Remember that popular girl on Instagram with over 100,000 followers? Notice how she posed prettily in one of many photos, with xxx brand’s products placed strategically (but subtly, of course)?
That, fellow friends, is just one example of influencer marketing.
A decade ago, influencer marketing didn’t have this much influence or scope. Today, its demand has skyrocketed. Here’s the breakdown of it has changed today.
Greater Success Than Other Popular Marketing Channels
Regarded as the fastest-growing customer-acquisition channel, it ranks above email marketing, paid search and organic search.
They are frankly by no means inexpensive (you might gag at some prices quoted by more famous KOLs), but there are many long-term benefits associated with them.
When done correctly, this marketing form can boost sales conversions, customer retention, brand recall, and be cost-effective, in fact.
What’s more, an increasing number of brands are jumping on the bandwagon. In 2017, Forbes revealed that 84% of marketers intended to work with influencers over the course of the year.
Move Over for the Millennials
Millennials are the next generation of consumers. And not every industry can create significant appeal to this group of people, such as luxury cars. However, through influencer marketing, it was made possible for one.
These millennials are the ones who go online and make their purchases there often. They centre their lives around technology and are therefore very relaxed around it.
What’s more, a whopping 70% of teen YouTube subscribers trust an influencer over traditional marketing channels. Therefore, it is important to be able to reach out to them.
It gets even better: you might think that influencers can only reach out to these millennials. The truth? Influencer marketing can reel in older generations who grew up around traditional forms of advertising.
The Rise of Micro-Influencers
It’s no longer just about snagging influencers with the greatest followers, likes, or media invites. Micro-influencers with much smaller social followings, as low as a few hundred, are equally as capable in creating quality content for brands.
It’s also interesting to note that micro-influences have a greater engagement rate than mega-influencers. The smaller the fan base, the higher the rate. This is likely attributed to a more intimate following with more real and customised content.