We all know how people trust people, more than they trust brands. Whenever a consumer needs to purchase a product, he makes sure he has conducted his bit of research on the brand’s credibility. This research usually includes them looking through rating and reviews from their previous customers, the kind of people/ clients the brand has and the rapport its customer service has garnered over time.
And social media, does play in majorly during the research.
You would have noticed how there people tend to follow famous celebrity styles and tips shared by magazines. But you should have also noticed how certain social media users are gaining popularity in their niche as an authority. Their social followings exceeding more than what most businesses have been able to generate in years.
These are the influencers that your target market would blindly follow – well, at least a 90% would!
While there are marketers who believe this approach is simply a ‘waste of resources and marketing budgets’, industry experts are deeming it as the future of marketing.
A post by Shane Barker, recently, shared some numbers on influencer marketing that will make you rethink your take on the tactic. Some of them being:
- 69% of marketers consider influencer marketing highly effective
- 73% of marketers say it’s effective for quality lead generation
- 76% say it helps them boost their customer loyalty
- 93% say it helps them in building brand awareness
What are the benefits of influencer marketing?
It lets you reach out to a larger audience base
You could spend thousands trying to build your social media following, or you could ride on someone else’s back. This someone has already worked in your niche and has most of your target audience following him. Bringing him in as an influencer for your business, will give you access to his large audience base. Imagine the amount of time and money you would save when not having to seek out and bring your target market together!
For instance, even Adidas is partnering with Instagram fitness influencers to promote their product ranges:
It is one of the cost-effective marketing tactics
I know most of you reading this would say, ‘What the hell are you saying? Have you even ever spoken to an influencer and seen their price chart?’ Well, my response to them here would be: How many times do you run different variations of the same campaign, end up spending thousands of dollars and yet yield no results or get almost 40% of irrelevant traffic to your business? Yes, in comparison, influencer marketing is cost-effective.
It helps you gain brand awareness and win your audience’s trust
An influencer’s following consists of people who trust his opinions and consider the tips he shares very seriously. When a person like this recommends your product, his following is more likely to think he himself has used it, is happy with the results and is hence asking them to give it a shot. Coming from a person who they trust and who is ‘like them’, will definitely help you gain your target market’s trust. This in turn, also helps your brand gain awareness in the right segments of the market.
It is far more authentic than advertising
Let’s face it, every business out there is running advertisements. On social media, external websites, mobile apps and more – what is it that you are doing different to grab your market’s attention? Influencer marketing is an authentic way of showcasing your value proposition. While each one of them would focus on sharing the key features you’d like them to, they are most certainly going to add their own touch to it as well. Consider it to be like user generated content – only from a user who has thousands or maybe millions of followers!
For instance, using influencer marketing, even brands like Volvo are able to get some unique content like this one – and at the same time, also reach out to others who wish for the beastly cars.
But if you thought you could get on with influencer marketing right away, you’re wrong! The tactic does come with its own set of challenges that only a few marketers are able to overcome effectively.
Challenges of influencer marketing
You can now clearly picturize the benefits associated with influencer marketing for your brand. But here are a few challenges that marketers seem to face every time – across different industries:
- 75% of marketers find it hard to identify the right influencer
- 69% of marketers find engaging influencers challenging
- 53% of marketers find it hard to measure influencer campaign results
- And some more challenges that include…
Is influencer marketing right for your business?
While there are many tools in the market that will help you shortlist or even find influencers in your industry, the first and foremost thing to do is – identify if the tactic is right for you!
In this infographic, Shane Barker, takes a look at influencer marketing from a whole new angle – that even you should consider.
Do you think influencer marketing is the way to go for businesses who are looking at faster growth at scale? Or do you think this is a marketing tactic that will soon die because you can’t keep tab on the influencer’s activities too closely all the time?