The hypercompetitive retail sector needs innovative ways to boost sales and revenues. Influencer marketing is an important strategy that works best for retail brands irrespective of their size. In fact, studies say that influencer marketing can increase the ROI by 11 times as compared to traditional marketing strategies.
What’s Influencer Marketing?
When you use popular brand advocates to promote your products or services to a larger audience using organic channels, it is influencer marketing. It entails people with a large number of followers on social media platforms along with ability to sway the attention of these followers.
Instead of direct marketing to a huge group of targeted customers, you can pay the influencers to put the message across. And it’s an effective method to promote your sales online. These interesting stats related to influencer marketing will take the point home.
- Through influencer marketing, businesses can generate nearly $6.50 for every investment of $1.
- About 70% of teenage subscribers of YouTube lay more trust in influencers and their opinions.
- 51% of the digital marketers accept they get more conversions through influencer marketing while 81% of marketers find it extremely effective.
- Over last years, about 59% of marketers increased their influencer marketing budget.
How Can Influencer Marketing Benefit Your Online Retail Business?
Despite being a new strategic term for marketers, influencer marketing is a viable strategy that helps to build the trust of your brand in the target niches. The reasons:
It Drives More Sales
No matter what, the traditional word of mouth method of marketing still holds good for the retail businesses. In fact, nearly 92% of customers accept they trust word-of-mouth advertising more than any other medium. Even the millennials are willing to trust their favorite YouTube personalities more than their friends. This scenario showcases the shift of focus from traditional platforms like newspaper, television, or radio to the social media channels. Influencer marketing taps on the unofficial brand ambassadors with a large social media following.
It Promotes Sales through Organic and Social Channels
As per data collected by Pew Research Center, nearly 68% of Americans use Facebook and 35% of the population is on Instagram. So, it explains that having a website isn’t all. A majority of your potential clients are available on social media platforms where you can communicate with them. This is where influencers hold a better impact due to their consistent presence and strong follower base. You just have to look for the best influencers for your brand.
It Improves the Brand Image
You can change the perceptions of your brand in the minds of people by using influencer marketing effectively. To get the idea, you can keep track of important data like the number of likes and shared posts on a particular posting done by you. If the followers of an industry influencer like the post, they are more likely to spread the word among their circles. It goes a long way in promoting your brand while enhancing its image in the target markets.
So, if you want to explore innovative digital marketing strategies, think about your long-term goals, find the right influencer, and get started.
Eastern Alley helps small to medium-sized businesses strategize their digital marketing activities for a successful online presence. For further details visit our website www.easternalley.com . For a quick analysis of your business call us: +91 7010950762, +91 9842855440.