Influencer Marketing for E-Commerce Businesses
To determine the effectiveness of influencer marketing, especially for e-commerce businesses, and leveraging influencer marketing for all three stages of the marketing funnel.
Effectiveness of Influencer Marketing
Earned Media Value
- Earned media value is defined as the publicity that a company/brand earns through efforts other than paid marketing.
- According to a 2019 survey of marketing agencies, brands, and relevant professionals, influencer marketing can help companies in achieving impressive results. Companies reported an average earned media value of $5.2 for every dollar spent on influencer marketing.
- The earned media value reported in the survey was as high as $18 per dollar spent on influencer marketing.
Is Influencer Marketing Effective?
- 92% of survey respondents reported influencer marketing to be an effective form of marketing. The respondents were "highly positive about the effectiveness of the [influencer marketing] activity".
- It wasn't clear from the survey if the rest of the respondents (8%) did not believe in the effectiveness of influencer marketing or they had not tried it so far.
Increasing Influencer Marketing Budgets
- 63% of marketers that leverage influencer marketing intend to increase their budgets for the same.
Influencer Marketing vs. Other Strategies
Influencers and Marketing Funnels
- Influencer marketing can be effective at the lead generation stage of the marketing funnel.
- A simple mention in a social media post from an influencer can help reach a large audience. An example is of a cat food brand that used influencer marketing. The brand reached 89,000 people through a simple social media mention.
- At the middle stage of the marketing funnel, influencer marketing strategies such as product reviews, how-to videos, and forum-style discussions can be helpful.
- Sales can be driven with the help of micro- and nano-influencers.
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