Influencer Marketing: The New Paradigm in Digital Marketing
There’s no good business without marketing. In the age where information technology is advancing at steady paces, marketers are looking for new ways to market products and services. One key way they are doing this is through social media platforms; more specifically, through social influencers.
Understanding Influencer Marketing
At its core, influencer marketing is pegged on the idea similar to celebrity endorsements. It involves identifying individuals with large social followings on social media platforms. Consequently, they can sway their following to purchase products from your brand.
So how is it different from endorsements? While endorsements are generally geared towards increasing sales, influencer marketing seeks to establish a relationship with the brand, customer and the influencer. Therefore, by creating a long-term relationship with the influencer, the business commits to their audience.
Social influencers could be bloggers, photographers, content creators or marketing executives. Consider the following stats associated with influencer marketing:
- Businesses that invest a $1 on this strategy generate an average of $ 6.50
- 70% of YouTube subscribers, mainly teens, trust the words of influencers over celebrities.
- 81% of marketers concur that influencer marketing is effective.
- Moreover, 51% of marketers are of the opinion they get better customers through this strategy.
It is evident that by harnessing the power of influencer marketing you can grow your business faster than you had forecasted.
Benefits of Influencer Marketing
1. It doesn’t nudge your audience
It’s inherent in our nature to disdain anything that’s being pushed on us. Some conventional forms of advertising, however, maintain a pushy nature. This, however, doesn’t augur well with most people. I am certain that no one person can be coerced to follow an individual on any social media platform. By following someone, individuals express their willingness to view the content displayed. Consequently, followers won’t mind marketing content that’s subtly executed.
2. A credible marketing strategy
It takes time to win the trust of many a people. Influencers as well take time to win the hearts of followers. To attract more followers, they have to post thrilling and engaging content. By using influencers, you leverage an already established trust.
According to a study by Twitter, customers bank on influencer’s opinion as much as their friends. Moreover, when giving recommendations on certain products, individuals will likely give them based on the influencers.
3. Influencers are trendsetters
If there is a new product on the market, the go-to people are influencers. Influencers are like the new Gandhi in marketing. They ooze ‘philosophy’. Many of their followers believe and even idolize the opinions that they give. For such a product, a cool factor becomes attached to it and many people will buy it.
4. Influencer marketing ads can be shared on various online platforms
As compared to conventional forms of advertisement, influencer marketing allows followers to share content on different platforms. Consequently, your marketing message is spread to a larger audience. Simply put, influencer marketing content has virality.
5. Customized content
The content that’s meant for the audience is tailored to the targeted audience. Moreover, the influencers used, the frequency of posting and other variables are customized to not only meet the audience’s needs but also the brands.
The traditional forms of advertising such as TV commercials are usually expensive for a business. For start-ups, it’s almost impossible to employ such marketing strategies. Influencer marketing offers a cheaper alternative. Furthermore, it’s more accessible.
How to choose the most suitable influencer for your business?
Now that you have an idea of how powerful influencer marketing is, how can you identify the most suitable influencer? Believe you me it isn’t as difficult as you might think.
1. Social media following
The first thing to consider is the social media following that one has. For instance, an individual with 5,000 followers can generate a few sales. However, a person with over 200k followers brings your message home to the audience. On the other hand, you have to bear in mind the update conversion rate. Consider the following illustration. A potential influencer with 200k may have only 100 likes when they update their Instagram feed; while one with 15k followers may get 7k likes in one update. It doesn’t take a genius to pick one between the two.
2. The influencer’s audience
As we’ve determined above, the size of the audience is not the only thing to consider. You should ensure that the influencer’s audience resonates with your brand. For instance, a food blogger with over 100k followers could be perfect if you have a restaurant. Conversely, the food blogger isn’t suitable if you intend to market kids apparels. You get the gist?
3. An organic approach to marketing
Influencer marketing has two key sides to it, the brand and the influencer. Businesses are ready to pay the influencers with the intent of pushing their products. Influencers are on the other hand willing to accept payment for the work.
However, some influencers take it a step too far. They start some sought of a full out marketing campaign. The followers will realize the new product plug in town! In such a case, the effectiveness of the strategy wears off over time. Therefore, you should see to it that whichever influencer you pick maintains an organic approach in using this strategy.