Before we cover why influencer marketing can boost business, we’ll go over what it is. Perhaps you have heard about influencer marketing on TV, social media platforms, or among your group of friends. It has had meteoric rise due to celebrities and the like.
According to influencer marketing hub:
“Influencer Marketing is a hybrid of old and new marketing tools. It takes the idea of celebrity endorsement and places it into a modern-day content-driven marketing campaign. The main differentiator in the case of influencer marketing is that the results of the campaign are collaborations between brands and influencers.”
And to be clear, celebrities and brands are not the only parties driving influencer marketing. There are other, well, lesser-known people who have perfected promoting products who are also driving the business. May I add some online personnel who have many followers have partnered with brands to promote products.
Here are some interesting facts about influencer marketing.
- Influencer marketing has grown from 1.7 billion dollars in 2016, to 16.4 billion as of 2022.
- 67% of brands use Instagram for influencer marketing.
- For every dollar spent, business makes $5.2 ROI.
Influencer marketing- how can it benefit your business? It can do so by helping, you reach a relevant audience. However, you and your team need to select an influencer(s) who are relevant to your business. Seek out influencers who promote/endorse similar brands, like yours. These influencers will have a connection and rapport with your target audience.
Influencers have built trust with their followers; they can do so for your brand as well. Plus, if you just started your business, credibility is also important to customers. Are the products and services being sold functional, reasonably priced, and finally design conscious.
Beyond helping, you reach your target audience and build credibility; influencers can help you save money? How might you ask? When you partner with influencers with 100 thousand followers/subscribers, you will save money. Depending on the campaign or promotion, select the influencer that suits that moment.
Suppose your brand is new or is not well-known. How will you go about promoting it, there are so many options, of course. Television and radio are some of the most prominent ways to build brand awareness. However, influencer marketing has recently supplanted both. Brands can talk about their own products endlessly.
Influencers who have a large following and are trusted by thousands of people have more sway over potential customers.
Along those lines, people are more likely to buy products due to motivation from influencers. According to Survey Monkey, more than half of all Gen Zers (58%) and Millennial (56) have made a purchase based on a recommendation from a social media influencer or content creator, compared with 46% of Gen Xers and 38% of Boomers.
Partnering with influencers will enable you to establish long-term relationships. It’s a win-win situation for brands and marketers alike. From the influencer perspective, promoting an established brand exposes them to a new audience. Simultaneously, influencers bring more credibility to the brand and grow their following.
While increasing their following, influencers will undoubtedly expand your customer base. Suppose you own a salon that sells hairsprays, but you have a new hair product that is specifically for African American women. It would behoove you to work with an influencer who has a following with this segment of the target audience.
Summary
The rise of influencer marketing has been spectacular. It is a mutually beneficial relationship where the brand seeks to gain more customers and sales. And in the same sense, influencers are constantly seeking to gain more followers which leads to more monies. Both parties collaborate to produce/launch campaigns that will engage customers, bring additional value, and boost sales.
There are several benefits of influencer marketing, such as helping, you reach your target audience. Work with influencers who promote similar products to get the best results. They can also build trust with audience that you are not familiar with because they have rapport with them. And, most importantly, influencers can save your business money. Different tiers of influencers will request varying amounts of monies for services.
Studies have shown that people are more likely to buy products from influencers as opposed to simply listening to brands themselves. When a business partners with an influencer, a long-term relationship can be formed. Both parties can work over time to create campaigns that target different audiences and grown their customers/followers.
Sources
Geyser, Werner.” How to Use Influencer Marketing to Grow Your Business.” Influencer Marketing Hub. Influencer Marketing. 29, November 2021, https://influencermarketinghub.com/how-to-use-influencer-marketing-to-grow-your-business/.
Guiterrez, Sam.”Momentive study: Gen Z Social Media Shopping.” Survey Monkey. https://www.surveymonkey.com/curiosity/gen-z-social-media-and-shopping-habits/