As social media influencers become more abundant, and their impact becomes more proven, brand dollars have flooded into the space. Brands are projected to spend up to $15 billion on influencer marketing by 2022.
Partnering with social media influencers is already a familiar practice to many brands however the market is undergoing continuous change: Brands need to continually evolve their strategies accordingly.
The influencer marketing space is quickly expanding as influencer types have flourished, with influencers filling every conceivable niche and sub-niche interest. Each of these types of influencers offer distinct benefits and trade-offs for brands.
In addition to celebrities with massive followings like Kim Kardashian and Kylie Jenner, brands are increasingly tapping other key influencer types, including micro- and nano influencers, kidfluencers, gaming influencers, and virtual (computer-generated) influencers.
What Exactly Is Influencer Marketing?
At the basic level, influencer marketing is a format of social media marketing which uses endorsements as well as product mentions from influencers. These people are individuals who have a dedicated social following and are viewed as experts within their specific niche.
Influencer marketing works owing to the high amount of trust which social influencers have built up with their following. Recommendations from these influencers serve as a form of social proof for your brand’s potential customers.
Influencer Marketing Generates Better Quality of Customers
51% of marketers reported acquiring a better quality of customers from influencer marketing. This statistic is very important to note. It takes a substantial amount of time and resources in order to convert a lead into a customer. Influencer marketing assists with generating quality customers who are likely to be more loyal to brands.
Influences Consumer Purchase Decisions
A staggering 71% of consumers are more likely to make a purchase based on a social media reference. Whether you’re a SaaS brand, start-up, or retail business, people will be more likely to buy if they’ve seen that you being mentioned on social media. And such mentions carry more weight if these come from an influencer in a relevant niche. This statistic indicates that influencer marketing plays a vital role in purchase decisions. Another reason why it’s so popular.
Social media has absolutely become part of the very fabric of our daily lives. So it only makes perfect sense why brands have come to these platforms so that they are able to reach consumers. However, where brands have historically relied on organic social content in order to cultivate – as well as retain -brand enthusiasts, social platforms have progressively reduced visibility of organic content in recent years – and as a result, reduced brand reach.
However, as social platforms have shifted so too have the brands who make use of them, to the point where paid promotion is essential in terms of getting seen as well as staying relevant.
As digital consumers become better at tuning out online advertising, and the ad-blocking software which is made use of results in ignoring ads becoming easier, brands need to find new approaches to making ad spend work.
Influencer marketing is a mainstay of social media marketing. If you would like to get to grips with social media marketing then you should do our Social Media Marketing Course. Follow this link to find out more.
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