The quickest approach to getting more sales through social media is influencer marketing. It's a great way to expand your audience, increase brand recognition, and generate revenue. Influencers continually search the web for opportunities and customers to grow your brand.
Studies show that 80% of businesses used influencer marketing. To increase your sales, you should consider co-branding with influencers. This guide will describe how you can collaborate with influencers to increase sales and grow your business.
What Does it Mean to Co-Brand With Influencers?
Co-branding is a close partnership between an influencer and a brand to develop collections, products, or designs. It is a creative strategy where business owners improve product development and brand recognition by involving influencers.
When viewed broadly, co-branding can also be used to create communication campaigns, social media strategies, or events. According to research, influencer marketing will be worth approximately $13.8 billion by the end of 2021, with over 240 influencer platforms and marketing agencies established in 2019.
Why Should You Co-Brand With Influencers
The primary reason for co-branding is to get more sales. However, there are several other benefits, including:
Makes Your Marketing Campaigns Effective
Influencer campaign results are maximized by co-branding. Your brand tends to gain more awareness when you collaborate with content producers. Influencers participating in this operation show great dedication and will put your brand out to a broader audience.
Increase in Sales
Influencers best understand the expectations of their community. They are in the best position to create products and content that will attract subscribers. Even better, they speak to people who follow their ideas, personalities, and ways of life. This audience has already been won over. Thus, it is natural that they are convinced to buy their products.
Convert Influencers Into Brand Ambassadors
Co-branding is a great way to make influencers ambassadors of your brand. This strategy breeds mutual trust between your brand and the influencer. The relationship is more constructive and less transactional. They develop a close bond with you, get to know your brand personally, and learn about its operating procedures. This way, they will treat the brand as their own and improve marketing campaigns.
How to Co-Brand with an Influencer
Here are four top practices to follow when you want to co-brand with an influencer:
Choose the Right Influencer
As with other forms of marketing, choosing the right influencer to work with is crucial. The influencer must adhere to the company's principles and be viewed by people who align with its intended audience. Shoplazza and Shopify have built-in third-party apps to help you find the perfect influencers who fit your business's personas and brand identity. Sign up on the website to try out this feature.
Strengthen the Relationship
A credible collaboration involves much more than just labeling a product. Simply cosmetic procedures do not sway consumers since they know marketing techniques. They desire open access to the creative process and the ability to witness their favorite’s influence on the finished product. Therefore, the influencer's participation must be as substantial as possible.
Carry Followers Along in the Co-Branding Project
Influencers serve as a connection between brands and their followers. They often communicate with their followers and know their wants and needs. Therefore, within the scope of a co-branding initiative, content providers can ask their community for their opinions on particular issues. They can efficiently conduct votes and polls on social media platforms. This way, you will know the best ways to improve your products or services.
Focus on Nano-Influencers and Micro-Influencers
Nowadays, brands prefer nano and micro-influencers. These influencers create campaigns that aim to target specific niches. They have excellent conversion power and produce very high engagement rates because they are genuine and close to their followers. Nano- and micro-influencers are actual consumers. However, they have greater expectations than the norm, perceive trends, and actively look for solutions to their problems.
The e-commerce industry has a lot to gain from influencer marketing. Co-branding with influencers can help you get more sales and increase brand awareness. If you haven't added it to your marketing strategy, do so today. Read through this guide to have a proper understanding of how it works.
(Contributed by Ayotomiwa Omotosho & Hermes Fang)