Ok everyone, let us talk about the phenomenon that is taking the marketing world by storm: influencer marketing. Everyone is always talking about it, but what is it? Who does it help? How can it boost your small business? Why should you even care about influencer marketing?
As more and more generations of consumers join social media, brands across the globe flock to this digital strategy of online advertising because they realize how powerful it is. Approximately 17% of companies ran through more than half of their marketing budget in 2019- just on influencer marketing. However, 22% of marketers say the return outweighs the cost compared to other forms of advertising. By partnering with the right influencers, small businesses everywhere can take advantage of this easy and effective strategy without risking a low or negative ROI.
What is Influencer Marketing?
Influencer marketing is essentially partnering with an influential personality on certain social media platforms to promote a brand product or message. Influencers live on every platform out there: Instagram, Facebook, Twitter, YouTube, TikTok, Pinterest, Snapchat, and more. This does not mean partnering with a celebrity but rather with a personable, relatable, authentic content creator whose job it is to produce content and build a community around it. Social media influencers are powerful because they often have a tight, meaningful community relying on their opinion, advice, and truthful voice. This is especially true for micro-influencers who have a following of no more than 1,000-100K. They know their niche, but most importantly they know their audience; a smaller audience creates more meaningful interactions and the ability to form a relationship.
Who Does Influencer Marketing Help?
The Customer: Influencers serve as a connection between a brand and a potential customer. An astounding 86% of women rely on social media for purchasing decisions. Influencers help customers learn about new products and great brand promotions. Consumers rely on influencers to put their needs and good-will above a hefty marketing contract by only promoting good quality products. Humans naturally trust others who have a motive for helping others rather than gaining money. If a customer believes an influencer repeatedly promotes bad products, their engagement will fall, and their community will look elsewhere.
The Brand: Consumers look to social media for trends, recommendations, and product information when in the pre-purchase stage of buying. Around 70% of young adults trust influencers more than popular celebrities, which means strategically placing your product in the hands of a micro-influencer gives your small business the chance to be noticed by those who care. Influencer marketing helps brands reach a meaningful audience that promotes brand awareness, brand engagement, and brand credibility.
How can Influencer Marketing Boost Your Small Business?
A well-planned influencer campaign can increase engagement (likes, follows, clicks, comments) on your own social media channels, generate leads that are retained as subscribers or eventually converted into sales, drive web traffic to your landing page with the use of a specific link, or actually increase sales conversions by distributing a custom discount code. Let the power of influencer marketing take your small business to new heights by following any of these strategies:
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