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Influencer marketing is the talk of the town right now. It was not even a term 4 years ago. Literally, spell check wants to auto correct the word ‘influencer’ as I type this. Spell check will need an update because the word ‘influencer’ is here to stay. There is a reason why influencer marketing is the talk of the town. Well, it’s due to the eye-popping engagement rates with their consumers and fantastic return on investment. I will highlight the successful step that you need to take to grow your online business with influencer marketing. Your online business can include dropshipping, services or more. Here is a marketing strategy example to consider.
Marketing Strategy Example: Three Steps to Find Influencers
You can grow your online business significantly with the help of influencers. Using Phlanx as a platform to communicate with influencers is a great way to sell more product and develop your brand name.
Our marketing strategy example will feature social media influencers and what you can do to target them to grow your own business and increase your return on investment. We showed you different financing options for your business.
Another effective marketing strategy example is using Kindle. We showed you an effective Amazon advertising campaign that can help grow your business.
What is influencer marketing?
Well, influencer marketing is relying on an individual influencer or influential person rather than the target market as a whole. There is certainly a connection between that individual and their followers.
If you install a brand between the followers and the influencer, you have an instant connection from your brand to an audience.
For every $1 spent on influencer marketing, businesses end up making about $6.50 making it a profitable way to get sales.
People may think that influencer marketing is just a trend. I would agree that it is a powerful trend over the last few years. Just look at what the data tells us!
Wow! That is impressive Google Trends data. Makes me think what are you doing to get involved in influencer marketing?
There are several ways to get involved and plenty of tools to use to grow your online business with influencer marketing. I think the two most influential mediums are Instagram and YouTube.
Through YouTube, your videos will be longer, very engaging and can be shared on a variety of platforms on the web.
See Related: How to Make Money on Pinterest (Without a Website)
First Step to Grow Your Online Business with Influencer Marketing: Identify
The first step in influencer marketing is to identify influencers. Influencers are specific market segments and are used as the gateway to an entire target market. Take a breeze through both Instagram in the search bar to identify influencers based on keywords.
Additionally, market research techniques can be used to identify influencers, using pre-defined criteria to determine the extent and type of influence. For example, Keller and Berry (two guys that studied influencers) propose five attributes of influencers:
- Activists: influencers get involved, with their communities, political movements, charities and so on.
- Connected: influencers have large social networks
- Authoritative: influencers are looked up to and are trusted by others
- Active Minds: influencers have multiple and diverse interests
- Trendsetters: influencers tend to be early adopters (or leavers) in markets
In his study of what traits are associated with the top influencers, Barry found 4 archetypes of influencers:
- Educators – Thrive on helpfulness and insightfulness
- Coaches – Thrive on helpfulness and engagement
- Entertainers – Thrive on engagement and inspiration
- Charismatics – Thrive on insightfulness and inspiration
Second Step to Grow Your Online Business with Influencer Marketing: Tools
The second step to grow your online business with influencer marketing is by using the vast number of tools available on the web to get in contact with your influencers!
BuzzSumo is a tool that you can use to identify your proper influencers and check their amplification rates. Use BuzzSumo to follow them directly from the site.
This will allow for you to get started on the proper influencer and their success rates.
Phlanx is a platform that allows you to directly reach out to the influencers. It is a great tool that allows you to reach out to them directly or post collaborations for mutual promotion.
Please note that it does cost a fee ranging from $25 – $55 per month. There is a free one month trial available, so I suggest you get the use out of the platform as much as possible.
This is where you connect directly with your influencer of choice, so use it wisely.
One thing that you may want to consider is heading on over to Fiverr or other freelance sites to get a video created. Send this video to your influencer and use it in your promotion.
It is a great way to capture the attention of your audience in a high-quality manner.
Third Step to Grow Your Online Business with Influencer Marketing: Convert and Engage
In this step, you AND YOUR INFLUENCER should convert their followers into customers of the product. Make sure that you are both aligned and be very detailed about your brand message.
You will need to make sure all of your landing pages are optimized to convert in your sales funnel. Make the decision process easy. You will be giving your influencer a link to your landing page and it needs to be in the best shape before you send anyone to it.
After forming the understanding of the product, it is time to make a purchase decision.
Influencer marketing is believed as a powerful tool to generate sales since a study by McKinsey showed that “marketing-induced consumer-to-consumer word of mouth generates more than twice the sales of paid advertising.” And of those that were acquired through word-of-mouth had a 37 percent higher retention rate.
Building customer relationship is PARAMOUNT. Influencers should turn the first time customer into a loyal customer of the product. A foundational element to unwavering loyalty that is often overlooked is a consumer’s loyalty to themselves.
Have all the proper tools in place to be able to track, monitor and analyze all the pertinent data to retarget your customer.
You will certainly have a number of customers that will simply not buy anything but will be slightly interested. Do your best to remarket to that individual to convert them into long-lasting customers.
Additional Tips on Influencer Marketing in Our Marketing Strategy Example:
- Rates do not mean much.
- You need to validate that influencers followers. Take the time to follow the influencer to get a sense of their followers and interaction. Are they asking questions? Are they real people? Believe it or not, there are a lot of people with big follower numbers, but just don’t have good engagement since they either may have used spammy techniques to gain the followers.
- Track your follower growth.
- Use all the metrics to your advantage (engagement rate, customer demographics, etc.) to learn more about your business to optimize further campaigns.
- Allow the influencer to be creative with their post. They do have hundreds of thousands of followers for a reason. 🙂
Conclusion on Marketing Strategy Example
This marketing strategy example is only a one form of marketing. However, influencer marketing is on the rise and needs to be apart of any businesses marketing strategy.
You must be able to find influencers that will make a lasting impact on your business and convert prospects into life lasting customers. You can use this if you want to try a drop shipping business to grow your passive income.
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What are you doing with your marketing strategy? Do you think this is a prudent marketing strategy example? Leave your comments, questions or thoughts below.
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