When it comes to marketing trends, none have taken off like influencer marketing. Since 2015, influencer marketing has grown into nearly a 10 billion dollar industry. Some of the largest influencers can generate millions of engagements on their social media posts alone. Yet, while “influencer” used to be a term only used for some of the most famous celebrities, now thousands of influencers flood consumer’s TikTok, Instagram, and Twitter feeds.
What Is Influencer Marketing?
Influencer marketing is a fairly straightforward system. As current as it sounds, it’s not too different from traditional advertising. A company pays an influencer to make a post about their product. Influencers are generally defined as having a large social following that is connected to the “personality” of the influencer on one or many of their digital channels.
What Can Influencers Do For My Brand?
If influencers are selected properly by the brand, the influencer’s audience will be exposed to the product to help brands drive awareness. This strategy has been proven to be extremely fruitful, especially for product launches where awareness is the main KPI, as this form of marketing is able to quickly generate widespread, mainstream knowledge of a product.
The partnerships that Influencers make with brands are often social only and campaign based, meaning they are short term and only require the influencers to make 1-2 pieces of content. Influencers are motivated by continuing to grow and expand their own brand and audience, so they want to carefully select brands that their audience will connect with and that will enhance their personal image. By working with as many different brands as they can, they’re able to quickly create a level of widespread awareness that can be difficult for a single brand to emulate on their own.
What About Influencer Fraud?
A 2019 Edelman report shows that 63% of consumers trust what influencers have to say about products “much more” than what brands say about themselves, which truly demonstrates how consumers’ opinion of traditional advertising is shifting; however, the main issue plaguing influencer marketing is oversaturation and fraud. In short, everyone wants to be an influencer, but not everyone with high follower counts has the legitimate influence to make it a worthy investment for the brand. Fortunately, new standards of business have been set to combat and avoid this issue, but brands should still keep this in mind and monitor influencers they are working with in order to see a positive ROI for their social strategy.
Influencer marketing is growing at a staggering pace and does not seem to be going anywhere anytime soon. With so much marketing done through social media these days, it may be a wise investment to look into bringing on some influencers of your own. As long as you are looking for influencers that produce quality and honest content that aligns with your brand, influencer marketing is a great way to increase both brand awareness and fan engagement.
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