The things we do on a daily basis today, our thoughts, actions, lifestyles and habits are influenced by what we see around us. The era where we purchased products based on just advertisements shown on the television is way behind us now. The 21st century has opened doors to a new form of purchasing that is influenced by what people say or post about on their social media accounts. Companies hire celebrities, professionals, normal people or just about anyone who can have an influence over their customer base. These people come to be known as influencers and what they do is play a very small role but at the same time majorly help companies and brands grow.
Influencer marketing (also known as influence marketing) is a type of social media marketing that involves endorsements and product placement from influencers, individuals and organisations with purported expert knowledge or social influence in their field. An influencer is someone who has the ability to influence the purchasing habits or quantifiable actions of others by posting original—often sponsored—content to social media platforms such as Instagram, YouTube, Snapchat, or other online channels. Influencer marketing is when a brand recruits social media influencers with established credibility and an audience to discuss or mention the brand in a social media post.
The thing about being an influencer is that anyone can do it. If you have a large number of social media followers, good and fresh content, confidence, screen presence, consistency, and communication skills, you already have the recipe for becoming an influencer. Most influencers are born on Instagram, and their work ranges from simple content like promoting a biscuit brand to collaborating with major designers during fashion week. The amount of growth they achieve in six months or a year is astounding. Most people believe that being an influencer is a simple task, but the work that goes into creating a 30-second video is extremely difficult and strenuous.
Companies hire “influencers” who charge a fee based on the product, brand, duration of the video, number of posts, and a variety of other factors to endorse and promote a brand’s product on a social media platform. Many businesses have yet to recognise that influencers are the next big thing and exactly what many brands require right now to grow their business or reclaim their spotlight.
This industry has grown to different heights in the past few years. The official statistics are:
– Influencer marketing has grown to $13.8 billion in 2021.
– Businesses are making $5.78 ROI for every $1 spent on influencer marketing.
– There has been a 465% increase in searches for the phrase “influencer marketing” on Google alone since 2016.
– 90% of survey respondents believe influencer marketing to be an effective form of marketing.
– 67% of brands use Instagram for influencer marketing.
– 1360 Influencer marketing focused platforms and agencies entered the market in the last 5 years alone.*
This shows the power they’ve had on their followers.
Influencers usually make 30 second videos or put up a 24 hour story promoting your brand. This might look very small but the influence they have on their followers is huge. This spreads word of your company on a platform that the whole world has access to and inspires their followers to purchase your product. It’s basically a revenue building platform for your company. One of the benefits of working with influencers is that once they post about your business, it stays on their profile forever to which followers have access to anytime. In comparison to large investments in billboard advertising, influencer marketing is comparatively less expensive and far more effective today.
-Written by Prakruthi Bharadwaj
*Statistics taken from https://influencermarketinghub.com/influencer-marketing/