What is Influencer Marketing?
Let’s start with what it’s not. It’s not about who has the most followers. It’s about who has the attention of the customer base you’re trying to reach.
According to the Influencer Marketing 2019 report, the influencer marketing industry is on track to be worth up to $15 billion by 2022, up from as much as $8 billion in 2019. These are staggering numbers. Clearly influencer marketing is on the rise and brands are choosing to work with influencers to tell their stories – but why?
It comes down to some key words: Trust, Personalization and Authenticity, to name a few. Consumers are looking for a trusted voice to get to know your brand and working with influencers allows you to do that. Your brand's message needs to be a two-sided conversation and influencer marketing allows brands to ignite conversations that resonate with consumers on a personal level. Commonalities become the center of the discussion rather than the product, and that shows authenticity.
Social media has become an integral part of our lives and this is where influencer marketing has exploded. A social media ‘influencer’ is a person who has the power to sway the decisions of their followers. People are turning to their favorite Instagram, Twitter, or YouTube personalities for advice and recommendations on purchasing decisions. According to a Hubspot report, 71% of consumers are more likely to make purchases based on social media referrals. It sounds like social media has become the new word-of-mouth, and Instagram is the gold standard (Facebook, YouTube, and Twitter follow, in this order). This same report reveals that 90% of people believe brand recommendations from friends.
When your branding agency looks to influencers to target your audience, be sure they look at quality over quantity when it comes to ‘reach’. A person can have a reach of 30k followers, but it’s about the level of trust and influence that a person holds. Find an ad agency that can help you create a digital marketing strategy that includes influencers and leverage their networks to sell your brand and your product.