What is Influencer Marketing?
An influencer can be defined as a person with the ability to change the behaviour or attitudes of others. This can be a well-known celebrity with millions of Instagram followers or an expert in a specific niche, like cooking, with a smaller following. Influencers are one of the keys to success in the marketing world because they have the power to influence purchase decisions.
Influencer marketing harnesses the power of the influence of an individual, usually a popular social media presence, to sell a product or service. As a result, it can generate positive word-of-mouth for your business.
Why You Need Influencer Marketing
Influencer marketing is more than just a trend. It really works and it is growing in popularity. According to a study conducted by Tomoson, businesses make $6.50 for every $1 spent on influencer marketing. Another study conducted by Linqia in 2018 revealed that 92 percent of marketers from various industries considered influencer marketing to be a successful practice.
Furthermore, Seventy percent of Australians use social media to research what they want to buy, and 40 percent are more likely to purchase from a brand they saw an influencer post about.
It is important to keep in mind that ad-blocking software is on the rise, which makes influencer marketing even more critical for businesses. There are several other advantages to using influencer marketing as opposed to more traditional strategies.
Influencer marketing has more credibility because the content is authentic. Influencers are selective about their partnerships and will only pick businesses they feel will enable them to reflect their own personal brand and to keep their social media following. This type of content is especially important if your business is catering to millennial audiences, who highly value honesty and transparency. As a result of influencer marketing, businesses will see higher return on investments, as well as an increase in traffic to their websites and social media platforms.
Micro vs Macro Influencers
Fame and influence are not always one in the same. While popular influencers, or “macro influencers,” can affect the purchasing decisions of their followers, social media presences with less followers, or “micro influencers,” typically have higher engagement rates. Engagement rates are calculated by the number of reactions (likes, comments, etc.) divided by the total follower count. Even though someone may have a large following, it does not necessarily mean that their followers are engaging with their content.
There are benefits to working with both types of influencers, so you will need to decide what is best for your business. Macro influencers will have a larger reach due to their following, which means their campaigns will cost more. However, macro influencers tend to be more experienced and professional when working with brands. Working with micro influencers is a good way for smaller businesses to get into this type of marketing, since it costs less and reaches a more niche audience.
Before deciding which would work best for your business, consider your target audience and your goal reach for your campaign. Other factors to consider when deciding on an influencer include their expertise, the demographics of their followers and their overall reputation.
If you want to find out more about how influencer marketing can help your business, reach out to Ardent Communications.