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Archive for Month: August 2023
The Impact of Influencer Marketing on Consumer Behavior
As time goes on, we get introduced to new patterns of consumer behavior. In today’s trends, we see the presence of influencer marketing, which in the past, we were used to business-to-consumer dominating the marketing trends.
Influencer marketing is generally a collaboration between social media personalities with mid to large followings and brands to promote the brand’s products or services. Although influencer marketing has technically been around since the rise of social media, we started to see real growth in the trend around 2016.
For us marketers, we have constantly had our digital advertisements ignored on websites and social media in the past but now, these outlets are the most trusted sources for reviews and recommendations to our consumers. As the trend rapidly increases, influencer marketing is expected to be worth $21.1 Billion by the end of 2023.
Why does it seem to work so well? It all starts with the influencer and their personality. They gain a following and within that following, they gain the trust of that person. Here is where the brand comes in. Consumers want to hear an opinion and make purchases from someone that they trust, relate to, or have anything in common with. Influencers are not necessarily considered celebrities; however, these people are still very well-known, which makes them seem more raw and real to the consumer, helping lead to more conversions.
Along with traditional marketing, influencers increase the brand’s overall awareness. 49% of consumers make purchases driven by the recommendations of social media influencers.
Influencer marketing has become so popular that since 2020, it has dominated as a marketing trend over organic search, paid search, and email marketing. The other areas of marketing are just as important, but influencer marketing is the present and future trend.
Convinced influencer marketing is the right approach for your business to increase conversions? Here are some ways to get started in finding the right influencer type for you. First, understand your target audience and the relevance it has to social media. Find someone who currently has and offers great potential for follower count and engagement rates. You want to ensure that their content aligns with your brand and your brand’s message, as well as their personality and interests. The influencer must have relevance to your field in order to see results.
To determine which social media platform is best for your business, think about your target audience once again. Instagram is currently the most used influencer marketing platform in the United States, but the most popular category is lifestyle and beauty. TikTok is best used with an age range of 10-30. Dance, music, and gaming are best promoted on YouTube. 52% of marketers used Facebook for influencer marketing. The platform(s) you choose for influencer marketing can be circumstantial to your business. You might find the perfect influencer for your brand on TikTok, whose followers are 50+ years old. Regardless of statistics, it is important to do your research to see what platform and which influencers best fit your business and your message.
Best of luck & here’s to trying new marketing trends!
Sources:
https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-influencer-marketing
https://influencermarketinghub.com/influencer-marketing-benchmark-report/
https://www.lightspeedhq.com/blog/how-to-find-an-influencer/
