What is Influencer Marketing & How Does it Work?Carlton Bynum II
In a world saturated by advertising, people have grown cynical towards it. According to them, ads pop up in any possible place and makes grand claims; most of which turns out to be just empty promises and most importantly they tend to play with our basic instincts.
However, this skepticism vaporizes when friends and relatives recommend any product to you. Nowadays recommendations from people you personally know hold more credibility than a grand advertisement. Advertisers have come to the realization that harnessing the power of social media to market products to their customers indirectly is a much more productive option. And this is where Influencer Marketing comes into the picture. In this article we will discuss everything you need to know about Influencer Marketing. So if you are a newcomer to the field and don’t know where to begin, I recommend you stick till the end of the article.
What is Influencer Marketing?
At its most fundamental level, Influencer Marketing is a type of social media marketing. It is a hybrid of the old and new marketing ideas, whereby marketing is done via influencers, individuals who have a large and dedicated social following and/or are viewed by the mass as experts in their domain.
The idea here is to make use of influencers; leaders and celebrities to drive a brand’s message to the greater market. Instead of marketing directly to a group of consumers organizations hire or pay influencers to spread the word about their brands to the mass. This hybrid form of marketing makes use of two other marketing concepts namely social-media marketing and content marketing. Every Influencer Marketing campaign includes these two concepts. Firstly, Influencers are there to spread the brand message with the help of their personal social channels where they have a loyal and trusted following. Secondly, these campaigns carry a content marketing aspect, whereby contents are created by either the organizations or by the Influencers themselves.
It is the next Big Thing!
In 2019, Instagram has become the world’s fastest-growing social networking platform, overtaking its older sibling: Facebook. Although the latter one still has the largest user base, the demographics have shifted in favor of Instagram. This is mainly due to the fact that the younger generation is more inclined towards Instagram and believe that Facebook is for their parents. This has made Instagram one of the powerhouse platforms for Influencers as well, with more and more influencers for Instagram raising their heads to take up this form of marketing as a career choice.
In the very same way, influencers for YouTube are growing in number as well. This example of Instagram was basically to emphasize the way Influencer Marketing has grown into an industry of its own. With more and more Influencer Marketing firms popping up, many organizations and apps have simplified the process for both the brands and the influencers. 320 new influencer marketing platforms entered the domain over the past decade. It is undoubtedly the next big thing in the marketing niche.
How does Influencer Marketing work?
In today’s marketing world, it is not the brands that hold the centre-stage anymore; it is the consumers. As the marketing landscape has changed drastically, consumers decide the messages they want to see. If you are a marketer, you need to play by their rules now. You need to know that it is the social media platforms where consumers are talking about your brands now. So with that in mind let us see how exactly an Influencer Marketing campaign would work?
In this form of marketing, a marketer would make a deal or sign a contract with influencers or individuals with prominent social standing, like celebrities and popular entrepreneurs. The goal here is very simple; plug into new communities, i.e. consumer base, by advertising your brand through the voice of these influencers. Second, comes authentic content, because it is still by far the best thing to build trust. The bottom line is that if you are a marketer, then you must approach social media as a tool to attract, engage and convert prospects into clients.
Influencer Marketing Statistics
It must be kept in mind that we should approach influencer marketing as an investment, of both time and money. It takes time to find the right influencer who can promote your brand to appeal to your target audience. You need to be patient until you find the correct influencer for you and your brand. As for money, well you need to compensate your influencer for all his/her work.
Having said that, we will take a look at a few statistics that prove why influencer marketing is worth all the trouble. We will be looking at two different types of statistics:
- General IM Statistics
- 89% of businesses concur that their ROI from IM is much better than all the other marketing channels;
- 80% of marketers have said that influencer marketing is effective for their business strategies with another 35% adding that it is very effective;
- As for the consumers, 82% admits that they are more than likely to follow an influencer recommended product;
- About 71% of marketers admit that customer quality and traffic is a lot better with influencer marketing strategies;
- 1500% increase in Google searches for influencer marketing has been observed.
- Metrics Statistics
- As far as measures are concerned, engagement holds the top place;
- The future success of influencer marketing campaigns are likely to be measured by the measure of ROI, according to 84% of marketers;
- 34% of businesses are more likely to focus on influencer marketing as a part of their marketing campaigns;
- Brand awareness (85%), generating sales & conversions (64%) and reaching up to new audiences (71%) are the top three goals of influencer marketing;
- 35% of marketers rely on the following of their influencer(s) to take action.
With such statistics, it is very likely that success with a proper influencer marketing campaign is more than likely to succeed.
With this rapid growth of influencer marketing, various influencer marketing platforms are emerging daily. They work as middlemen between influencers and marketers. They help marketers to discover influencers and manage & measure the success of this type of collaborations. Shoutout Experts is one such platform. This is the way how influencer marketing works have changed drastically over the past few years and the most important aspect in all of it is to be prepared for changes that come along and make necessary provisions.