Influencer Marketing - Everything You Need To Know
26 NOV
You've probably heard of influencer marketing if you're even remotely familiar with social media. But what exactly is it?
In short, influencer marketing is a form of marketing that focuses on using key leaders to drive your brand's message to the larger market. Rather than marketing directly to a large group of people, you inspire, motivate, and persuade influencers to get out there and do the work for you.
It's a powerful marketing strategy and one that can be effective if done right.
Here's everything you should know about influencer marketing.
The influencer marketing network has expanded from $1.7 billion to $9.7 billion in 2020 and is anticipated to reach more than $16.4 billion in 2022.
What is an influencer?
A person with authority, expertise, position, or power to influence another person's decision to make a purchase is known as an influencer.
What is influencer marketing?
Influencer marketing is when brands pay people to endorse their products.
What makes influencer marketing network so effective is that it taps into the ability of influencers to reach a large number of people in a way that feels authentic and personal.
How does influencer marketing work?
The basic idea behind influencer marketing is simple:
Increased trust and credibility: Influencers' followers are more likely to trust and believe in what you're offering when they see them promoting your goods or service.
According to a collective survey, 30% of consumers prefer buying from non-celebrity influencers, and only 3% of people believe in celebrity endorsements.
Greater reach and engagement: Influencers already have a built-in audience interested in what they have to say. By working with influencers, you can tap into this engaged audience and get your message in front of more people. Teenagers and millennials are the most difficult to persuade, but nearly 14% of 18 to 24-year-olds and 11% of millennials made a purchase based on a blogger or influencer's recommendation.
More cost-effective than traditional advertising: Traditional advertising can be costly, and there is no guarantee that your intended audience will see your ad. Influencer marketing, on the other hand, is a more cost-effective way to reach your target market. 37% of consumers would choose an influencer over an advertisement when making a purchase. Consumer Trust Index data from Nielsen shows that 92% of respondents prefer influencer marketing to traditional marketing.
Better ROI: Influencer marketing can generate 11x more ROI than any other digital marketing service because it is more targeted and personal. It often leads to a higher return on investment than traditional marketing methods. Companies with influencer marketing services have seen a significant increase in revenue by 26% in the year 2021.
What are the challenges of influencer marketing?
While influencer marketing network can be an extremely effective way to reach your target market, there are a few challenges that you need to be aware of.
Finding the right influencers: It's crucial to discover influencers relevant to your brand with a large and engaged following. This might be a challenge, especially if you're in a niche market.
Working with influencers: Once you've found the right influencers, you need to work with them to create content that will resonate with their followers. This can come out as a challenge, as you must strike the right balance between promoting your brand and ensuring that the content doesn't come across as too sales-y.
Measuring ROI: Measuring the ROI of your influencer marketing campaigns can be difficult. There are several metrics you can track:, for instance
Takeaway: Before you partner with an influencer, it's important to make sure that you have the relevant demographic and stats for your brand. Also, research the type of content that influencers typically post to ensure you will be featured in the right way. Finally, when approaching influencers, make sure they understand the target audience and request that they include a hashtag with your brand name if possible.