A new dawn has risen. The days of traditional marketing are almost over. A recent study conducted by Adobe revealed that conventional advertising isn’t working as it used to.
The shocking results showed that only 8% of people are receptive to online ads, 26% consider print ads and only 22% respond to TV ads (source).
There is a new trend in marketing, and unlike others, it is not passing. Influencer marketing is a contemporary manifestation of the most reliable and profitable form of advertising.
If executed correctly, it can have unmatched sales and produce unrivaled ROI for advertising budgets.
This must get you wondering,
What is influencer marketing?
Influencer marketing is a form of marketing that uses leaders in a specific marketplace to relay your brand’s message to the market.
Instead of promoting your product to a large audience directly, you would use an influencer to get the word out on your behalf.
By looking at these two terms separately, we can get a better grasp of what this philosophy is all about.
Influence is the ability to affect the character, behavior or development of a person, thing or the effect.
Marketing as we know it is the act of promoting goods and services with the aim to make a sale.
Although influencer marketing is currently trending, it is not a new concept.
In fact, it is a combination of old and modern marketing tools. Celebrities, leaders, and athletes were the influencers in their respective fields, and brands would partner with them to promote their products and services.
Today influencers don’t necessarily have to be celebrities or superstars.
They can be anywhere, and they can be anyone who commands a large following on social media or the web.
Every industry has its influencers; you just need to research and identify these people who engage in high-impact conversations with the customers in your industry.
The success of influencer marketing as an authority today is owed to the role of social media in the world today.
In fact, social media and content marketing are essential components of this modern form of marketing.
Anyone with access to the internet can share their content and opinion, and the ones who do it best capture the biggest audiences – thereby becoming influencers.
Influencers in any industry either excel in their social following, engagement or content creation.
Sometimes, they even combine all these aspects. These are the people brands are scrambling to join forces.
Influencer marketing isn’t just centered on social media or content creation. It combines the power of trust and authenticity that can only emanate from word-of-mouth advertising.
Brands, both big and small are allocating considerable resources to fund influencer marketing programs.
Although the power of consumer recommendation and endorsement has always been valued, it was impossible to measure until the arrival of influencer marketing platforms.
Today, boutique agencies and software have joined the party to offer influencer marketing services. Should you devote some of your business’ resources towards influencer marketing?
Absolutely! And if done right, it could single-handedly boost your business into new heights of growth.
Why Does Influencer Marketing Matter?
There is one thing that influencers have that most brands don’t. It is called trust.
Marketing budgets are set aside to drive traffic, create awareness, and increase sales.
Although we can’t utterly rule out the importance of traditional marketing campaigns, influencer marketing is by far a more efficient approach and here’s why.
More cost effective
Majority of the influencers base their charges on following, content creation and engagement.
You can tailor a campaign to your level of detail and still pay less than you may pay for in the near future.
Influencers can create content
Most influencers have the knack to create a social strategy, video content, and photography among others.
By hiring an influencer, you get access to their audience and their content as well.
Do you use an ad-blocking software? Well, surveys indicate that 63% of millennials utilize an ad-blocking software online.
Posts on social media are immune to the wrath of this software which means that your brand’s message will reach every target consumer including the most diligent ad-blocker.
It’s an Arbitrage
Arbitrage is when you have something selling for less than its worth.
Influencers are plenty, but there are very few brands who’ve invested in influencer campaigns.
Apparently, the ones who’ve invested in the service are paying less.
It is Measurable
Conventional advertising is comparable to a shot in the dark.
For influencer marketing, every view, like, share, click, pageview and visit can be quantified and monitored.
In a nutshell, the world of social media influencers and blogging is still new.
Therefore, it poses several opportunities and challenges as well.
There is still more to learn, but as an entrepreneur looking to expand their brand, it is always advisable to stay on top of the latest trends in the online marketing world.