Despite being viewed by some as a fad, influencer marketing has experienced unprecedented growth in the past few years.
Marketing with influencers is lucrative, no doubt about it. During the period 2016 to 2020, the market grew from $1.7 billion to $9.7 billion. As a result of the steady growth, it reached $13.8 billion in 2021.
This year, the market is expected to generate a spectacular $16.4 billion – thanks to influencer marketing.
In the United States, almost three-quarters (72.5%) of marketers are planning to use influencer marketing this year, a number that is expected to keep growing.
A key reason for this growth is that short video formats are becoming increasingly popular on platforms like Instagram, TikTok, and Facebook.
To understand the dynamics of social media into this mix, you can check out our blog on developing effective strategies that may include the influencers and how they could fit in.
Social media consumption and data collection optimization were also catalyzed by the global pandemic, which marketers used to target social media ads.
The most effective marketing tactic remains word-of-mouth marketing, so it makes sense to recreate it through social media.
As influencer marketing has grown, brands and influencers have both benefited and it’s simply impossible to deny the effectiveness of Influencer marketing at this point.
With a potent influencer marketing strategy, brands can increase consumer trust, brand recognition, and many other benefits.
In order to grow your business, check out these awesome benefits of influencer marketing.
Influencer marketing is a powerful tool for growing your brand and should be included in any company’s overall promotion strategy if you’re looking to build your brand.
Increase visibility & reach
Today’s marketing mediums face many obstacles that influencer marketing helps brands overcome.
Influencer marketing offers organizations a way to engage with consumers in an unintrusive manner, considering how prevalent ad blockers have become and the distaste people have for obvious advertisements.
A partnership with the right influencer can enable marketers to create highly-effective influencer campaigns.
It is important for brands to choose the ideal influencers for their campaigns by carefully vetting them based on both qualitative and quantitative factors.
Boost brand awareness
Market positioning and reach are expanded through influencer marketing. Through social media, you can let your customers know more about your brand, products, and services.
In social media marketing, influencers play an important role in increasing brand awareness.
As well as broadcasting your brand’s authority in your field, partnering with influencers will help your brand win over new customers.
Credibility and authority for your brand
There is a fairly simple ideology behind influencer endorsements. An endorsement from an industry expert, celebrity, or social media personality instantly enhances the credibility of a brand.
A brand that successfully gets an influential individual to notice and recognize it creates a perception of the brand as a trustworthy company and a leader in the industry based on their endorsement.
In today’s business environment, trust and authority are crucial.
Get in front of your target audience and drive sales
Your brand’s social media influencers drive sales, simple and straightforward.
Increasingly, consumers turn to influencers for product or service recommendations.
Social media’s potential for reaching your target audience has increased as it has become more popular.
Your brand’s sales numbers can be substantially increased by influencer marketing (and what business doesn’t want more sales?).
Engage Millennials and Gen Z with your brand
Digital media is increasingly popular among millennials.
The importance of influencer marketing in today’s digital-first world cannot be overstated if you are trying to attract millennials or Gen-Z.
You have access to one of the most profitable demographics by appealing to consumers from these audience segments.
You can build a campaign around an influencers’ review of your cool new product and place your brand in the spotlight.
The opinions of influencers are often respected and idolized regardless of the subject matter: fashion, gaming, beauty, or fitness.
Industry influencers are the go-to source for information about new products.
It’s for this reason that influencer marketing is so successful.
Lead generation at its finest
Over the past few years, lead generation has changed significantly due to the importance of social media in connecting brands with clients and customers.
You can easily communicate with your consumers via social media about your brand and your products or services.
In recent years, social networks have begun offering precisely targeted and specially designed advertising formats to collect leads and boost brand awareness across both web and social media.
Influencers have a natural ability to direct their followers toward brands’ products and services.
In recent years, consumers have increasingly relied on influencers to recommend products and services.
Approximately half of consumers today rely on ‘influencer’ endorsements, and 40% have made a purchase following a promotion or endorsement on Instagram, YouTube, or Twitter.
Contribute to long-term success
Similar to SEO, influencer marketing is a long-game.
You shouldn’t expect to see a massive increase in your sales figures from a single influencer post, make no mistake.
Building trust between your brand and consumers takes time, and the same philosophy applies to influencers and influencer marketing.
It’s not just about the numbers when it comes to influencer campaigns, it’s also about building long-term relationships.
In order to create a lasting partnership with an influencer, the brand and influencer need to establish a strong relationship.
More than three-quarters of influencers say they work with brands long-term rather than one-time.
So, by now you understand the importance of social media and influencers. Influencer marketing happens to be a potent and far-reaching brand awareness vehicle, which can bring you closer to your target market and beyond.
And how is the best way to leverage influencer marketing? You guessed it right – videos!
Check out our blog on how to use social media videos to build a strong online brand and see your business grow, more so when partnered with influencer marketing.
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