Simply put, yes.
For every $1 spent on influencer campaigns an average of $6.50 is earned.
With numbers like this it is hard to ignore influencer marketing. The thing is, you can't just throw money at a random influencer and expect any type of return on investment. Influencer marketing is just like any other form of marketing, you need a good plan and understanding to be successful.
The first step in creating an effective influencer campaign is to determine your goals. Are you trying to increase brand awareness, drive sales or promote a special offering? Your marketing message through your influencers will need to be different for different goals. Make sure your message is clear and will help you reach your goal. For example, if you are promoting a special offer make sure you have the influencers post about the special offer.
The next step is to determine which type of influencer you need. If you are an international brand that has a large marketing budget then celebrity influencers will work for you. If you are a local business or startup, local influencers are a much more effective way to achieve your goals. Local influencers cost less, they provide higher engagement rates, they are easier to work with and you do not have to worry about fake followers and engagements. Assuming most of us reading this are not running some multi-national corporation, local influencers are the way to go. REACHur.com is a service that runs monthly local influencer campaigns for businesses.
Finally you are going to want to make sure you are having the right people post and with the right frequency. as discussed before, if you are a local business you want local influencers posting that are in your direct target market. If you have a local influencer post that lives 100 miles away that will not be effective. You need people that have influence over your target market post with your marketing message to help increase bran awareness and drive sales. Also, most one time influencer campaigns are not as effective as recurring campaigns. Running influencer campaigns monthly helps to expose your business to more potential customers and also helps to create a sense of trust with your brand. If people in your target market are seeing friends post about your business every couple of weeks that will increase their trust in you and in turn convert more customers.
Influencer marketing works.
It is essential to determine your campaign goals, decide which type of influencers will work best for you and ensure that the right people are posting the right things about your business.