Statistics show that 65 percent of the brands in the market are investing in influencer marketing. In fact, nearly half the companies out there have dedicated budgets earmarked for sponsored content on social media platforms. If there’s one thing that’s clear from these stats it is that businesses understand how crucial influencer marketing is to drive product sales. Instagram is one of the fastest growing networks in social media today.
What makes influencer marketing click?
When consumers were asked whether they trust brands over influencers in a survey, a majority of them voted for the latter. The problem with branded marketing content is that it is biased content; influencer marketing, on the other hand, does not come across an explicit marketing attempt, but rather a recommendation from an authoritative source.
All that these Instagram celebrities have to do is mention how they are absolutely digging the new shoes launched by ABC, or are grateful to XYZ for making their trip hassle-free. This helps spread a positive sentiment about the brand among the fan following. The Instagram influencer also tactfully inserts a link that redirects to the product or the brand so the follower can check it out.
Some others endorse products more explicitly, by following up a post of how they wear by the latest products from a brand, with discount codes or giveaways. The idea is to generate interest or a positive image about said product, so customers go check it out.
The main advantage of influencer marketing is that brands do not have to build their target audience from scratch. Since social media influencers already have a strong fan following, it is merely a matter of roping these followers in to support your brand and try out your products as well. So how powerful are these influencers?
Do they just help garner likes and hits on social media platforms or do they actually result in conversions? According to statistics, the influencers can enhance your conversion rates by three to ten times as much, making it a sound channel to grow your customer base.
What to look for in your Instagram influencers?
A large number of followers is where many brands want to start while looking for Instagram influencers, but that is not the only factor that you should be focusing on. A large fan following will not make a drastic difference to your brand conversion rate, if none of them fall under your target audience. You want to ensure that the person has a relevant fan following on Instagram. You also want to look for an influencer whose tone is in line with your brand.
Measuring impact of Instagram influencer marketing
One thing that makes businesses weary of influencer marketing on social media platforms is that they cannot pin down the ROI. The nature of social media platforms makes it difficult to monitor the impact of influencer marketing on your brand, and obtain solid figures. When it comes to affiliate marketing on other channels, you may be able to carry out a click-through rate report or analytical report to estimate the impact, but it is slightly more complex with channels like Instagram.
The number of interactions and likes that it has prompted is a good way to estimate the outreach of your brand’s influencer marketing efforts. Alongside the number of hits the associated Instagram posts get, you also want to keep a tab on the sales and follower numbers. If you notice a sudden rise in either of them, then there is a good chance that your Instagram influencer marketing is having the desired impact.