Influencers are considered experts in a particular field. Their thoughts and reviews about products are the holy grail
Consumers are no longer paying attention to billboards when they want to know more about brands. Advertising has moved far away from that. In today’s digital world, everyone is looking for recommendations and reviews on the internet.
This is why influencer marketing is creating such a buzz. Influencers are considered experts in a particular field. Their thoughts and reviews about products are the holy grail. So, it’s only natural that advertisers are lining up to collaborate with influencers.
But what is the return on investment (ROI) that you can expect from influencer marketing? There are lots of factors you need to take into consideration. To give you a better idea about the ROI of influencer marketing, let’s take a look at the numbers.
A study showed that influencer marketing can give 11 times more ROI than banner ads. That’s just counting the increase in revenue. The other aspects that can give you ROI include:
1. Increase in Brand Visibility
Influencers can boost your marketing efforts by creating buzz for your products. This creates awareness about your brand and increases your visibility.
A good way to keep track of this ROI is to look at impressions. The number of posts created, the different kinds of content and number of viral posts are some of the other things you should look at.
2. More Positive Consumer Perception
Influencers have the power to change the way consumers perceive a particular product. Reviews, tutorials and sponsored posts are ways of changing consumer perception without seeming too pushy.
For your brand, influencers’ opinions can also work as testimonials which increases your credibility.
For frozen foods retailer, Iceland Foods, teaming up with influencers helped them change consumer perception. Their approval rating increased by 70% after they posted influencer-backed content.
3. Increase in Engagement
After an influencer posts about your brand, you should expect more activity on your website and social media pages. Referral traffic from the influencer’s profiles and blog is the main reason for this. You can expect more likes, comments and shares on your posts as well.
4. Unique Marketing Content
When you collaborate with influencers, one of the biggest advantages is that you can create more unique content with them. They are content creators who know what truly resonates with their audiences. And they know what it takes to make content go viral.
The content that they create for you and that you create with them can also be shared again on your profiles. This ROI can benefit your brand even once the promotion is over.
To learn more about how brands track the ROI of influencer marketing, check out the infographic below:
Brian Mechem is COO and Co-Founder of Grin, a software solution for companies who run influencer marketing programs. Grin's software powers some of the best influencer programs in the world, providing insights on ROI and adding efficiency to the influencer marketing process.