The Power of Influencer Marketing
On average people are spending 142 minutes a day on social media, with millennials (ages 16-24) being the biggest consumers at a whopping 3 hours a day. There’s no denying it, social media is a powerful tool. One that may just help you propel your business to the next level. This year marketing professionals plan to increase influencer marketing budgets by a huge 59%, so if you haven’t thought about it yet, perhaps now is the time to leverage it into your social media marketing strategy.
To help you understand the power of influencer marketing we have explained exactly what influencer marketing is and listed what we see as the eight key benefits in this article.
First things first…
What is Influencer Marketing?
Influencer marketing is when you recruit a social media influencer with a large social media presence to help increase your brand’s exposure. A person is seen to be an ‘influencer’ if they have 10,000+ followers (and interaction from those followers) on one or more social media accounts. Traditionally these people would include celebrities such as Beyoncé and Justin Bieber, but other influencers include reality stars and those who have risen to fame themselves because of social media, such as vloggers like Zoella, who has 10 million subscribers on YouTube and 9.9 million on Instagram!
What are the Benefits of Influencer Marketing?
1. It can be an effective way to reach your target audience
You can choose to work with influencers based on their content, interests and values as well as the demographics of their followers to target very specific customer segments. If you are a small company you can even target local influencers whose followers live in specific locations to attract the attention of local communities, meaning you don’t have to be a large, established brand to engage with influencer marketing. Leads generated as a result of influencer marketing also tend to be of much higher quality, because the potential customer has already seen and been recommended your product or service.
2. You can directly track ROI
It is relatively easy to track the ROI from influencer marketing compared to other forms of advertising. A good way to track the success of your influencer marketing campaign is to offer a discount code on your products on all the content shared by your chosen influencer. This then enables you to monitor what sales have been prompted by your influencer and ensure you are getting a return on investment.
3. Followers listen to advice and care about what the influencer promotes
When it comes to influencer marketing, engagement rates are usually high because followers actually value what their influencer says. With some advertising methods, users will simply read the content and then dismiss it straight away. When a consumer has been recommended a product by their favourite influencer/ inspirational figure they become much more likely to act on it.
4. Influencers set trends, their followers follow them
If you have a new or niche product, influencer marketing is a good way to get your product noticed. Influencers are trendsetters and it’s not uncommon for some products to go viral and become extremely popular seemingly overnight. Which brings us on to our next point….
5. Vast brand exposure almost immediately
Top influencers have a huge number of followers, so as soon as they post something, it will be picked up by thousands or even millions of people in around the world, pretty much instantly. This means that results can be generated extremely quickly, sometimes even on the same day!
6. Grow visibility across multiple platforms
More often than not, influencers will use more than one platform to share their content, with the most popular platforms being, Instagram, Twitter, YouTube and Facebook. So, if you choose a cross-channel campaign, then your brand will be highly visible across multiple platforms, meaning you have a better opportunity to engage with your target audience.
7. Flexibility in pricing
Some influencers will command higher fees than others due to the fact they are more popular and have more followers. However just because you don’t have a Kylie Jenner budget doesn’t mean you can’t get involved. New influencers or those with 10-20 thousand followers can also be powerful for your business, especially if you want to attract a niche market. They will also only charge a fraction of the price of top influencers.
8. Benefits are long lasting
Once an influencer has started to promote your product, the content is long-lasting. You will be able to re-share it as much as you like. Naturally, upon seeing this content frequently, consumers will start to associate your brand to their favourite influencer and immediately think highly of your brand now and in the future.
If you require any help or support don’t hesitate to contact TWI on 01473 326907. We invest in the world’s leading media database technology to ensure we can source and target the right online publications, bloggers and influencers, for any brand.
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