When operating in an increasingly competitive market, many brands feel the pressure to constantly diversify their marketing strategy. As the influencer marketing industry continues to grow at a phenomenal speed, brands are now looking to use a content creator’s audience to tap into saturated markets. In fact, over 50% of marketers believe that influencer marketing helps them to gain more active consumers. Netinfluencer will discuss the reasons influencers impact your business’ growth.
How Much Do Influencers Actually Influence?
The impact influencer marketing can have varies from business to business, with each content creator offering a nuanced set of skills and ideas. Research tells us that 63% of consumers trust an influencer’s message over a brand’s message. This signifies a vast change in consumer habits and notes the overall effectiveness of social media influencers.
In addition, influencers can also help traditional brick-and-mortar stores. 60% of customers have been encouraged to buy a product in store after seeing it on social media. As such, this exemplifies the versatility and flexibility of the industry as a whole.
Do Influencers Actually Increase Sales?
The statistics described above do not shy away from the overall benefits of influencer marketing but does this strategy actually increase sales?
Convince&Convert informs us that influencer marketing can offer an incredible ROI. They found that for every $1 a business spends on this type of marketing, they generate $6.50 in revenue. Thus, this is seen as a very cost-effective option for businesses that are looking to extend their growth in their respective market. In turn, the data suggests that even SMBs can gain impressive results from influencer marketing.
5 Reasons Influencers Absolutely Impact Your Business Growth
- Influencers have access to some of the most popular demographics on the market
If you are promoting a niche product or service, it can be difficult to share your product with your desired audience. With a diverse plethora of influencers to choose from, brands now have the chance to work with individuals who operate effectively in their desired market segment. As a result, brands have the potential to widen their audience base and become more dominant against their competitors.
- Creators can share valuable resources with your consumers
Influencers can also have a lot of knowledge of your market, making them very experienced thought leaders. This education and resources can be shared with your audience, and theirs, through a variety of social media channels. Therefore, an influencer is better able to raise brand awareness throughout their active platforms.
- Influencer marketing can increase conversions
Studies have shown that an impressive 84% of consumers have bought a product as a result of an influencer’s recommendation. This shows that influencer marketing is far more powerful than traditional word-of-mouth marketing and can actually encourage customers to complete their purchases. Furthermore, influencers can help a customer choose the best option for them, which can lead to brand loyalty and increased purchases.
- This type of marketing is suitable for all business sizes
Whether you’re an established brand looking to gain a monopoly over your market, or just a small business looking to get your name out there, influencer marketing can help you see success. The ever-changing nature of social media means that influencers can essentially become salespeople for your brand. Tools such as Live Shopping and e-commerce mean that influencers can consistently promote your product and customers have access to buy them at all times.
- Influencer marketing is growing in popularity
Although this may seem like a novel concept, social media influencers have been seeing growth over the past decade. To exemplify this, data shows that 93% of marketers have invested in influencer marketing. Therefore, it seems that only a small percentage of businesses are yet to see its true value. Plus, this statistic highlights how influencer marketing can securely fit into a business’s overall marketing strategy.
How Do Influencers Influence Consumer Behavior?
A report from Uppsala University named The Social Media Influencer Effect on Consumers’ Behavior gives an extensive analysis of just how impactful influencer marketing can be on our consumers. Using a collection of interviews, recordings, and transcripts, the report gives a qualitative look into this behavior.
The findings highlight how everyday consumers use influencer marketing to determine their next purchase. A candidate named Phoebe explains that she uses micro-influencers to discover whether a certain cosmetic product is a correct option for her.
Another individual named Sophia goes on to explain how influencers are able to create a sense of community around a product. They mention the effectiveness of comment sections on social media and how they can build a positive conversation about the desired product.
Finally, the report observed that many individuals viewed influencers as experts in their relative fields. With regard to the cosmetic industry, many candidates used an influencer’s knowledge to determine whether a product was truly cruelty-free and ethical.
Overall, this report highlights how generic consumers are turning to influencers for advice and guidance on their purchases. This elucidates a sense of trust between an influencer and their audience, leading to increased sales for the respective brand.
How To Use Influencer Marketing To Grow Your Business
In order to see success in influencer marketing, you must first create a detailed strategy and pitch that can be given to an influencer. This information can also double as a brief, helping to keep a content creator on track and mindful of your goals and KPIs.
Then you must choose an influencer that best suits your brand. This process requires a lot of research of both your own market and how influencers operate in it. Once you have chosen your desired influencer, you must pitch your campaign to them.
If an influencer is keen to come on board, your business must then determine an appropriate rate of pay. Payment can be offered in the form of a tangible product or by financial means. Regardless of the choice, brands must ensure that an influencer is paid according to their market rate.
When the campaign is complete, you must track and review your success. It is also good practice to share this information with your chosen influencer and give them any feedback or praise on their performance.
The impact of influencer marketing has grown leaps and bounds, helping brands from around the world achieve incredible business growth. To learn more about creating your first influencer marketing campaign, visit our website.