Now more than ever, keeping your marketing strategy nimble and agile is essential to boosting your bottom line and increasing brand power. The COVID-19 pandemic has shaken the advertising industry. National sports, concerts and other big events have been canceled.
Advertisers, marketers and many business owners are working from home, postponing shoots and ultimately slashing their budgets. Most companies plan to decrease their advertising spending by around 76 percent, according to Business Insider.
Enter influencer marketing. Not only does it boast engagement scores heads above branded content, it also has a reach that spans from Gen Z to boomers and beyond. Perhaps more importantly, it has a return on investment (ROI) that can’t be ignored. In today’s volatile climate, the value of a sponsored post and influencer ROI hold an importance that can’t be understated.
The Value of a Sponsored Post: Influencer ROI
Influencer marketing budgets have been on the rise for several years now, making it the fastest growing marketing channel. And for good reason. The average ROI is $6.50 for every dollar spent, according to the Digital Marketing Institute. Experts estimate that the ROI of influencer marketing is roughly 11 times greater than that of display advertising.
But that’s not the only value influencer marketing provides. No matter if you’re launching a campaign with nano-influencers or social media celebrities, influencers build trust and loyalty among their followers. They have authority and authenticity that boosts your brand’s reputation. And that can often make all the difference, particularly if you’re a new brand, branching out into a different audience segment or looking to increase revenue.
Influencers are Adaptable
Even now as the business world has largely come to a halt in some arenas, influencers keep producing content. While traditional advertising requires talent, production and editing, influencers are willing to wear all those hats. They can do it all, and typically from the comfort of wherever they are, which makes social distancing less of a concern. Influencers are used to creating captivating content with minimal resources, making them flexible options in any climate and a gem in any marketer’s toolkit.
Looking for Engagement?
Relatively speaking, influencers are an inexpensive investment. And what you get back in terms of engagement is immeasurable. Even while the cost of influencer marketing dips down, the audience continues growing. As coronavirus forced most consumers to stay at home, influencers have had an essentially captive audience.
Instagram and Facebook live streams have increased by 50 percent. YouTube views shot up 63 percent. Influencers are seeing up to 76 percent more likes on their posts, according to Entrepreneur. The engagement potential of influencer marketing is alone worth the investment. The more you can fan the flames of conversation about your brand, the more you’ll pique interest and ultimately drive sales.
Brands have steadily been embracing influencer marketing over the years. It has the power to increase brand awareness, help you reach new audiences and better reach your target audience. It also gives you the opportunity to boost your bottom line while reducing your ad spend.
Ultimately, partnering with the right influencers is key to optimizing campaigns and getting the best ROI. Discover influencers with ease by searching IZEAx Discovery, the largest influencer marketplace – home to more than four million influencers and content creators.