Today, around 33 percent of Internet retailers use dropshipping business model. And the total e-commerce sales by 2020 will jump to USD 4.08 trillion. With a third of this figure belongs to dropshipping businesses, the sales would amount to USD 1.34 trillion.
The thing is, this also means that out of 10 e-commerce stores, at least 3 of them don’t keep their stock and will only purchase the products after they have been ordered and paid for by the customers. Yes, the dropshipping business model is this convenient and only involves a very low or almost non-existent start-up capital.
However, since it has a low barrier to entry, anyone with some ideas on what products to sell and knows how to tweak a turn-key e-commerce platform like Shopify or Woocommerce can literally start a dropshipping store in a few hours. This being said, we can expect to see more competitors in the future.
One of the most effective ways to market a dropshipping retail store is by hacking influencer marketing. In this article, we’ll discuss how this type of marketing works and what the options are.
1. What is Influencer Marketing?
It’s a combination of conventional marketing with social media influences. Social media stars who are celebrities in their own right can choose to accept advertisers’ products to be shown or worn in the images posted in their accounts.
The Kardashian-Jenner clan, for instance, is famous for having tens of millions of followers, which make them extremely popular for big brands’ influencer marketing campaigns. Any SME (small medium enterprises) can approach micro influencers with thousands of followers for lower-cost campaigns.
2. Which Social Media Media Platform is the Best?
Instagram is considered the best social media platform for influencer marketing. Why? With more than 800 million active monthly users and combined followers of 50 most-followed accounts of 2.5 billion users, Instagram is definitely the best place for running an influencer campaign. And according to Sprout Social, Instagram is the number one platform for 92 percent influencers in 2017.
As an advertiser, your dropshipping store should have your own Instagram account as well. This way, you can leverage the influencers’ followers to follow and be engaged meaningfully on your account, such as getting involved in various contests, like Instagram hashtag likes and various sweepstakes contests. In other words, your brand itself has the power to sell on Instagram, and you’ve better capitalize on it.
3. How Can You Hack Influencer Marketing?
The key to being successful in influencer marketing is being clear about analytics, goals, and metrics related to your chosen influencer(s). If you’ve chosen Instagram, find out about their Instagram analytics, such as engagement rate, quality of followers, number of followers, influencer fee, and conversion rate.
Next, you’d need to make sure that the products to be promoted are in alignment with the influencer account’s theme, philosophy, and aesthetics, such as colors and lifestyle choices. At last, experiment a bit with the hashtags, the captions, the photo filters, and the influencer accounts. With the right mix, hacking influencer marketing isn’t as hard as you think.
About the Author
Jennifer Xue is an award-winning author, columnist, and serial entrepreneur based in Northern California. She is also a digital strategist for Oberlo. Her byline has appeared in Forbes, Fortune, Esquire, Cosmopolitan, Business.com, Business2Community, Addicted2Success, Good Men Project, Positively Positive, and others. Her blog is JenniferXue.com.