Why Is Influencer Marketing Such A Big Deal Right Now?

Why Is Influencer Marketing Such A Big Deal Right Now?

Our digital-first world has fueled the power of influencers across all areas of interest, from politics to products, from makeup to marketing — and today, “influencer marketing” is having a dramatic impact on the modern marketers’ strategy. According to a SmallBizGenius infographic, there’s been a 1,500% increase in Google searches for the phrase over the past three years, and 93% of marketers use it. Business Insider reports that the market for influencer marketing is set to reach $15 billion by 2022.

Why? Because it works. Nielsen’s Consumer Trust Index reports that 92% of consumers trust influencer marketing over traditional advertising. Not only that, influencer marketing content delivers 11X better ROI than other more traditional marketing tactics.

Influencers Are Real, Ads Are Contrived

As I noted in a previous article, younger audiences in particular are skeptical of traditional, one-way communication strategies and celebrity endorsements. But the reason influencers are so important right now is not only due to a growing lack of trust in advertising; consumers are hungry for authenticity. Research shows about 30% of all internet users use ad blockers to remove distracting display ads as they access online apps and services. And a GlobalWebIndex survey revealed, 47% of consumers use them because ads are “irrelevant and annoying.”

On the flipside, for many consumers, influencers epitomize authenticity. People can engage directly with influencers, many of whom respond to posts and comments and participate in two-way dialog with followers. Research backs this up: A 2017 survey of 4,000 social media users across the U.S., UK, Germany and France concluded that authenticity is the main reason influencers are trusted. Particularly in the current environment, in which the growing skepticism of advertising is compounded by a general distrust of the press and politicians, influencers who can exude authenticity and form meaningful connections with followers will be held in high regard.

Not Just for Consumer Brands

Although celebrity influencers such as Kim Kardashian West and Kylie Jenner have been leveraged for promoting consumer products, B2B organizations are seeing the obvious benefits of having highly influential people tout their offerings on social channels, as well. In just the last 10 years, influencer marketing has risen from obscurity to the top of the B2B CMO’s agenda as the most effective way to connect and interact with customers and prospects, and drive brand awareness.

Examples of successful influencer programs in the B2B world are popping up with increasing frequency and tremendous impact. SAP is often cited for its success with using influencer marketing to promote its events. For example, for one event in Germany, five influencers were invited to discuss hot topics like machine learning, data analytics and IoT, and ended up driving 50% of the social mentions about the event. And Dell nailed its foray into influencer marketing with its Dell Luminaries podcast, which features influencers Mark Schaefer and Doug Karr along with technology visionaries from Dell and other leading organizations.

While many sought-after influencers have immense social media reach, there’s a growing body of evidence that micro-influencers — folks who’s audiences aren’t too big or too small — can be more influential. Research shows that micro-influencers deliver 60% better engagement and 22% higher conversion rates.

Looking to Partner with an Influencer? Do Your Homework First

Before contacting an influencer to forge a connection, do your research. It’s critical to find someone who has an angle — and a niche following — that’s relevant to your business. If your company sells software that features AI, for instance, a renowned data scientist might be a good fit. If your audience is digital marketers, a respected SEO expert may be your best bet.

Make sure the individual you choose has a character and personality that fits your company culture and mission. Importantly, many companies are taking public stances on high-profile social-political issues, and any influencer you partner with should maintain views that align with your company’s position. An influencer who is too controversial or may post comments that could reflect negatively on your brand can impact your organization's reputation in a matter of minutes.

Once you decide on who to target, try to find common ground and show them you’re interested by following them on social platforms. Like their posts. Send them content that’s related to the topics that matter to them. Then, after you have their attention, slowly introduce the idea of partnering with them for a blog post, podcast or other marketing op. Be careful to stop short of being a pest. The best way to win them over is to make engaging with you seem mutually beneficial.

Can’t find the perfect influencer for your business? Don’t despair! You might be able to create one through the power of Computer Generated Imagery (CGI). Checkout Lil Miguela’s Instagram for inspiration.



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3 Must-Do Product Strategies For Amazon Sellers

Selling products on Amazon is not just about posting professionally shot product images and well-written product descriptions; being an Amazon seller involves some work if you want to be successful.

Amazon has become an eCommerce giant through the years, with annual sales amounting to $280.5 billion. That’s a big pie from retail eCommerce sales, an industry that’s expected to be worth $4.8 trillion worldwide by 2021. If you want to put your product in front of a large global audience, Amazon is the best way to go.

One of the biggest factors to your success as an Amazon seller is choosing the right product to sell. Without proper marketing strategy for your products, you might be setting yourself up for failure at the onset. You should take the time and effort to choose the right product because the competition is fierce, and many sellers on Amazon make use of large budgets and sophisticated software and tools. This makes it very challenging to carve your own niche in the Amazon marketplace and the general eCommerce industry, which is evolving significantly.

Still, nothing beats a data-driven approach, and the tips below will show you how to tackle “Amazon marketing” and ensure that your efforts aren’t wasted on the wrong product and approach.

Define Your Product

The first step to Amazon’s marketing success is knowing and defining your product. The main consideration here is your budget; you can’t choose a product you can’t afford, and looking at the price isn’t enough. You need to know the quantity you can source, how much capital you need, and how to price your product competitively. These factors will help determine how long you have to wait before you see any cash flow.

One thing to remember about selling products on Amazon is that it isn’t a “get rich quick” scheme, although you could get lucky once in a while. The key to any long-term success, though, is setting realistic and specific revenue goals, which depend on three main factors mentioned above. Align your expectations with your budget so you can get an accurate estimate of potential revenue.

It’s also advisable to not put all your eggs in one basket. The Amazon marketplace is a very competitive market, and you don’t need to win it with just one product. As competition becomes fiercer, product prices become lower—and it might well be to your benefit to find and leverage smaller, promising opportunities in several products to meet your revenue goals.

Find Your Micro-niche

In simple terms, a micro-niche is a market within a market that, although a lot smaller, can provide opportunities for you to outplay a smaller number of competitors. A micro-niche might not provide much in way of volume, but this small volume is its inherent strength. The small number of users that search for micro-niche products are high-intent and present a golden opportunity for an immediate sale. The key is to find trending or relatively popular micro-niches and become one of the major players.

Once you find your micro-niche, you’ll need to compensate for the small volume of users by putting out several products. Find a specific product and product market that looks profitable for you according to your revenue goals. You need to look for something that you can source at a low cost. One of the best ways to attract your target market is by optimizing your Amazon product listings by finding and using the appropriate keywords. This will ensure that your products appear in the search results when users search for specific keywords.

Validate Your Product Idea

As mentioned above, keyword research is essential in succeeding in the Amazon marketplace, but you have to ensure that you’re searching within your micro-niche. You also need to know and understand how users search for products to figure out what keywords or phrases they use. Also, think about the brands that come to mind when you think about your product and keywords; what do these brands do? Why are they successful? Brand association is a strong conversion indicator, and it would be beneficial to see what they’re doing to find something you can emulate or find gaps in their strategy you can use as leverage.

Another consideration is how sales are divided among the products in your micro-nice. Sales should be relatively spread out because it would be very hard to capture a reasonable share of the market if only a few products generate a great majority of the sales. In such cases, it might not even be worth the time and effort and you may be better off looking for another micro-niche altogether. You should aim to have the best product in the market, but hitting the market average is good enough to keep your Amazon marketing efforts sustainable.

After validating your product idea, it becomes easier to forecast your margins by looking at the average market prices and comparing them with your sourcing estimates. Remember to consider Amazon’s FBA pricing tiers and referral fees so you can calculate accurate numbers and come up with realistic forecasts.

Conclusion

It’s no easy undertaking to market your products on Amazon; the competition is huge and most of the sellers have big budgets and sophisticated tools and research software. The more established sellers also have the advantage of experience, sales history, and a large collection of product reviews. The gateway to success for newcomers in the Amazon marketplace is deeper research, specific goals and strategies, and diversification.