Influencer marketing has quickly become one of the most effective marketing tools for conversion. By working with social media influencers, businesses can tap into new audiences and improve their brand visibility.
But what is influencer marketing, and why is it so effective?
Influencer marketing is a type of marketing that focuses on using influencers to drive your brand’s message to a larger audience.
These influencers may have a large following on social media, be well-known in your industry, or have some other type of influence over potential buyers.
The idea is that if these influencers endorse your brand, their followers will be more likely to pay attention to your message and take action.
Sounds great, right?
Let’s take a look at how effective it is.
How effective is influencer marketing for conversions?
Influencer marketing is effective for several reasons.
Most importantly, it drives conversions by providing relevant, targeted content that speaks directly to your target audience.
With targeting options on ads becoming increasingly strict with new privacy updates, picking the right influencer still allows you to target a specific audience or a niche.
Secondly, it allows you to tap into new audiences that you might not be able to reach on your own or even know about.
Finally, it helps to improve your brand awareness and build trust with potential customers.
If you’re looking to improve your conversion rate, influencer marketing is a strategy that you can’t afford to ignore.
According to a study by Tomoson, companies are generating $.6.50 for each $1 spent on influencers.
This is a significant increase since 2019 when companies were earning $5.78 on average for each $1 spent on influencers.
Meaning conversion rates are getting better over time.
What are the conversion rates for the most successful influencer marketers?
The top 13% of companies are generating a staggering $20+ per $1 spent on their influencer marketing campaigns.
Now that is an attractive return, right?
No wonder influencer marketing is quickly growing each year with more and more companies starting to use it.
In fact, according to the influencer marketing hub, 93% of companies have used influencers in their marketing strategies.
How does influencer marketing compare to other channels in terms of cost-effectiveness?
Many companies running a tight marketing budget might be hesitant to consider influencer marketing.
After all, finding the right influencers to work with your brand can be hard and time-consuming.
Luckily, influencer marketing is the most cost-effective marketing method along with email marketing.
According to a study conducted by Tompson, 22% of marketers find influencer marketing to be the most cost-effective tool in their arsenal.
Compared to display ads that most companies rely on, the gap is sizable.
But cost-effectiveness doesn’t only mean great conversion rates for a small spend.
It also means that you have more leeway to refine your process.
One influencer campaign didn’t pan out?
No big deal. You can try others or hire an agency that already has established relationships with influencers and knows which ones would work best for your business.
The bottom line is – influencer marketing is growing rapidly and the conversion rates are getting better and better over time.
Whether you are a small business or an already established company, influencer marketing isn’t something you should sleep on.
