Influencer Marketing- A New Way to Boost Your Business Reach
“Like. Share. Subscribe!”- said every influencer ever!
These three golden words have taken the digital world by storm over the last couple of years. With perennial digitization and globalization, the rise of social media is truly awe-inspiring. Social media platforms are churning out influencers at a rapid pace and they have been nothing short of a blessing in disguise for businesses looking to expand their organic reach.
Social media influencers are users who actively engage with their followers and have established high credibility in a specific field. They have a niche audience who are loyal to a cause. Social media influencers have a massive following and their audience are highly influenced by the lifestyle choices of the influencer. For any social media influencer, it is effortless to convince their audience to believe in a brand, cause or a mission. To capitalize on this influencer-audience bond is what influencer marketing is all about. Influencer marketing is a form of social media marketing involving endorsements and product placement from influencers, people and organizations who have expert level of knowledge or social influence in their field.
The global influencer marketing platform market size was valued at USD 4.6 billion in 2018 and is projected to register a CAGR exceeding 26% from 2019 to 2025. Celebrity endorsements were the norm before social media influencers stepped in to revolutionize this aspect of advertising. Influencer marketing generates higher revenue than celebrity endorsements because influencers have a one-on-one bond with their audience, they seem more genuine and the audience can relate more to them than to the celebrities. Social media influencers also host meet & greets with their followers regularly which gives them a much deeper insight into their niche. Influencer marketing leverages this trust placed by followers on influencers and turns it into profits for their business. There are many ways influencer marketing can elevate your business reach and generate higher revenue in return.
Social media has penetrated almost each and every country on the globe. This kind of massive reach is almost impossible to achieve via traditional methods of print media. Social media influencers have a huge audience that is spread across the world, thus increasing your brand’s reach too.
Social media influencers can provide real-time and detailed insights into your brand reach and customers’ reaction towards it. With various statistical metrics available on social media platforms, engaging with an influencer to understand how your product is faring in a market is a quick tool to gain access into the minds of consumers.
According to a Tomson study, businesses earn USD 6.50 for each dollar spent on influencers with the top 13% earning USD 20 or even more. Influencer marketing has surpassed organic reach, paid search, email marketing and print marketing. This high level of return on investment is hard to achieve via traditional means. This also takes into consideration customer retention and increase in audience pool.
Social media influencers have a direct inside link to their audience. They have a way with their followers and can easily sway their decisions because of the amount of trust that is placed in them. These influencers have earned this level of credibility over the years because of their genuine reviews and in-depth research on every brand they endorse. Hence, when an influencer promotes a brand, the followers are sure to try that brand once, eventually turning them into potential lifetime customers.
With credibility comes full transparency. The reviews of social media influencers are always genuine and from the heart. They never lie to their followers because their entire career is based on their authenticity and integrity. Owing to this, they only give shoutouts to brands and products that they genuinely feel deserves it. Due to that, when they come back with feedback, it is almost always constructive and can help a brand better themselves.
Social media and influencer marketing are robust and long-term tools to generate immense reach for your brand. Start-ups, small and medium sized businesses and local shops can put their brand on the map with influencer marketing. Collaborating with a credible and well-matched influencer can do wonders for your brand.