In today’s era, it is a well-known and widely accepted fact that influencers can create amazing opportunities for your businesses. We all are well aware of how influencers can promote as well as demote your business. Influencers can increase the visibility of your brand as well as they can also make their followers hate your products by giving bad reviews. Let’s know more about Performance Based Influencer Marketing.
Influencer marketing is a great way to create awareness and build promotion campaigns. Brands can opt for performance campaigns, and for increasing your brand’s visibility you can collaborate with influences also, by asking them to promote their brand’s performance campaigns. SMEs (small and medium enterprises) and local businesses can benefit a lot from this marketing technique.
When the influencer marketing strategy has been well managed then the results provided could be more beneficial than google ads, Facebook advertising or any other digital marketing.
How Performance Based Influencer Marketing work
Earlier, many brands have ignored that influencer marketing could be the most beneficial marketing strategy in the near future because it could generate your brand’s visibility and increase your sales.
However, thanks to search engines like Google which provide the required information from which we can learn what has been going on in the market. As everyone is aware that in the past few years, the end no. of online influencers has now become a brand that has millions of followers. So, when they promote any product or service, it is visible to millions of people which can increase the awareness as well as the sales of your brand.
Successful marketing depends on a variety of parameters
i.e budget, quality of campaign, quantity or number of audience etc. if the running campaign is a success then you will immediately see a significant audience visiting your brand.
Types of performance based influence marketing
It is marketing in which a brand provides influencers with a particular link or code. Influencers were asked to include that particular code or link into the content shared with their followers. if they write blogs, they can add the link in their content, if the influencer is a YouTuber, he/she can include the code in the description section of their video and so on. Read and know more about Performance Based Influencer Marketing.
If anyone of the followers of the respected influencer buys the product, the influencer is going to get some percentage of the amount of a product as his/her commission. This is the most recent marketing strategy for earning passive income.
2 Paid Campaign
The brands can collaborate with the influencers to get the engagement rate of influencers for increasing their sales. They could ask the influencer to promote their campaign and according to their followers, they will be paid. they can also do a barter collaboration as the name suggests that the influencer will promote your campaign and in return, they will be given free products.
The charges differ when uploading the post or video on the story. for example, if you post a story for one day you get $10, if you are creating a video for the campaign your charge maybe $20 and so on.
Pros and Cons
- Better performance outcomes
This form of influencer marketing provides much better results than traditional ones. The brand has to collaborate with the influencers in a proper manner to increase the sales and reduce you can do either paid or barter collaboration with the influencers whichever you think will give you the best outcomes.
- Influencers’ payment and Results are proportional :
The influencers are paid according to the results that have been achieved by the brand. If the results are better, then the influencers can earn better and with their good performance, the brands may hire the influencers again for promoting their brand. Influencers could shortly become brand ambassadors if the brand is getting a good hike in sales.
- Measurable and transparent sales:
The performance based influencer marketing campaigns are generally transparent, measurable and easy to track sales. It is not a very complex process. It’s easy as the influencers promote the campaign and they get paid for it and when the sales increase the brand can easily trace it.
- Difficult to find the right Influencer
It could be a challenging task when talking about finding the right influencer for the influence marketing of your brand. Finding the right digital service agency for influencers will need all your efforts for launching performance-based campaigns.
- Sometimes results in cant be accurately measured
The brands at times could not succeed in finding the results of influencer marketing. Brands have to be focused on analysing and monitoring whether the influencer is providing the desired results or not. It could also be a headache when brands can’t measure the performance of the campaigns accurately.
- Lack of Exposure
Some influencers do not have the desired exposure.
Brands that are using performance Based influencer marketing
It is one of the biggest and most renowned brands in the market, that has started using the influencer marketing strategy in the past few years. Adidas collaborated with a lot of influencers for promoting their brands and they are especially focused on youngsters (below 35 years of age). They have almost reached around 70% of the users that they have targeted. They have also started the #myneoshoot contest to get more engagement rates.
This is also one of the leading brands in the market. This brand also used influencer marketing during the 2016 summer collections. Fosters Huntington is a popular influencer who has collaborated with the Bonobos brand to increase sales. If you are looking for a way to build your own brand, then remember to use influencer marketing to get a huge engagement rate and increase sales digitally.
This is the future of every business. You can develop your brand at lower risk but still can earn revenue. So, this concludes our topic for performance Based Influencer Marketing.