"Influencer marketing was a $16.4 billion industry in 2022. However, they anticipate the global influencer marketing platform market size will reach $84.89 billion by 2028. So, it should come as no surprise that the prediction for 2023 is that marketers will collectively spend over $4.5 billion on influencers."
WHOA. That's a whole lotta dollars. Our question is, how much revenue and brand awareness will those dollars generate for the companies that spend them?
Here are our best tips for ensuring that your influencer marketing dollars actually drive results for your business.
TIP #1: USE INFLUENCERS TO AMPLIFY AFFILIATE MARKETING
Until recently, the majority of affiliates have been conventional bloggers or online publishers, creating product demos and reviews on their websites. Many have made their own business out being an affiliate, advertising multiple, sometimes competing, products to maximize their chances of earning referral fees from a wider range of readers.
In 2023, brands are beginning to understand that the worlds of online media, PR, UGC, and digital advertising have melded together. The best brands realize that influencers can be more than just enthusiastic advocates for their products. Influencers regularly provide personal testimonies and product-in-use content that helps guide consumers from awareness to consideration and finally, to purchase. And they do it this in their own unique, authentic way!
Drive sales adding influencers to your affiliate marketing, as long as they can fulfill these three components:
- Audience demographics align with your target consumer
- Values and style that align with your brand
- Sufficient engagement and influence with their audience
TIP #2 ALL VIDEO, ALL THE TIME
At Origin Story, we consistently see that our top-performing PPC ads are video. The best way to generate the most authentic, creative video content is utilize influencers and UGC creators. TikTok has changed the game, with Instagram continuing to prioritize Reels over static posts for organic reach and engagement.
TIP #3 GO MACRO USING NANO AND MICROINFLUENCERS
While engagement rates for large influencer accounts dropped in 2022, nano and micro-influencers largely bucked this trend. These type of influencers typically have greater conversion rates during campaigns because they are much more influential with their smaller audiences. Kim Kardashian might have 338M followers, but that doesn't mean you'll sell out if she posts your product. There's more to it than just "number of followers". When spending your marketing dollars it's important to prioritize engagement over followers. Nano and micro-influencers maintain a strong connection to their target audiences. By chaining together a campaign based on engagement rates, follower demographics, and brand fit, you'll see a much greater ROI.