Influencer marketing is a form of marketing that enables businesses to collaborate with individuals who have a following for increased brand exposure. Companies may ask a person with a large following to publish social media content that promotes their products or services.
Use of influencer marketing?
With 56% of young Americans purchasing a product after seeing a post from someone they follow, influencer marketing may be a very effective marketing technique for your brand.
According to Influencer Marketing Hub, the sector is expected to be worth $16.4 billion by 2022. In 2023, this value is predicted to rise to $21.1 billion.
The survey also looks at how marketers feel about influencer collaborations in the coming year.
According to 83% of those polled, influencer marketing is an efficient method of marketing. According to the survey, 67% of marketers intend to increase their budgets for 2023.
And now that you know where we are in the industry, let’s look at some of the significant challenges marketers encounter while navigating the realm of influencer marketing.
INFLUENCER MARKETING TAKES OFF
Mid-2010s is when influencer marketing really started taking off. During this time brands started to realize the potential of online creators, who were now being paid handsomely for brand sponsorships and endorsements.
In 2023, influencer marketing is a mainstream method. Brands have adapted their marketing efforts to enable online selling, or e-commerce, and building sentiment amongst online communities. Since 2016, there has been an annual increase of at least 50% in its estimated marketing size. Today, being an influencer is a genuine occupation that 54% of young peoples would embrace given the opportunity. Young people also trust influencers more than celebrities now, with reports suggesting millennials trust influencers 12% higher than their favourite celebs.
How can you get started with influencer marketing?
- Determine your campaign’s objectives.
- Make a realistic budget.
- Determine the audience you intend to reach.
- Investigate appropriate influencers who are appealing to your target audience.
- Make contact with them.
- Work together to generate successful content.
How E-commerce Stores Use Influencer Marketing to Scale
Referrals are among the most effective marketing tools. Influencer marketing uses the same technique on a larger scale. Their followers learn about your brand from a trusted confidant, allowing you to capture the interest of new audiences from a single content creator or engagement effort.
Mutually beneficial partnerships with high-quality influencers can also be replicated throughout your content strategy to yield a significant return on investment, offering a more cost-effective option for increasing brand awareness and your bottom line.
What are the most popular social media sites for influencer marketing?
For influencer marketing, Facebook and Instagram continue to be the most popular social media sites. In 2022, one-third of worldwide shoppers said Facebook was their favourite social e-commerce site for online purchasing, while one-fourth said Instagram was their favourite.
However, the influencer market is changing. Platforms like TikTok, Snapchat, and Clubhouse appeal to the “everyday influencer” or content makers who appear to be genuine individuals.According to a Global Web Index poll, 80% of respondents want to continue using TikTok after the outbreak.
It’s also a good idea to use your most active platform as well as the channel that makes the most sense for your sector. Beauty brands thrive on Instagram, whereas video gaming thrives on Twitch.