Influencer Marketing is the process of identifying, researching, engaging and supporting the people who create high-impact conversations with consumers about your brand, product or service. Well why or how does this affect your brand?
As the consumers purchasing behaviors have shifted from engaging with traditional marketing and advertising tactics, consumers now look at fellow consumers to inform their purchasing decisions. Instead of looking at companies advertising campaigns, as they did in the past, they now look at each other and at their favorite social media personalities, who have massive followings on Instagram, Twitter, Snapchat and YouTube.
Why Does Your Brand Need Influencers?
Consumers trust recommendations from a third party more often than a brand. You often don’t trust a random person walking down the street who comes up to you and talks about his trendy new outfit from the store two blocks over. But you often believe your mutual friend who vouches for that store or person. Think of an influencer as a mutual friend connecting your brand with your target consumers.
When you align your brand with an influencer, not only do you gain their audience, but you also gain their audiences’ network. Because of their audiences’ loyalty, an influencer can drive traffic to your site, increase your social media exposure or sell your product through their recommendation.
Thus, making influencer marketing one of the most effective ways to attract targeted consumers and clients.
The Power of Influencer Marketing
There are few things that drive sales more effectively than word-of-mouth recommendations. A study by McKinsey found that “marketing-induced consumer-to-consumer word of mouth generates more than twice the sales of paid advertising.” And of those that were acquired through word-of-mouth had a 37 percent higher retention rate.
Influencer marketing presents a large opportunity for brands to leverage word-of-mouth marketing at scale through personalities and figures that consumers already follow and admire.
Everything is Social
The world has shifted to social media, and it’s time for your business to follow. A new report from Salesforce found that 70 percent of brands are increasing their social media spend this coming year.
Social media isn’t an alternative to traditional media—it’s becoming the leading factor of traditional media. In the past, consumers made purchasing decisions based on advertisements they saw or heard through radio or television. Today, it’s easier to connect with other consumers via social media and make better purchasing decisions by learning about their experiences with a product or service through real life consumers.
In this new marketing shift, influencers are a force to be reckoned with. Brands can strategically partner with the right personalities to spark organic conversations and seduce their followers.
What’s the ROI? The Numbers Don’t Lie
Influencer Marketing is effective because it’s a mutually beneficial relationship. So what do the numbers say?
- Cost Effective: Marketers who implemented Influencer Marketing campaigns earned an average of $6.85 in earned media value for every $1.00 spent on Paid Media. – AdWeek
- Consumers Trust: 92% of consumers trust recommendations from personal connections, while only 33% trust media ads. – Nielsen
- Better Customers: 51 percent of marketers believe they get better customers from influencer marketing. That’s because the relationship began with trust in the influencer. – Tomoson
The Wrap Up
Now that you’re familiar with Influencer Marketing, I bet you’re asking yourself “would my business benefit from Influencer Marketing?” The simple answer is YES. Influencer marketing isn’t only for B2C companies, it does work for B2B companies.
Find out how LEWIS can help your brand with influencer relations.