ROI isn't always measured through sales. It can be as simple as increasing brand awareness or increasing social media accounts, and it also varies for each brand. Referrals are among the most effective marketing tools. Influencer marketing uses the same technique on a larger scale.
Your followers know your brand from a trusted confidant, allowing you to capture the interest of new audiences with a single content creator or engagement effort. Influencers are here to stay, but the way the influencer marketing world looks and works has changed a lot in a short period of time, and in five years it can be dramatically different from today. At a fundamental level, influencer marketing is a type of social media marketing that uses the endorsement and product mentions of influencers who have followers on social media and are seen as experts in their niche. They can connect you with the most influential people for your strategy, so you can take advantage of influencer marketing and emerging trends without investing time and resources in dominating the field.
Influencer marketing works because of the large amount of trust that social media influencers have built up among their followers. Research shows that 72% of companies carry out internal campaigns with influencers, as they distrust fake influencers and get mediocre results. Specify the type of testimonials you want to include in your influencer marketing campaign to ensure that influencers capture the most relevant content. Now that you know the potential challenges of influencer marketing and how to avoid them, let's see how to create an effective influencer marketing strategy for your brand.
Co provides an Instagram influencer fee map for brands to calculate how much they could pay to work with influencers based on their audience size and industry. You can hire influencers and affiliates, automatically generate promotional codes, pay influencers, track sales and ROI, add results, and measure the performance of influencers. While influencer marketing on Instagram is a well-known strategy, there are plenty of other networks that are growing for influencers.