Why Influencer Marketing Is an Important Part of Today’s Businesses

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You can't go on social media without seeing influencers serving looks, giving recos, and promoting all sorts of products to their followers. They're the internet's newest celebrity endorsers! 

What makes influencers different from celebrities or famous personalities is that they're just like us; they're ordinary people who happen to have thousands or millions of followers online. If you can get even a tiny portion of their audience's attention, you could drive more sales to your business. That's the power of influencer marketing!

What is influencer marketing, and how do you incorporate this new form of digital promotional strategy into your marketing campaign? Find out more by reading below: 

What is Influencer Marketing?

Influencer marketing is a new promotional strategy that involves teaming up with an influencer or popular online personality to market a product and drive a brand's message to a larger audience. It's akin to celebrity endorsement minus the eye-watering fees you must pay to secure a promotional partnership.

Online influencers have a massive following online. Even a micro-influencer has thousands of online followers. By teaming up with these individuals, you can drum up attention to your business and make your brand relatable to audiences you cannot otherwise reach on your own. You can reach a broader range of audiences across social media platforms, even with a minimal budget.

Also, this strategy minimizes the chances of ad fatigue. Consumers are bombarded with ads online every day. Because the ads are often intrusive and distracting, obvious ad placements put many off. Influencer marketing differs because the ads are not too obvious, and the personalities promoting the products or services are relatable. Influencers are loved for their authenticity, which makes them credible in the eyes of consumers. 

Influencer Marketing Statistics

• Studies show that influencer marketing is set to grow to $21.1 billion in 2023 – that's a 29% increase from 2022. 
• Businesses are set to spend more than 40% of their marketing budget on influencer marketing.
• 83% of survey respondents believe influencer marketing is an effective promotional strategy. 
• Since 2016, there has been a  465% increase in searches for “influencer marketing” on Google. 
• 72% of marketers and businesses used influencer campaigns in 2022 alone. That number is set to grow by 4.1% in 2023. 

7 Reasons Why Influencer Marketing Works

Why should you leverage the power of influencer marketing to promote your business? Here are just some of the many reasons why we think you'll benefit from this marketing strategy: 

Build a trusted brand

Because of ad fatigue, brands and marketers struggle to market their businesses. They are not deemed trustworthy by consumers. Millions of consumers trust influencers. Influencer marketing is one of the best ways to reach the intended audience because they are followed by people who trust them. If consumers value an influencer's recommendations, reaching these audiences to sell a product or service is much easier. 

Affordable Marketing

Traditional promotional campaigns, like celebrity endorsements, are quite pricey compared to influencer marketing. Influencers have a smaller audience, but these followers have a high user engagement. Marketers can leverage this to spread the word about a product or service without spending a fortune on ads. Your investment is smaller, and the ROI is incredible if you are teaming up with the right influencers. 

Attract Hot Leads

Influencers have highly engaged users. By teaming up with an influencer in your niche industry, reaching people who are genuinely interested in the products or services you offer will be much easier. With an influencer low-key promoting your products, you will end up increasing your conversion rate in a shorter amount of time compared to other social media marketing tactics. 

Build Brand Awareness

Need help spreading the word about your business? Having an influencer doing all the marketing allows you to reach thousands of highly engaged users online. That's how new brands can gain bestseller status in a short amount of time. Influencers bring products and services in front of their followers, accelerating a brand's growth and popularity through word of mouth alone. 

Real-Time Results

You can immediately see the results of your marketing campaign through influencer marketing. Some conversions can be gained almost instantly. Fast-moving goods are perfect for influencer marketing because consumers don't take too long to purchase a product. Faster decision-making leads to an almost instant sale. 

Reach New Markets Faster

Conventional marketing strategies do not provide quick results like influencer marketing. With influencer marketing, you can reach new markets faster because consumers make the decision to follow a particular online personality. What's more, you can gain new audiences that you might not otherwise reach on your own via influencer marketing. With social media influencers, it will be easier to reach audiences in a particular country or specific demographics in a short period of time. 

Relevant Marketing

Traditional TV, print, or radio ads market to general audiences, which has advantages and disadvantages. If you're not targeting specific groups of people, your marketing efforts won't be as effective. Influencer marketing lets you market your business to a specific group of people – individuals genuinely interested in your offer. Reaching these groups online leads to virtually instant results because your product is relevant to them. 

How to Find the Right Influencers for Marketing

Thinking of collaborating with an influencer to boost sales? Here are practical tips to get you started on the right track: 

Step 1: Create an Ideal Client: The first step to a successful influencer marketing campaign is to determine your target audience. If you've been in the business for a long time, then you have an idea of your ideal customer's characteristics, pain points, and buying behaviour. If you're starting from scratch, conduct market research to determine what demographics find your offer appealing. During your research, see what social media platforms or apps they use and what products or services they use. 

Step 2: Check for Potential Influencers 

Based on your research and ideal client, find potential influencers that could be used to market your business. Be sure to check if their target consumers are similar to your audience and the type of content they create. It's equally important to check if they've worked with brands similar to yours, how much they charge, and the inclusions in the projects. 

Step 3: Start Developing Content 

The final step is to develop the kinds of content that your chosen influencers use to market their business. If it's a simple shout-out, create a short and engaging copy highlighting the benefits of your products. If it's an entire collection, you must develop visuals, copies, and other on-brand content to complement the products or services. 

Influencer marketing will become an even bigger industry within the next two years. It's one of the most effective yet affordable ways to promote a business and reach a wider audience across all social media platforms. If you're considering trying influencer marketing to boost your brand awareness, consider the tips outlined above for a successful campaign!

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