Even in 2017, the decade of the smartphone, word of mouth is still one of the most successful forms of marketing and the driving factor behind many, many brand success stories. This is where Influencer Marketing steps in. Influencer marketing requires you to find specific high impact people, brands or businesses related to your niche with whom you are able to form strategic relationships with. Think celebrity endorsement on a micro level and you’re not far from the right track.
An influencer is a person who carries a strong influence over the demographic that you want to target. Being ‘Instagram famous’ is a thing in 2017, using that to benefit your business and brands will not only increase your brand awareness, but also allows you to explore very different demographics.
Why should you use Influencer Marketing for your business?
Influencer marketing is, when done properly, one of the best modern day forms of marketing. Gary Vaynerchuck is one of the biggest advocates for influencer marketing at the moment - if you’re considering venturing into influencer marketing, his content is a great place to start.
Good influencers carry a strong name, their fans either respect them or love their content, both will add value to your brand. Strategically picking the right influencers for your business will depict what type of strength they offer - you’re going to be targeting very different demographics if you’re selling fidget spinners than you would if you were selling knitting kits.
Influencer Marketing offers a very high return on investment. Burst Media, a digital media company recently conducted a study in which they examined 48 influencer marketing programs from 15 industries and 662 web publishers and bloggers. The results they found were amazing. These influencer-marketing studies showed a 6-to-1 return on investment. This shows how good a return on investment Influencer marketing provides. It may seem a bit costly at first. However, it offers tremendous short and long-term benefits that very few other marketing techniques offer.
What Kind of Businesses can benefit from Influencer Marketing?
The beauty of Influencer Marketing is that it can work for all kind of business. It can provide a great boost to small brands while enabling larger brands to grow at a rapid rate. While influencer marketing is valid for both B2B and B2C in some respects, it is focused on catching a target demographic, that demographic could happen to be business people/decision makers!
Influencer is booming right now, and whether you’re a luxury brand, a Software as a Service (SaaS) company or a brand new small business with huge consumer facing potential, you may want to get into influencer marketing before the prices skyrocket. A huge piece of research done recently by Born Social outlines exactly how well influencer marketing is doing when weighed against your typical Ad streams such as Facebook, Instagram & Twitter.
A direct quote: “Influencer marketing is going to continue to grow and grow – but our findings suggest that we’re about to see a shake up in how the industry operates. As tighter regulations start to be enforced, the space will formalise itself. The current model is unsustainable – and the bubble is about to burst.” - which coming from one of, if not the biggest social media agencies in the UK, is pretty strong advice!
Influencer marketing, when done right, holds great value for all businesses offering a return on investment (at the moment with non-inflated prices!) far outshining the vast majority of current channels in B2C. Whether you are just starting and want to expand the reach of your business or own a large business that is lacking in growth and innovation, influencer marketing can surely stir things up.
With the potential to see exponential growth, drastic increases in sales and a brand identity and awareness you may have never experienced previously, what’s not to love about influencer marketing?