Influencer marketing is a relatively new concept compared to other mediums in the marketing mix.
However, in the past few years it has seen a lot of success and in fact, it is predicted that by 2022 influencer marketing will be worth up to $15 billion.
With social media activity on the rise thanks to the extra boost it has received during the pandemic, this figure is only sure to increase in the coming years.
In this post we will cover why you should think about implementing an influencer marketing strategy as part of your budget.
What is an influencer marketing strategy?
An influencer marketing strategy is when you use social influencers or content creators to help promote your products or services. This could be a YouTuber, Instagrammer, or any other influencer from any social platform.
They are often not celebrities, but have a large following and high engagement rates on their posts and videos.
The purpose of a social influencer is to use their following on the social platform(s) of their choice to promote products.
With the number of social influencers growing each year you can find several that match your niche to make sure they will be promoting your brand to your target audience.
Why you should implement influencer marketing into your budget
There are several reasons why influencer marketing is a great tool to make use of and here are just a few of them:
Low cost + good ROI =win
Depending on the status of the influencers you decide to opt for the cost could be as simple as the price of your product or services, along with a few extra goodies to entice them to advertise you more.
Alternatively, if you are looking at approaching the “macro- influencers” (has 100k- 1 million followers) or even a mega influencer (influencers with a following of over 1 million) you may need to budget in a bit more than simply the cost of an item.
These are professional influencers and so may charge for their services and space on their stories and walls.
According to a report created by Rakuten Media, 8 out of 10 users who were surveyed admitted they had gone on to the purchase an item after seeing it on a content creator video/ post.
This shows how important and how powerful this method of marketing truly is.
If you need more proof, companies surveyed in a report by MediaKix stated the ROI for social influencers was on the same level or better than other channels they used.
Increases brand awareness
By implementing influencer marketing not only are you potentially improving your ROI, but you are also helping to increase your brand awareness.
More users are seeing your products and your logos in the videos of their favourite social influencers.
This opens you up to a wider audience, a market who may not be as receptive to the standard advertising tools.
Increased brand awareness is vital to help improve ROI, sales, and consumer trust.
Brings your product to life
One of the best things you can do whilst advertising is to help your potential consumers imagine your product or service in their life.
This is usually done through emotive imagery and text. However, through influencer marketing it is easier for them to see what it would like to own that product.
Having an influencer using it and displaying it in their home or advising how they felt after the service makes it much easier for the potential consumer to put themselves in that position.
Creating desire is not only a key part of the AIDA formula, which you may use, but it’s a key part of selling.
They are so many other reasons why you should implement an influencer marketing strategy including increased reach, the ability to promote to your niche easier as well as helping to build consumer trust.
With influencer marketing, all you need to do is provide the product with a press release or description and let the content creators do the rest. It is simple, less stress and doesn’t take a lot of resources, so what have you got to lose?
Contact us today to find out how we can help improve your marketing strategy.