How Businesses Can Grow with Influencer Marketing
Over the last few years, influencers have only become more common. More people today create content on social media in the hopes of becoming an influencer. With the growing popularity, businesses found it beneficial to engage in influencer marketing, which involves working with influencers to help grow their business online.
So, it’s no surprise how much the influencer marketing market has been steadily growing. According to the Influencer Marketing Benchmark Report from 2022, the global influencer marketing industry will reach an estimated $16.4 billion this year. With more customers spending more time online, it’s only accelerated over the last two years, jumping from $6.5 billion in 2019 to $9.7 billion in 2020.
Why Influencers?
Influencers are ideal partners for small businesses because many are seen as experts in their niche. But even if they aren’t, potential customers trust their recommendations more than other sources, especially brand-owned content. And despite the popularity of digital marketing tactics like paid search, 88% of people trust word-of-mouth recommendations more than digital ads, according to the Nielsen 2021 Trust in Advertising Study.
Influencers specialize in creating authentic content that people respond to. It only makes it easier for people to trust them, and to feel like they know them. In fact, the 21st Century Social Circle report from 2019 claims 50% of millennials feel they know social media influencers better than their friends do. And seven out of 10 trust their opinions just as much as the friends they know in real life.
Working with Influencers
While there are many influencers out there, it’s essential to choose one that fits with your brand. It’s tempting to pick the most popular one that will reach the largest audience. But your influencer marketing campaign needs to make sense to appeal to potential customers. Not just for your business, but for the influencer as well. It’s not about getting the biggest audience possible; it’s about reaching the right people. And the best way to do that is to choose an influencer with a similar voice, audience, and one that will be a natural fit with your brand. The best way of figuring this out is through extensive research into potential influencers and branded campaigns they’ve done in the past.
After that, it’s just a matter of reaching out to them. Businesses shouldn’t just choose one or two influencers to reach out to, and rather, 25-50 influencers. And this is primarily because many will just ignore your message, so contacting more will better ensure you’ll get a response. In this message, remember to point out the value you’re providing them. Other than that, it’s important to communicate clear guidelines while still giving influencers the room to be creative with the overall campaign. And if you’re lucky, it could become a consistent and collaborative partnership, resulting in more effective campaigns in the future.
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