The tremendous popularity of social media has been a valuable addition to every marketer’s arsenal. Building your online presence and promoting your business to thousands of customers has become significantly more straightforward. However, it should be acknowledged that this kind of easy access to a global platform has also given way to some fierce competition.
That is why it’s important for marketers to continue to think of innovative ways to help brands stand out. Gone are the days when endorsements from traditional celebrities could sway the audience with ease. Today, consumers prefer to hear from “normal people” when deciding what’s in fashion or whether a product/service is worth the money.
This is what lies behind the power of influencer marketing. Influencer marketing constitutes a business partnering with a person who has built a loyal following by creating valuable online content. Their medium of choice can be a social media platform (Facebook, Instagram, Twitter, LinkedIn, etc.) a traditional blog format, or even a YouTube channel.
Influencer marketing campaigns are most often launched with the aim of increasing brand awareness, endorsing a product or service, and driving purchases. It is a highly effective marketing subcategory that has shown strong results. Here are some of the latest statistics that might convince you to incorporate influencer marketing into your strategy:
- 49% of users trust influencer recommendations in their purchasing decisions.
- 34.7% of marketers believe influencer marketing to be the most effective tool in establishing brand credibility and reaching the right target audience.
- Companies which used influencer marketing in 2018 got a 520% return on investment.
- An increase of 1500% in Google searches for influencer marketing over the past three years has been observed.
- Influencer marketing content delivers 11 times higher ROI compared to traditional advertising.
- The success of influencer marketing is attributed to the relationship built from consumers’ trust in the influencer.
- 73% of brands allocated a budget for influencer marketing.
Starting an influencer marketing campaign cannot be done overnight, but it is certainly something to consider if you want to stay ahead of the competition. Just remember to set your goals clearly and find which strategy works best for your brand.
The statistics above are just some of the points to consider when it comes to influencer marketing. For more information, check out the influencer marketing infographic below from the folks at SmallBizGenius.