Boost Your Business Using Influencer and Referral Marketing
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Influencer marketing has emerged from being just a trend to a widely preferred marketing channel because it is extremely effective. Influence is power and influencer marketing is an art of making and manipulating purchasing decisions of your customers.
According to a case study, businesses are making $6.50 for every $1 spent on influencer marketing. But what if I tell you there is something which can help you generate 5X or 10x your ROI from influencer marketing. Interesting right!!
Do you want to know how you can 10x your 'Influencer marketing' and make an automated marketing pipeline that reaches millions by itself? If yes, then please keep reading...
Every Intelligent marketer knows that people trust recommendations for buying and trying new products and this is the reason Influencer marketing is so effective. You can 5x or even 10x this social effect by using referral marketing.
There are 3 basic and important things every business needs to succeed-
1.) Increased revenue
2.) Reduced cost
3.) A larger market share.
Your business too can achieve all of the above by opting for an influencer promoted referral campaign. Follow the 5 steps below to create a perfect influencer referral campaign and make thousands of brand ambassadors for your brand.
Set Things Up
You will need to set up some features and tools in your online store or landing page before you start to plan your campaign.
What will you need:-
1. Influencer Outreach and Tracking Software. - You can use any influencer marketing software for your campaign to find influencers. This will make it easier for you to find out influencers and track ROI.
2. Referral Marketing Platform. - This is a mandatory requirement for this type of a campaign. You should have a referral system in your online store or website. This will help you keep a track and incentivize your referrer.
Define Your Goals
Always begin by keeping the end goal in mind. Different people have different goals depending on their product and Niche. For Example, someone who is selling event passes for a dog show may have a goal of creating awareness and creating buzz among people. On the other hand, someone who is selling pet food may have a goal of getting positive reviews and referrals from it.
A properly planned and optimized Influencer campaign drives the interaction of multiple audiences with your brand/product.
Since you have an Influencer and referral system now, let's prepare your campaign.
Develop a story
Influencer marketing is all about stories and magic that your product will offer to the influencer's audience. Always remember that people follow an Influencer because their content adds value to them.
If you want to rock in influencer marketing, make sure that your product adds value to the content you create for or with the Influencer. The best marketing does not feel like marketing, it feels like magic.
The best way to do that is by allowing the influencer to be himself or herself and add your product to that piece of content in a very organic way.
Offer an Influencer Exclusive Promotion.
This is the best way to increase brand awareness. Proposing an influencer exclusive offer or promo code will connect your brand to an influencer. People will always think of your brand or product when they interact with any of the other posts of that influencer. This is like retargeting your consumer mindset.
Plan your Referral Campaign
5th step is to plan your referral campaign, which you will promote through the Influencer. Here you can incentivize (with a gift card or a free bonus product) or give discounts (Example refer 1 friend and get 10% off) to people who share your product to their friends and family.
The second thing you can do is to make the audience create content by creating a contest or a giveaway. The more the people create content about your product, the better the sales number. As the consumers trust recommendations from their friends and are aware of celebrity endorsements, it works like magic.
This how you used both the influencer as well as the audience of the influencer to promote your brand/product/service. This is how you can create a marketing machine. Now, this marketing funnel will multiply itself until you are running your influencer exclusive special promotion.
1. Always remember above everything, marketers must Know that any word-of-mouth campaign begins with a great product and convenient customer service.
2. To make an influencer of your customer into your brand's ambassador, you must have a great referral marketing plan that is built on your overall marketing plan3. Authenticity is meaningful. Your customer should feel the need of having a conversation with your brand. Make your customer satisfied with your product or service