Influencer marketing has been on the rise in the UK for a few years now. It’s showing no signs of slowing down. It’s become an increasingly popular way for brands to reach new audiences and promote their products and services. Here, Emma Marley looks at the rise of influencer marketing in the UK and provides tips on how to get started with your own campaign.
The rise of influencer marketing
The rise of influencer marketing in the UK can be attributed to increased digital media consumption with the growing use of social media platforms such as Instagram, TikTok, and YouTube. People want customised content rather than run-of-the-mill sales pushes used in traditional outbound marketing.
With the rise of these platforms, influencers have become more accessible to brands, making it easier for them to collaborate and promote products and services. Additionally, the trust and credibility of influencers have increased as they have built a loyal following on their social media. This has led to a greater return on investment for brands that work with influencers, making it a more attractive option for businesses of all sizes.
Statista reports that ad spending in the Influencer Advertising segment is forecast to top US$1.10bn in the UK in 2023. Ad spending is predicted to show an annual growth rate (CAGR 2023-2027) of 11.77%, with a projected market volume of US$1.72bn by 2027. On a global scale, the value of the influencer market has more than doubled from 2019 to 2022 to around US$16.4bn, US$13.8bn on Instagram!
You should keep a few things in mind, if you’re a brand looking to get started and make the most of the rise of influencer marketing.
Match your target audience with influencers
First, it’s important to identify your target audience and find influencers that align with your brand and have a following that matches your target audience. This can be done by searching for relevant hashtags, looking at whom your competitors are working with, or using a tool like BuzzSumo to find influencers with a large following in your industry.
Set your influencer campaign budget
You must set a clear budget for your influencer marketing campaign. Influencer marketing can be expensive, so it is important to have a budget in place. This will ensure that you are getting the best value for your money.
Reach out to your influencer
Once you have set your budget and identified potential influencers, it’s important to reach out to them and start building a relationship. This can be done by commenting on their posts, sharing their content, or even sending them a direct message. The goal is to a connection and build trust before proposing a collaboration of influencer marketing.
Types of influencer marketing collaborations
When it comes to collaborations, there are several options to choose from. You can work with influencers on a sponsored post, where they create content that promotes your brand or product. You can also work with them on a brand ambassadorship, where they become a long-term spokesperson for your brand. Or, you can work with them on a product review, where they test your product and give their honest opinion.
Be transparent with your influencers
When working with influencers, you’ve got to be clear about the terms of the partnership. Set clear goals and objectives for the campaign. This will help ensure that both parties are on the same page, which will drive the campaign’s success.
Track performance of your influencer marketing
Another important aspect of influencer marketing is measuring the success of your campaign. To do this, you must set clear goals and KPIs before starting your campaign. This can include metrics like engagement rate, reach, and conversions. You can also use tools like Google Analytics to track website traffic and conversions from influencer-generated content.
The influencer marketing bandwagon – get on it
In summary, if you’re not on the influencer bandwagon, you should be.
Influencers have become a vital gateway for boosting businesses’ exposure and keeping their fingers on the digital marketing pulse. It’s considered the budget-friendly option. As companies collaborate with influencers whose follower profiles align with their brand and match their advertising plans. This results in greater campaign success and thus drives sales.
By finding the right influencers and setting clear goals and objectives for your campaigns, you can ensure that your influencer marketing efforts are successful.