Influencer Marketing Strategies to Increase Brand Awareness and Loyalty - Graduate Digital Marketing Certificate Program

August 9, 2024

By: Lindsey Davidson

What is Influencer Marketing?

Influencer Marketing is a recent trend in digital marketing, in which social media users help promote a product or service. Social media influencers will partner with a brand and make content to promote their product/service through their social media channel. There are social media influencers who have millions of followers, so they can reach a large audience with their promotional content. There are also micro-influencers who have a smaller amount of followers, but have a strong connection with their audience and can still leave a large impact. Whether you are a big influencer with a mass following or a micro-influencer with a more niche and tight following, both types can influence their followers’ buying decisions, consumer behavior, and bring attention and awareness to a new brand. Influencer marketing is a key strategy to improve brand awareness and loyalty. Influencer marketing has grown significantly in recent years. In an article by McKinsey & Company, it claimed that the influencer marketing company was valued at $21.1 billion in 2023. Many companies are prioritizing influencer marketing in their marketing campaigns because of the effectiveness of influencer marketing.

What are the benefits of Influencer Marketing?

Influencer Marketing poses a lot of benefits for companies because it is an effective marketing strategy that yields positive results. Influencer marketing tends to provide a high return on investment for companies. A statistic provided by Smartsite claims “$5.20 is the average return for every $1 spent on influencer marketing.” Clearly, there is a lot of value in influencer marketing and companies can make a lot of money by investing in influencers to promote their brands.

It is clear most companies are joining in on the influencer marketing approach. “According to a Q3 2023 Sprout Pulse Survey, more than 80% of marketers agree that influencers are essential to their overall social media strategy.” Many companies are utilizing influencer marketing because they know influencers can bring life to their brand. Consumers like to buy products when it is recommended by someone they like and trust, which is why influencers can have a big impact on brand loyalty. According to statistics provided by a sprout social article, “According to The 2024 Influencer Marketing Report, almost half of all consumers (49%) make purchases at least once a month because of influencer posts; and almost all consumers (86%) make a purchase inspired by an influencer at least once a year.” There is no denying that a majority of consumers decide what to buy based on influencers. I know that I personally have purchased several products based on influencer marketing. There are several micro influencers whose opinion I value and trust, which has caused me to buy products they have recommended. The relationship between influencer and consumer is strongest when it is based on authenticity and trust, which is why influencers have such a powerful pull on consumer behavior and purchasing habits. Through trust of the influencer, consumers often begin to build trust with the brand, too, through the influencer’s recommendation.

Influencer marketing also allows organizations to reach audiences that they may not have been able to reach previously. Influencer marketing is a new channel for brands to communicate with their audience and expand their reach. “In a 2021 survey, eight in 10 users globally reported that social media platforms helped them learn about new products and brands.” Many consumers engage more with influencers and their content versus traditional media tactics, such as banner ads, commercials, print pieces, etc. Brands are always seeking more interaction and engagement with their consumers, and influencer marketing increases that behavior.

Another benefit of influencer marketing is that it can be cost-effective depending on the specific influencers a company partners with. Influencers have all different rates and fees, so finding the right influencer that fits your budget is important.

How can I use Influencer Marketing to increase awareness about my brand and improve brand loyalty?

There are many strategies to implement in influencer marketing to help increase brand awareness and brand loyalty. Most importantly, it is determining what influencer to partner with to promote your brand. You want an influencer with high engagement with their followers, and high engagement does not correlate directly with high followers. You also want an influencer whose audience and reach aligns with your target audience and who you want to promote your brand to.

There are various ways to partner with influencers to promote your brand.

Sponsored Content

Sponsored content can come in different formats, such as video posts, story posts, still image posts, blog posts, etc. It is important that the content the influencer posts, no matter what format they use should feel natural, authentic, and genuine. Posts should feel like it is coming directly from the influencer, and not feel like a blatant advertisement. It is also important to send the influencers you partner with the products they are promoting, so that they can create realistic content demonstrating their use of the product to show their followers.

Affiliate Links and Discount Codes

Brands can offer influencers a discount code and unique link for influencers to post that their followers can use to buy your products. This helps expedite the process of consumers to buy your product directly from the influencer’s posts. It is also a great way for a company to track the metrics and performance of this influencer’s reach and how much revenue they pull in just from their posts.

Contests and Free Giveaways

Having an influencer promote contests and giveaways on their platform is a great way to generate buzz and increase awareness for your brand. It helps increase engagement and gives your product to consumers who may not have had it before. It can lead to brand loyalty once they have the initial product and want more.

Long-Term Brand Partnerships

Partnering with an influencer long-term is another effective strategy that helps put a face to your brand. Jennifer Aniston is a great example of a celebrity endorsement who has partnered with Aveeno for years and has helped build brand awareness and loyalty through her partnership. With the rise of influencers and their connection with their audience, many companies are diverting from large celebrity endorsements and having long-term relationships with influencers. These influencers are sometimes known as “brand ambassadors” as they build credibility and trust for your brand.

There are many ways to collaborate with influencers to have an effective campaign. It is important that brands do not restrict influencers’ creative freedom, as their content should seem authentic and true to their own brand.

How to find the right influencer for your brand and company?

It is important to choose the right influencer for your brand and company. Who you choose to promote your brand will impact the engagement you see, your ROI, and your brand’s reputation. For example, if you are promoting a new makeup line, you likely would want to go with a mega beauty influencer or a makeup micro influencer with large influence and engagement. You would not choose a body building influencer who has a different audience demographic that you are trying to target. When determining the right influencer for your brand, it is important to do your research. First, you should know who your target audience you want to reach is, and then look for influencers who reach that audience regularly with their content.

As mentioned earlier, it is also important to find an influencer that fits your budget and how much you are willing to spend on influencer marketing. Influencers have all different rates depending on their follower count, engagement rates, types of content they post, and many other factors. The benefit of having a variety of types of influencers is that it gives more opportunities to find an influencer that is right for your brand.

Brands also want to be careful with who they select as their influencer to partner with, as the influencers’ behavior could also impact the brand’s reputation. Similar to celebrity endorsements, when a celebrity does something bad in the public’s eye, it could harm the brand who partnered with them. This same negative impact can happen when influencers do something the public disapproves of and they lose support. Brands should be very strategic with who they partner with, so that they work with influencers they can trust and have a good reputation. It is also important to partner with influencers whose values align with the values of the company and brand. Brands should view influencers as an extension of themselves.

There are also many helpful influencer marketing agencies that are helpful to connect organizations with influencers. These agencies will help research different influencers and find one that resonates and connects with your brand the most.

Conclusion

To conclude, influencer marketing is a growing market that companies are including in their marketing campaigns. Influencer marketing can be extremely beneficial for companies if they use the right strategies and partner with the right influencers for their brands. If you are part of a company that does not use influencer marketing in your marketing campaigns, it would be a good idea to look into incorporating it into your plans, as you can expect significant benefits if done wisely and strategically.

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