Many businesses are using what is called ‘Influencer Engagement Marketing’ in order to promote their brand message to the target audience. This method has been seen to work by involving a trusted voice that will promote a company’s brand message to the target market. However, using it in the right sense alone will guarantee a business an effective return on investment. Let’s take a look at how this can be achieved.
Word of mouth advertising gets higher ROI
It is considered that word of mouth marketing tends to get a higher ROI than traditional marketing tactics like advertisements. Businesses can make use of influential social media users and bloggers to spread the word about their brand as well as make recommendations about the same to others. This can be achieved in a more effective manner than traditional marketing tactics can achieve.
In fact, influencer engagement marketing is considered so effective that nearly 90% of marketers make use of it to promote their brand name and message. Influencer engagementmarketing is also considered as one of the most inexpensive ways to attract new customers to a brand. Over 90% of consumers around the world in fact, make purchase decisions based on recommendations they get from individuals they know, follow or trust.
The individuals who make this kind of marketing possible are the influencers. These are the people who are responsible for carrying out a brand’s name, message and reputation to the target audience. As such, they are an important part of the brand’s development at every stage, be it the initial growth and expansion to even retention. Influencers who are well informed as well as credible will surely play a significant role in the success of every brand they recommend and refer.
Shortcomings of Influencer engagement Marketing
Although quite effective in promoting a business’s brand message, influencer engagement marketing has its shortcomings at times.
For starters, the market is literally loaded with self-proclaimed brand ambassadors who tend to think that they have what it takes to promote a brand message. Sadly, most of these individuals fall short when it comes to actually reaching out to the target audience. It can therefore, become quite easy for a company to get on board a few influencers only to realize that they do not have the potential to create the impact the business needs for explosive growth.
Another issue lies with the target audience of the particular influencer. It has been found out that an influencer cannot necessarily guarantee inbound sales to a business in spite of having a large audience size. Irrespective of audience size, an influencer can lose out on promoting a brand message without proper content. And that is something a lot of companies have been forced to deal with of late.
Referral marketing comes to the rescue
So how does one close the void left by influencer engagement marketing? One possible solution is referral marketing which can take up where the former left off. Referral marketing will encourage individuals to connect with people they already know and trust when promoting a brand message.
These can be friends, colleagues, family members and anyone who trusts them enough to recommend the message to more individuals and so on. The brand advocates can are rewarded for their recommendations, a factor which encourages them to promote the brand message even further. Referral marketing focuses on using this technique to acquire new high value customers without spending too much in the process.
Which is best then?
At the end, it comes to one question. Which form of marketing is better for a new business? Experts reveal that while influencer engagement marketing will help a business promote its brand message effectively, only referral marketing will guarantee to convert referrals to actual consumers. Hence referral marketing can be deemed best for a new business.
A lot of companies turn towards influencer engagement marketing and referral marketing to promote their brand message and attract new customers. While both tactics are effective in their own ways, referral marketing alone can guarantee a higher ROI for a new business in the form of new customers.