Learn how scaling influencer partnerships can benefit your B2C brand to drive brand awareness and sales through this curated guide of chock-full expert insights and strategies. Let’s start with the important questions first. Why should I invest in influencer marketing? Listed below are some of the widely recognized market gaps to put some context.
Brands are increasingly seeking alternate efficient marketing channels to acquire, retain and engage customers at scale in a saturated marketplace.
Negative RoI -20%
With rising competition across Google/ Meta, ROI is turning to negative territory.
The rise in CAC, an 8% projected drop in Google & Meta Market Share by 2024, and other factors are throwing marketing budgets for a toss.
D30 Retention <5%
It’s getting increasingly tough to retain customers in a cost-effective manner for Digital Brands.
How can Influencer Marketing help my brand?
As per this latest benchmark report, the Influencer Marketing Industry size stands at a staggering $16.4 Billion in the year 2022.
90% of respondents believe influencer marketing to be an effective marketing channel.
67% of brands today use Instagram as a platform for influencer marketing.
There are over 467 Mn Indian social media users across YouTube/ Instagram/ Facebook/ Moj/ Takatak & others, all of which can be targeted with influencer-driven outreach.
Influencer marketing harnesses the cultivated reach, authenticity, and online presence of content creators who have built their own following within a particular niche and their target audience. Needless to say, the power of influencer marketing, when done right, reaps many benefits for marketers.
Here are a few examples of Influencer-led brands that have achieved meteoric growth in recent years.
Founder, Filip Tysander, decided to invest $15,000 in influencer marketing campaigns, and just within 4 years, that seed investment manifested into roughly $220 million in revenue. But how did he do it?
Two words. Influencer Marketing.
Hashtag #danielwellington has over 2.1 million posts, giving Daniel Wellington a virtually unlimited content pool. From sponsored posts to affiliate codes, DW utilizes influencer marketing to bring in a majority of its revenue.
One factor that has to lead to the unprecedented rise of Airbnb is its influencer marketing strategy focusing primarily on Instagram.
The way Airbnb has leveraged Instagram by collaborating with some of the world’s most famous celebrities to gain massive brand exposure is commendable. Chalk it up to the use of local influencers to drive brand awareness through multiple smartly executed campaigns. Their notable strategy has been to collaborate with prominent influencers with a particular area of expertise in a particular location.
The key has been finding the right balance between a global strategy and local implementation.
One of the many Amazon brands using influencer marketing, Audible has now become the go-to destination for all audiobook lovers. Their secret? They collaborated with various YouTube influencers to promote their brand and drive conversions.
With handpicked influencers from a variety of niches such as gaming, style, and entertainment, they were able to generate more than 83 million views in just over 4 years.
Scaling Influencer Marketing
Today it just isn’t enough to do a few seasonal campaigns or one-offs to gain any significant ROI. Scaling up means amping up your influencer marketing efforts over time, either by increasing the number of influencers you partner with or upping the frequency of your work with them.
Scaling influencer marketing is not merely a function of spending more marketing dollars on influencers either. Instead, you must first look hard at the influencers who will work best for your custom target market, getting the most out of the channels you target and developing sound policies to cope with the logistics and manpower required.
How do you scale your Influencer Campaigns?
Step 1: Align your goals
Defining your IM goals & understanding the KPIs that measure success is crucial to creating an influencer marketing campaign that works.
Step 2: Plan your campaigns in advance
Identify pre-launch dates, launch periods, and noteworthy events (seasons, holidays, or months) that the campaign will revolve around to determine your campaign calendar in advance.
Step 3: Creator Matchmaking
Nine times out of 10, the quality of your influencer program comes down to the quality of influencers you partner with. Hence, spend significant time in aligning creators that match your brand persona.
Step 4: Scale actions with a process automation tool
Scaling influencer marketing within a brand requires a focus on standardization, systematization, and coordination. The right influencer relationship management (IRM) software ensures that no influencer management tasks fall through the cracks.
Step 5: Optimize & Improve
Track social media data in real-time to report accurate results to your team and let those results shape future campaigns. Leverage a lookalike audience for the top 10% of creators and maximize your ROI thereon.
Don’t know where to begin with scaling your influencer outreach efforts? Let us help you!
At Kofluence, we empower brands with a comprehensive pan-India creator network that speeds up influencer discovery considerably. With our proprietary AI-led platform, we will help you create performance-driven & time-optimized campaign solutions at scale. Not just that, with our automated workflow management tools, we will take complete ownership of the campaign management for you!
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