5 Ways Influencer Marketing Can Grow your Business

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5 Ways Influencer Marketing Can Grow your Business

The term “influencer” has gained so much popularity within the past few years! It almost seems as if every brand uses an influencer to push their business. Let get into why.

Influencer marketing is a marketing strategy where businesses partner with popular social media users to help promote their products and services. This form of marketing has seen a sharp rise over the years mainly due to its effectiveness in targeting specific demography. Influencers typically have a large, engaged audience that brands can tap into to build credibility and even drive sales. Influencers provide genuine, authentic and useful contents for a particular market audience. 

Utilizing Influencer Marketing to Grow a Business

Businesses can leverage on the effectiveness of influencer marketing to drive growth and increase revenue. The below steps can help business achieve this aim:

1. Determine KPIs and specific goals

Like with any other marketing strategy, your first step with influencer marketing is to determine the goals you intend to achieve. While these goals may vary from business to business, they usually revolve around sales, engagement, brand awareness or boost traffic.

With your goals clearly stated, the next point of action is your key performance indicators (KPIs). These are specific metrics that you will use to measure the performance of your business with respect to influencer marketing. This helps you determine what works and what doesn’t. A business can then use this information to optimize its strategy where necessary.

2. Determine the right platform as well as right influencer.

Once the goals and KPIs of a business have been determined, it also has to consider the location of its target audience. This is very vital as social media platforms work differently. Select the platform that’s most popular with your target market.

For instance, if a business deals with static visual cues such as pictures, taking their influencer marketing to a platform such as YouTube might be detrimental to the business. Rather, platforms such as Instagram, Pinterest and Facebook provide a ready audience for their merchandise. 

Never make the mistake of picking an influencer based solely on the number of audience. A more profitable metric in choosing an influencer is the amount of engagement they acquire per post.

3. Negotiate Mutually Beneficial Terms

Making your influencer deals mutually beneficial will get you improved commitment from the influencer. If your deals are one sided, you stand the risk of not getting an influencer or even getting a shady one at that. When it comes to payment, it doesn’t always have to be a one-time payment. Often times, influencers request payments in the form of free product, discount and commission for every sale generated. Simply find a term that works for both parties.

4. Create Awesome Content

Creating content for influencer marketing is two fold. Irrespective of the approach taken, the aim must be to create useful content that holds value to the target audience.

• Business-Generated contents: this is when a business decides to generate contents for promotion by the influencer. While this method offers control of promotional contents to the business, it defeats the ideas of influencer marketing. This means effectiveness of your campaigns might drop as it is devoid of influencer opinion.

• Influencer-Generated content: this is when a business allows the influencer to determine, design and create promotional contents for their business. Such contents are often tailored to the company’s values and business review them before they are posted. Contents generated this way attract more traction from the audience market as consumers are more likely to believe the words of influencers.

5. Review Results Regularly

When it comes to influencer marketing, reviewing results regularly is of utmost importance. Why? Influencer marketing generates lots of engagement and keeping tabs on which promotional content works and which isn’t, will ensure that you maximize your investment. Additionally, since you are paying for the services of an influencer, it’s important to know what your ROI is before making further commitments to such partnerships.

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Why Stanbuzz?

Last year, about $380 Billion was spent on online advertising by brands all over the world. Up to $150 Billion of that money did not generate the desired result for the brands that paid for them. That’s a lot of money spent without returns.

To put it into perspective, Nigeria’s 2020 budget was $35 Billion. So people wasted up to 4 years' worth of Nigeria’s budget on ineffective advertising in 2020 alone.

If nothing changes, by 2024, $240 Billion will be wasted on advertising, without getting results. Money gone like that, pooooof!

That’s why we have come in to save the day.

We asked ourselves, “what can we do to reduce this money being wasted on adverts without results?”

A lot of things came to our minds, at least 20 solutions. But can we really offer all those 20 solutions from day 1?  No.

So we said, “even though we will work on all the solutions to reduce this money being wasted on advertising, we can start with 3 things and then extend to other things.”

1. If people learn how to market better, they will waste less money - a lot of people waste their advert budget because they have no knowledge about how best to allocate it to get results. So we thought, “let’s start from here; let people be able to enrol into our world-class trainings that can teach them practical ways to be more effective with their adverts”.

2. If people can find trusted experts to market for them, they will waste less money - Some people don’t really want to learn to market by themselves, they just need a good, reliable, trustworthy person that won’t rip them  off and knows their onions. We said, “if we can help clients find those people by screening them and being sure of their proven abilities, then we can make advertising more efficient.”

3. If people can find experts to advise them, they will waste less money - Some people just need a one-hour call with an expert to get super clarity on their marketing strategy. Some may just want an expert to spend some time with their marketing team, and we know this will help reduce advert spend waste.

But that’s not all. There are many more things we are working on; because to be able to achieve our goal of reducing advert spend inefficiency, we need to consider several factors as it is not a one-size-fits-all operation. We are aware of this and are working on it at Stanbuzz.

Our goal again...

To greatly reduce advert spend inefficiency and to make the internet’s advert experience so much better.