What is influencer marketing?
Influencer marketing as the term suggest is to collaborate with people with knowledge, expertise and social influence on social apps to endorse a product, very similar to social media marketing.
With modern times where everything pretty much depends on an individual, and for that individual a major part of their lives is phone and internet, marketing has reformed and the major impact from marketing is generally from digital marketing, influencer marketing is soon becoming quite popular particularly because social media is where the world is, and it also minimizes the cost of advertising by directly approaching the influencer about the brand, service or product and leaving the creative part of advertisement to them, making the cost cut down from half to almost negligible in some cases.
BUT, HOW DOES IT HELP A BRAND?
Well, digital marketing is a clever and powerful tool to invest in if someone ’s looking for endorsing a brand, product or service with influencer marketing being the best by achieving the goal of any market campaign stated –
- BRAND RECOGNITION – Every brand desires to get a name in the market and the most organic way to do that is through WORD OF MOUTH , influencers do exactly that by making the brand reach out to the audience so they know about the brand and are acquainted with what the brand manufactures and it’s USP’s.
- INFLUENCING THE AUDIENCE – Influencers convert their audience into potential customers, meaning their audience is acquainted with the product and it’s USP’s and could buy the product in the near future.
- BRAND ESPOUSAL – Due to their experience in the social world and the trust they have from their followers, the product or the brand becomes a trustable name because it is endorsed and recommended by influencers people admire and trust.
Now, after knowing how beneficial and smart it is to endorse your products through influencers digitally. Let us explore how do different influencer marketing campaigns work –
- BARTER CAMPAIGNS – These campaigns involve where a brand consign it’s products or merchandise to the influencer and in exchange of that
Influencers give the brands a social media output.
There is no financial allowance involved in these kind of campaigns.
- AFFILIATE MARKETING – In these kind of campaigns the company or the brand involved provides a personalized coupon code or links which is unique to the said influencer, and every time a lead is caused through that code or link, the influencer gets a certain commission for that.
- FIXED FEE MODEL – These campaigns involve influencers creating content endorsing a brand’s products or services and the brand is comfortable paying an upfront fee for a few social media deliverables because of the huge following of the influencer and an impressive social influence on their audiences.
SO, HOW IS INFLUENCER MARKETING DIFFERENT?
You must be thinking this is same as traditional advertisement well here where the clever part is, people always want to skip the advertisement they’re forcefully fed like television advertisements and YouTube advertisements but on the other hand our favourite content creators whose content we’re consuming every now and then, and even share it because it’s interesting, hilarious or different we’re actually spreading the brand stories seeded within the content influencers creates.
The trust audiences invest in their favourite influencers or content creators is extraordinary and that fuels up the endorsement making it all more successful than traditional advertisements.
To quickly run some numbers, global influencer market size was 6 billion dollars in 2020 and to everyone’s surprise is estimated to grow 24.1 billion dollars exhibiting a growth rate of whopping 32 percent.
The Indian influencer marketing is tremendously expanding with reaching a total revenue of 900 crore by the 2021 year end.
Coming to an end of this brief weblog,
We looked upon the aspects of Influencer marketing being the new face of digital marketing has extensively helped brands to draw awareness and mark their popularity with hiking up their sales in no time, giving it the credit it truly deserves.
Influencer Marketing – one stop endorsement for all a brand requires With the influence of social media on the people around we must take advantage of the fact that it can change the fate of a brand, service or product by right endorsement and strategies done by influencers whose content is consumed by millions across different platforms.