Forbes touts influencer marketing as “the next hottest thing.” The rise in popularity of social media and short video content fueled influencer marketing’s growth in B2B and B2C segments. 48% of respondents in a survey believed this marketing strategy’s ROI is better than other channels. This number establishes the impact of influencer marketing for businesses. With 63% of brands intending to increase their influencer marketing budget, this promotional avenue is here to stay. Here’s a rundown on how social media influencers are driving a sea-change in the business world.
A fresh approach to spreading brand and product awareness
Today, competition is sky-high. Simply launching a product, regardless of all the fanfare, is not enough. 72% of customers today do not make any purchase decision without consulting reviews. And they tend to buy only from familiar brands. Hence, to break into any new market, brand awareness is crucial. Unless they know of the options and better deals available, they will stick to known names.
Filling this knowledge gap is the impact influencers generate. On average, people spend 2 hours and 24 minutes per day on social media. Hence, the chances of their coming across a social influencer’s content are high. Also, influencers speak of brands in their unique style, providing a fresh perspective on the brand’s image.
Moreover, customers find influencers to be more relatable. Their ‘personal narrative’ style, insights they offer on their personal lives, and regular interactions with followers create a friend’s image. Hence, their recommendations come across as authentic, dependable suggestions. 82% of consumers say they trust brands endorsed by influencers they follow.
Breaking new grounds
When brands pay for ads, they target audiences interested in their specific industry. However, followers of influencers in related industries may also be interested in the product. Therefore, when they see their trusted lifestyle influencer recommending a skin product, they are more likely to check it out. Yet, they may not usually follow influencers in the beauty segment. The honest word-of-mouth review, based on genuine experiences, is the key to such organic lead generations.
Taco Bell made terrific use of this impact of influencer marketing. They leveraged a renowned stand-up comedian’s popularity to create a buzz about the newest addition to their Indian menu.
The profitable route to generating new business
Influencer Marketing Hub reveals that micro-influencers are fundamental to the success of influencer marketing. Thus, influencer marketing is a cost-effective means to reach out to potential customers. Such micro-influencers target niche audiences. Hence, businesses can direct their ad budget towards consumers with higher conversion potentials. It cuts down unnecessary ad spends.
Also, yielding higher engagement rates, the impact influencers generate at lower costs result in higher ROIs for businesses.
More organic visibility in social media feeds
Change is the only constant in social media algorithms. Such shifts can make it non-sustainable for businesses to keep modifying their campaign metrics. But social media platforms consistently prioritize content from individual accounts over business pages. They want to earn revenues through payments businesses make for advertisements.
In such a scenario, the ideal route to widen organic reach is to use the impact influencers have on their followers. They post content from their personal social media accounts. Loyal followers see and share their content, spreading the word.
How businesses can utilize the impact of influencer marketing effectively
As with every advertising format, careful strategizing is crucial for successful influencer marketing. The winning formula includes:
1. Selecting the right influencers:
The first step is to locate relevant influencers catering to niche audiences likely to be interested in the brand’s products.
2. Designing campaigns that grab attention:
Impactful campaigns need adding value with creative approaches that hook in audiences.
3. Forming long-lasting connections:
Partnerships with influencers increase chances of long-term successes of social media campaigns. Such collaborations create win-win situations both for businesses and influencers.
Angel Broking, the leading stock-brokers of India, capitalized on all these three key strategies. To increase their audience reach with influencers, they launched Amplifiers. This influencer marketing platform gives earning opportunities to influencers across all tiers. Even influencers with 500 followers and zero knowledge of investing can sign up to widen their audience base. Amplifiers provides influencers with all necessary training and tools for video content creation. The real-time dashboard for campaign analytics ensures success. Thus, influencers can create winning campaigns, educating Indians about the stock market. Also, the transparent payment process eliminates the principal challenge influencers face in India.
Such tie-ups between businesses and influencers are sure to go a long way towards increasing the impact of influencer marketing in business growth.