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In today’s digital age, social media has become a powerful tool for businesses to connect with their consumers and promote their products and services. Influencer marketing has gained increasing popularity over the past few years.
To promote brands and products, social media influencer marketing has gained prominence as a powerful strategy, leveraging influencers’ influence and reach. In the mid-2000s, when social media platforms like Facebook and YouTube emerged, individuals were able to share content with wider audiences, which led to its development. Early influencers were bloggers and vloggers, while Instagram introduced a visually-driven platform that gave rise to a new wave of influencers.
A shift towards micro and nano-influencers, the growth of dedicated influencer marketing platforms, and the recognition of influencer marketing’s ROI have all been observed in the industry. The Influencer Marketing Industry is expected to grow to approximately $21.1 Billion by 2023. In 2021, Instagram had over 1 billion active users worldwide, demonstrating its dominance in the influencer marketing landscape.
B2C businesses have been incorporating influencer marketing into their overall marketing strategies as influencers have become more prevalent on various social media platforms. The unique challenges of B2B have made it difficult for B2B companies to adopt this approach. We will explore the challenges and opportunities of influencer marketing in the B2B space in this blog and provide insights into how businesses can effectively use this strategy to reach their target audiences.
In B2B influencer marketing, advertisers collaborate with key individuals in their industry who have a solid social following or authority rather than targeting a broad audience. These individuals use their influence and credibility to promote a company’s products and services to their followers, who are usually other companies or decision-makers.
B2B influencers include industry experts, analysts, and thought leaders. By sharing their insights and recommendations, creating content that resonates with their audience, and building relationships with potential clients, they can assist businesses in reaching their target audiences effectively and efficiently.
With B2B influencer marketing, you want to build trust, authority, and credibility with your target audience. Businesses can improve their brand perception by partnering with influencers who already have established relationships and reputations within their industry.
In a B2B context, influencer marketing presents unique challenges, including longer sales cycles, more extended contract negotiations, and finding the right influencer who aligns with your brand and values can be more difficult.
Microsoft and National Geographic collaborated on a remarkable B2B influencer marketing campaign aimed at inspiring young women to pursue STEM (Science, Technology, Engineering, and Math) careers. Microsoft’s “Make What’s Next” campaign sought to empower women to pursue their dreams. A total of 30 captivating photos were featured across National Geographic’s prominent Instagram channels: @natgeo, @natgeotravel, @natgeoyourshot, @natgeochannel, and @natgeoadventure, on International Women’s Day 2017.
Each photo depicts a remarkable journey of a female adventurer or scientist. Over 3.5 million people liked the campaign in one day, reaching approximately 91 million people. With the success of this impactful B2B influencer marketing campaign, Microsoft’s innovative leadership was reinforced.
The following steps will help you identify your ideal influencers when it comes to B2B influencer marketing:
As an example of a brand that has successfully adopted all of the abovementioned principles, Nike carefully selects influencers who appeal to athletes, fitness enthusiasts, and sports-minded individuals. A key component of Nike’s collaborations is research and partnerships with influential athletes and thought leaders to ensure relevance and expertise.
They analyze engagement metrics such as likes, shares, and comments to measure audience interaction and campaign impact. In addition, Nike actively seeks out influencers who contribute to publications, podcasts, webinars, and conferences related to sports and fitness. By implementing these principles strategically, Nike has established a formidable brand presence, connected with its target audience, and inspired people to embrace sports and fitness.
Start building relationships with your ideal influencers by engaging with their content, reaching out to them via social media or email, and offering value by commenting on or promoting their content. Building long-term relationships with influencers who provide value for you and your target audience is the key to effective B2B influencer marketing campaigns. To build trust, awareness, and credibility for your brand, it takes time, effort, and resources to find the right influencers.
Increasingly, B2B marketing involves collaborating with influencers for brand awareness, lead generation, and engagement. You can build a successful collaborative partnership by defining your goals and understanding your goals. By following a strategic process, identify relevant influencers and then reach out to them to build a relationship. This will help you find the right influencers and tailor content to appeal to your target audience.
Understanding the influencer’s tone, style, and messaging is essential to create content aligned with their brand. You can use this knowledge to create content that aligns with theirs. Create blog posts, social media content, webinars, podcasts, and more in collaboration with influencers. Sharing their content on your channels, tagging them in your posts, and mentioning them in your newsletters, is also providing value to influencers.
You can assess the effectiveness of your collaboration by tracking engagement metrics like likes, shares, comments, and click-through rates. It is known that 61% of consumers trust influencer recommendations, while only 38% trust content that brands directly produce; thus, you should notice that engagement will increase with influencer content. This will allow you to refine your strategy for future collaborations. By following these steps and cultivating solid and collaborative relationships with influencers in the B2B space, you can unlock growth opportunities, generate leads, and engage your target audience more effectively.
A B2B influencer marketing campaign’s ROI can be challenging to measure, yet you must assess its effectiveness. To do so, follow these steps:
Before launching your influencer marketing campaign, determine specific, measurable goals. These goals could include increased website traffic, lead generation, sales, or engagement. To track important metrics like clicks, impressions, reach, engagement, and conversions, use tools like Google Analytics and social media analytics.
Next, calculate the cost of collaborating with the influencer, including their fee, content creation expenses, and any other related costs. By dividing the total revenue generated by the campaign by the total cost, you can get an idea of how much it will cost per engagement. Once you have these metrics and cost data, you can calculate the return on investment (ROI) for your influencer marketing campaign.
To gain a comprehensive understanding, compare the ROI of your influencer marketing campaigns with other marketing channels like email marketing or paid advertising. Using this comparison will provide insight into the relative effectiveness of influencer marketing. Finally, use the insights gained from measuring the ROI to refine your influencer marketing strategy.
Following these steps and measuring the ROI of your influencer marketing campaigns can help you make better marketing decisions and optimize your marketing efforts.
One example of a company that measured the ROI of their influencer marketing campaign is Daniel Wellington. The watch brand partnered with multiple influencers on Instagram, each with a unique discount code for their followers to use when purchasing a watch on the Daniel Wellington website. As these watches were produced cheaply, they offered free products to influencers. Because of the low margins, this was a pretty cost-effective strategy.
By using these unique codes, Daniel Wellington was able to track the number of sales generated by each influencer. Additionally, they tracked the number of clicks on the influencer’s unique referral link and the engagement rates of their sponsored posts.
UGC campaigns became so popular that influencers began buying watches and posting them with the hashtag #DWpickoftheday in an effort to appear on the brand’s official page.
Through these metrics, Daniel Wellington was able to calculate the ROI of each influencer and adjust their future partnerships accordingly. This strategy proved successful for the brand, as they saw a significant increase in sales and brand awareness through their influencer marketing campaigns. In just 3 years, after Instagram launched, the brand was able to sell $228 million in watches.
In today’s marketing mix, influencer marketing has firmly established itself as an essential component, with a bright future ahead. Influencer marketing offers companies several opportunities to achieve their marketing objectives effectively in the B2B space. Here are a few of the critical opportunities that influencer marketing provides:
By leveraging influencers’ established audiences, B2B companies can reach a broader and more diverse audience with influencer marketing. Influencers have already established themselves as experts and authentic voices in their respective fields, so partnering with them helps companies build trust and credibility. In addition to gaining trust with their audiences, B2B companies can position themselves as thought leaders by collaborating with influencers.
By working with influencers, B2B companies can add personality to their brand, making it more relatable and approachable. As well as increasing brand awareness, influencer marketing increases brand visibility. Influencers use their social media channels to promote a brand’s products to a broad audience and generate exposure.
Besides driving sales, influencers can influence their followers’ purchasing decisions. By partnering with influencers, B2B companies can achieve sustained growth in their revenue and sales. Influencer marketing also has the advantage of creating user-generated content that allows influencers to create and share low-budget content related to the brand.
Companies can achieve their marketing objectives sustainably through influencer marketing in the B2B space. Businesses can expand their reach, build trust, humanize their brands, increase brand awareness, drive sales, create user-generated content, and improve their SEO by collaborating with influencers.
B2B companies must consider ethical considerations, such as transparency and disclosure, as well as identifying the right influencers and developing a relevant message.
It has been proven that influencer marketing is a valuable tool for B2B marketers despite these challenges. The future of B2B influencer marketing looks promising as it can reach a wider audience, increase brand awareness, and generate user-generated content. This strategy enables B2B companies to stay ahead of their competitors in an ever-evolving marketing landscape and achieve sustainable growth.