Influencer marketing has been mainstream for some time now, with many businesses using it to increase exposure of their brand, products, or services. However, despite its consistent growth in the digital marketing community, there are still plenty of people and companies that do not understand how it works or why they should be using it.
What Is Influencer Marketing?
Influencer marketing can be considered a mix of classic celebrity endorsement and content-driven marketing. It involves a collaboration between brands and individuals with a significant social media following, the influencers, to promote a brand, product, or service.
The influencers typically have an established following on platforms such as Instagram, YouTube, or TikTok and are considered experts or trusted authorities in a particular niche or industry. However, influencer marketing is effective because of how broad its applications are, with influencers existing on numerous platforms.
The ultimate goal is to leverage the influencer’s credibility and reach to promote a brand or product to their audience, which makes the fit between the brand and influencer vital. Promotion can be done in a variety of ways, including sponsored posts, product reviews, and livestreaming.
The Benefits of Influencer Marketing
One of the main benefits of influencer marketing is that it allows brands to reach a highly targeted audience since influencers often engage with a very specific niche or demographic. Because of that, influencer marketing can be especially valuable for brands that are trying to reach a younger or more niche audience. In addition to reaching a targeted audience, it can also help:
- Build brand awareness
- Increase engagement
- Drive sales
However, achieving good results requires brands to choose the right influencers to work with, ensuring that campaigns are authentic and align with brand values.
Influencer Marketing Is on the Rise
Influencer marketing is nothing new, and it has been popular for a while. However, that popularity is continuing to grow, with it quickly becoming one of the most popular marketing strategies for brands of all sizes.
- In 2022, influencer marketing grew to $16.4 billion, and it is expected to continue rising.
- The ROI of these campaigns is around $5.2 for every $1 spent.
- The volume of searches for “influencer marketing” has risen significantly in recent years.
One reason for the rapid growth is the rise of social media. Social media platforms have grown in popularity, which has allowed influencers to build larger followings. Therefore, they have become an increasingly important part of the marketing mix for brands, as they can help to reach a highly engaged audience.
It is worth noting that it is particularly useful for startups, which have often not built their own audience yet. Working with influencers who closely align to brand values and share an audience is a great way for startups to reach people likely to join their communities.
Another factor driving the growth of influencer marketing is the decline in traditional advertising. Consumers have grown skeptical of traditional advertising, including TV commercials and banner ads. On the other hand, they are more likely to trust recommendations from people they follow on social media.
There Are No Signs of Slowing Down
The growth of influencer marketing shows no signs of slowing down. As social media continues to play an increasingly important role in our lives and traditional advertising methods become less effective, brands will continue to turn to influencer marketing to reach their target audiences. That means anyone who does not follow suit will miss out on massive opportunities.