1 billion in 2023.
- 80% of marketers have a dedicated influencer marketing budget.
- 89% of marketers are already using influencer marketing to grow their revenue in 2023.
- 68% of marketers consider Instagram as the top-most platform for influencer marketing.
- 1 in 4 marketers are leveraging the power of influencer marketing.
Benefits of Using Influencer Marketing for E-commerce Business
1. Increase Your Brand Visibility
Influencer marketing boosts brand visibility by collaborating with social media influencers who promote their goods and services on different platforms. This increases your brand’s visibility and makes you stand out.
2. Reach to Targeted Audiences
Brands collaborate with niche-specific social media influencers whose audience is the same as your targeted customers. So, it becomes easier for brands to get in front of targeted audiences who are interested in your products and can make buying decisions faster.
3. Build Trust for your Brand
By collaborating with reliable influencers, you build trust for your brand. Whenever any influencer promotes your product to their trusted audiences, it automatically brand’s trust because of the influencer and increases brand value in the long-term.
4. Increase Sales
The primary aim of all brands is to generate maximum profit through influencer marketing. Since these influencers promote your brand in the eyes of your customers, it is the most effective way of marketing that helps brands drive more sales and conversions.
How to Create an Influencer Marketing Strategy for Your E-commerce Business?
Step 1. When implementing influencer marketing for your e-commerce business, state clear goals and set realistic expectations after ecommerce website development.
Step 2. Identify which social media platform is best for your brand. For example, if you own a sneakers brand, promoting your products on Instagram and YouTube will be highly beneficial.
Step 3. Start hunting for suitable influencers based on followers, domain, gender, engagement rate, and platform. Ensure their audience is the same as your targeted customers.
Step 4. Reach out to all shortlisted influencers and collaborate. Make sure you track the performance, traffic, and conversions.
Influencer marketing has gained much popularity in recent years. These influencers are people who have a massive fan following on different social media platforms. Thus, they have the potential to market your products and services to increase sales and improve your brand’s visibility. Now it’s your turn to hire an ecommerce developer company and build your store to promote your products via influencer marketing.