How Can Influencer Marketing Help You Improve Your Conversion Rate

Originally published: December 18, 2023 03:46:42 PM, updated: January 28, 2024 08:11:25 AM

Did you know that 99.9% of people look for reviews and recommendations online when buying a product? Since we all love good reviews and depend on recommendations, influencer marketing fits right in and makes good money for many businesses worldwide. In fact, by the end of 2022, the market for influencer marketing in the entire United States was recorded at a whopping $21.1 billion.

The use of influencers in advertising has proven to be quite effective in recent times. Take it from professional marketers, as 92% of them believe in the power of influencer marketing. We also think it can help you accomplish your marketing objectives, whether you're running a small side business of on-demand printing of custom goods or a marketing department of a well-established brand.

Let's dive into the subject of influencer marketing and how you can use it to improve your conversion rate.

What is Influencer Marketing

Influencer marketing refers to collaborating with people with a sizable online following on social media networks like Instagram, TikTok, and YouTube. Influencers can assist in spreading the word about your business by recommending it to their followers.

The use of social media influencers to promote products or services has become increasingly common in recent years. Businesses boost conversions and sales by gaining confidence and validation from the Influencer's audience through their promotion.

As the opportunities in influencer marketing are booming, many people spend a sizeable amount of time and effort learning how to make money as an influencer. With this knowledge, they can assist your business in making more money. Wondering how? Let's understand the unique advantages they provide over other traditional marketing tactics.

Influencer Marketing Pros and Cons

Brands are increasingly engaging with influencers to promote their offerings. In fact, 89% of businesses use influencer marketing plans to either raise their spending or keep it the same by 2023. Here's a list of some unbeatable advantages that influencers can provide businesses when it comes to marketing:

Pros

• You extend your reach to your target demographic by manifolds.
• People who follow these influencers begin to trust your brand.
• Since an influential person promotes your products, you gain credibility in the market.
• Working with micro-influencers can be more budget-friendly when compared to endorsing celebrities.
• They provide great user-generated content for your social media platforms.
• Your brand gains an instant buzz around what influencers are promoting.
• It has the potential to generate great revenue as, on average, every dollar invested in influencer marketing can reap $6.50 in revenue.

These advantages clearly show why you should also consider investing in influencer marketing. However, we genuinely believe that when we step into something new, we must know the flip side of the coin. So, let's take a quick look at some of the common disadvantages of working with influencers:

Cons

• One of the major difficulties marketers face in influencer marketing is finding the appropriate influencers. Not selecting the right influencers can be damaging to the brand's reputation.
• Since influencer marketing is quite a new concept, there's no set guide for navigating it.
• Tracking performance and monitoring the results of influencer marketing campaigns can be challenging.

There you have it: the pros and cons of influencer marketing. As you can see, the pros outweigh the cons and have much to offer. However, we can't neglect the disadvantages altogether. One can overcome these challenges when one knows how to strategize influencer marketing well to boost conversion. Let us brief you on what you can do to improve your conversation rate with influencer marketing.

Improve Your Conversion Rate with Influencer Marketing

Knowing where to pay attention during an influencer marketing campaign makes getting more people to convert into leads easier. We've got some solid tips to get you started if you've decided to join forces with influencers to increase your conversion rate.

Formulate an Influencer Marketing Strategy

You can direct the influencers to reach goals quicker when you have a clear strategy on hand. Your influencer marketing strategy can be a road to success when backed with thorough research. A strong influencer marketing strategy should outline the following:

• Define the main goal, which could be boosting your conversation rate to reach a certain benchmark.
• Break down the goal into small, measurable objectives, which will dictate the type of content you can use.
• Determine who you'll work with, which we will discuss in the next section.
• Layout a plan on how to collaborate in promoting what you've got to offer. This can outline methods of promoting content and products, which can include:
• • Sponsored content
  • Giveaways
  • Product launch
  • Discount codes
  • Product reviews
• Give clarity on the compensation method, be it a flat fee, commission-based, product-gifting, or a combination of all three.
• Finally, make sure you have metrics to measure the success of influencer campaigns, which can be:
• • Level of engagement
  • Conversions
  • Sales
  • Level of reach
  • Brand mentions

Clear strategy acts as a blueprint for all the influencer marketing campaigns, and as you go, you'll get clarity on how to make adjustments to optimize it and hit your goals faster. Now, let's move on to the next important tip for influencer marketing.

Identify the Influencers for Your Brand and Reach Target Audience

As we mentioned earlier, working with the wrong Influencer can cause a lot of issues and do a lot of damage to your business. Let's not forget that it can even prove to be a wasteful investment. To pick the right Influencer, you'll need to do the following:

• Define your target audience with their age, behavior, habits, and interests.
• Look for influencers that such people follow and effectively speak to them over social media.
• Dig deep into these influencers by checking their social media accounts and analyzing their followership, activities, and engagement levels.
• Ensure that their branding values and tone fit in with your own and this relationship feels authentic and natural to the audience. For example, for selling unisex apparel like Gildan 64000, you might want to pick an influencer who can style it uniquely and with an appeal across genders.

Once you've figured out a few influencers that feel like the right match for your business, reach out to them individually to pitch a deal.

Maintain a Relationship with Influencers

Strong relationships mean strong collaboration. When your brand maintains a healthy relationship with the Influencer, the campaign will get positive effort from both sides. To maintain a friendly relationship, make sure that you don't turn a blind eye to your influencers' suggestions.

Understand that influencers are masters of their art of content creation, and instead of forcing your ideas on them, stay open to giving them the freedom to create. You can suggest content types, such as product reviews, videos, or sponsored posts, but give them the freedom to create how they feel it will be efficient and suggest what might work and what might not.

Use Discount Codes to Pump the Conversions

What's better than getting recommendations about what to buy from influencers you trust? Getting the products at a discounted price!

Discount codes have been proven to boost conversion rates. Why? Because it creates an urgency to buy products and pushes viewers to act on impulse and purchase. The type of products that influencers sell can be of a wider range, from custom t-shirts to custom phone cases. When your influencers share a personalized discount code, their target audience will feel special to be a part of a group that gets access to exclusive discounts. The group's motivation will encourage them to take action and contribute to that campaign's conversion rates and success.

Keep Track of the Performance

Measuring the progress and seeing if the campaign is producing the desired outcomes is important. You should already have a list of metrics to measure success in your strategy. By regularly tracking performance, you can do the following:

• Check how effective the campaign is
• See where you may improve or adjust the project to get better results
• Figure out what kind of content performs better than the other
• Ensure a good return on investment in this marketing strategy

Conclusion

Partnering with influencers may be an excellent strategy for reaching new audiences and increasing conversions. However, adhering to a perfect strategy is crucial to ensure your campaigns succeed and provide the intended outcomes. You may take our advice in this article and draft a strategy that reaps the greatest benefits from influencer marketing. But be aware that there isn't a universal go-to technique that works for all businesses because they are all unique. Using an influencer requires a more intimate approach, and that's what you need to aim for!

References:

https://affiliatewp.com/affiliate-marketing-influencers/

https://shanebarker.com/blog/pros-and-cons-of-influencer-marketing/

https://www.convert.com/blog/growth-marketing/increase-conversions-through-influencer-marketing/

https://blog.hubspot.com/marketing/influencer-marketing-stats

https://www.markettailor.io/blog/how-to-use-influencer-marketing-to-improve-conversions

https://socialhospitality.com/2021/10/video-marketing-influencer-marketing-a-new-way-to-increase-conversion-rates/

https://klear.com/blog/4-ways-to-boost-your-conversion-rate-with-influencers