We marketers love to chase shiny objects. It’s part of the constant drive to experiment, optimize, and improve. Any new tactic that looks promising is going to attract our attention.
During his presentation last week at Social Media Marketing World, Lee Odden offered proof of just how shiny influencer marketing is: It can potentially return $9.60 for every dollar invested. Campaigns that include influencers have shown a 10x increase in conversion rates. And those customers who convert stick around–influencer campaigns tend to achieve a 37% increase in retention.
Clearly, influencer marketing deserves the buzz it’s been getting. But most marketers are just getting started. There’s plenty of activity, but not much strategy. It takes a concentrated, strategic, sustained effort to fully realize the benefits.