Influencer marketing is one of the fastest methods of acquiring customers online. Be it Facebook, Twitter, Instagram or Snapchat, influencers are the primary drivers of sales on social media. If we take a look at Twitter, tweets from influencers coupled with tweets from brands can increase purchase intent 5.2 times.
What makes influencer marketing so popular and successful is its reliance on word-of-mouth referrals. Oftentimes, these referrals come in the form of user-generated content. And according to Bazaarvoice, 84% of millennials and 70% of baby boomers trust content created by other consumers to make their purchase decisions.
So influencers, being similar to your everyday consumers, have the ability to influence the purchase decisions of your target audience.They are more relatable than traditional celebrities, and more trustworthy when it comes to product recommendations.
Before choosing a strategy for your campaign, you need to first define your goal. You can then come up with a relevant tactic to execute the campaign based on this goal.
If driving sales is the main objective of the influencer marketing campaign, for instance, you could come up with an incentive to compel people to buy from you. This works because it’s hard to refuse a good offer. A limited-period discount can encourage customers to make impulse purchases as they’re afraid to miss out on the deal.
Daniel Wellington collaborated with influencers to post pictures of their watches on Instagram. They gifted each influencer a free watch and got them to share a discount code for 15% off in the captions in addition to tagging the company.
The Swedish watchmaker partnered with influencers like artist David Ambarzumjan, who has 272K followers. David also went so far as to create one of his famous cosmos drawings with the watch logo as the centerpiece. This picture alone got more than 13,000 likes.
This ongoing campaign has helped turn Daniel Wellington from a mere $150,000 startup into a brand worth $220 million in less than five years. The brand also saw an amazing increase of 214% in their profits between 2014 and 2015.
British watchmaker Tayroc has also been using influencer marketing to build their brand through promoted posts on Instagram. Founded in 2014, the brand has generated over $10 million in sales in the last three years with double-digit annual growth.
During the Black Friday sale in 2017, they added a discount coupon to the captions of sponsored posts by their influencers.
This picture posted on Instagram by one of their influencers, PewDiePie (13.6 million followers) alone received over 600,000 likes and over 14,000 comments.
- Find the right influencer who belongs to your niche. This gives you a better chance to reach the right audience that will be interested in what you are selling
- Combine an influencer’s post with a unique coupon code. This gives audiences an additional nudge to make a purchase
- Provide influencers with an affiliate link so that you can directly attribute sales to their posts and reward influencers who perform well
- Make the discount coupon time-bound so that people feel the urgency to buy the products
- Offer coupon codes for following, liking or sharing a post on social media
- Capitalize on holiday seasons and Black Friday sales
- If your budget allows, combine a unique promo code with an ongoing sale.
Unique promo codes can be mutually beneficial for the brand and the influencer. It gets influencers excited about sharing it as it gives them the opportunity to offer something to their followers. Even for a brand, this type of endorsement increases their value towards the influencer’s followers.
Through exclusive promo codes and affiliate links, you can get influencers to really get behind your product. It builds their loyalty towards the brand and helps meet other key objectives for the campaign such as driving sales and increasing revenue.
In this kind of campaign, affiliate marketing is a win-win for both the brand as well as for the influencer. This is also a great way to track the ROI of your campaign. Every time someone clicks on the discount link, you can track the conversions and the success of your campaign. You can then reward influencers with a set commision amount or percentage, depending on your agreement with them.