Under the Influence: Why You Should Consider Influencer Marketing
Influencer marketing – this term shouldn’t be new to anyone in the marketing and public relations field, but many people still don’t fully understand the value behind influencer marketing or how to best leverage influencer marketing to grow their business. That’s where we come in! If you’re confused about how influencer marketing works, why it’s recommended, or how to start using it to your advantage, read on below!
The influencer marketing industry has soared in recent years, and this year is expected to be a $16.4 billion industry. A combination of factors, including short-format video on social media platforms, an increase in online shopping – especially during the COVID-19 pandemic – and improved data collection and targeting opportunities for marketers have all contributed to this meteoric rise in the industry.
If raising brand awareness is one of your goals, influencer marketing is an excellent strategy. When comparing social media content, 61% of consumers trust influencer recommendations, while only 38% trust branded content. This is an important distinction to understand as a business since third-party reviews and recommendations have a significant impact on what new consumers think and feel about your brand.
Using influencer marketing to find potential customers and boost sales is one of the most effective tools brands can use on social media today. While any quality marketing campaign takes into account numerous sales funnels, if you are looking to boost your ecommerce sales and grow your customer base, influencer marketing is a tool that should be included in your overall strategy.
Let’s look at some numbers:
- In one Convince and Convert Study, influencer marketing had 11x the ROI of traditional banner ads.
- On average, businesses make $5.20 for every $1 spent on influencer marketing.
- According to Google, 40% of millennials “feel that influencers know them better than their friends,” and 70% of teens “trust content creators on YouTube more than celebrities.”
- 49% of customers depend on influencer recommendations.
- 75% of consumers trust recommendations on social media.
So what makes an influencer a good fit for your business? To determine this, you have to really know and understand your target audience. If you don’t have your ideal customer clearly in mind, how do you expect to market to them? Finding the right influencer who speaks to your target audience is crucial in determining if the partnership will be beneficial. You’ll also want to understand what metrics are used to evaluate how successful influencers are when working with various brands, and why the total number of followers isn’t always the most important gauge.
Many influencers can use tactics that artificially inflate their following, and if you don’t have the tools to determine this, it can mean a loss of your valuable marketing budget. Agencies often use tools like an influencer marketing platform to gain valuable insights into an influencer’s previous work with brands, and their success rates, and connect with them directly. Depending on your brand and business goals, these platforms can help you narrow down which influencers will be a good fit, as well as what you can expect to pay them. There are plenty of micro-influencers (1,000-5,000 followers) who have highly engaged followings and higher success rates than some more well-known influencers with over 1 million followers. The rise in prominence of influencer marketing, combined with the high level of consumer trust in them, means that there is almost certainly an influencer for you, whatever your goals are and regardless of your budget.
Are you ready to learn more about influencer marketing and how it can help you meet your business goals? Contact us today and we’d be happy to help you come up with an influencer marketing strategy!