How influencers affect business’ growth in 2021?
Influencer Marketing is no more a buzzword, especially in the fast paced digital space that we live in. Brands have been leveraging its power by developing relationships with the influencers, hoping to have an impact on their audience.
Have you ever wondered why you follow an influencer on social media, or what is that one reason you prefer your favourite influencer over others? The first answer would be the nature and quality of content. Inevitably, that is the correct answer. However, there is a hidden factor, and it is your trust in the influencer's judgment and expertise. But can this trust be used by brands to frame a positive image in the minds of their target customers? Turns out it is possible, and it is achieved through influencer marketing.
A survey by Influencer Marketing Hub in 2020 indicated that 90% of the respondents believe influencer marketing to be an efficient form of marketing. Additionally, 59% of the brands have a dedicated budget for content marketing, and 75% of them spend it on influencer marketing. All these figures tell us that influencer marketing is gaining momentum swiftly.
What is influencer marketing?
Influencer marketing is essentially a modern form of celebrity endorsement set in a contemporary landscape. It is a method for social media marketing that involves endorsements and product placements by individuals who are deemed to be experts in their niche and have a dedicated follower base. They often act as opinion leaders, whose views guide the audience to behave in a certain way, purchase a product or service, and even adopt a particular lifestyle. To identify the receptivity towards influencers, Twitter, along with Annalect, conducted a study. It revealed that 40% of users made purchases as a result of a tweet from an influencer. This article highlights how influencers affect the growth of a business in 2021.
How influencers affect business’ growth in 2021?
Influencers play a crucial role in the marketing strategies of an organization. Therefore, they have a significant impact on its growth. We have listed down some of the ways in which influencers affect business’ growth in 2021.
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Enhances brand awareness: On social media, influencers have access to a large pool of people who follow and interact with them. When brands collaborate with these influencers, it unlocks a treasure trove of a whole new set of potential customers. Now, as the influencer endorses the brand, they are there to witness it. Thus the brand gets a new level of exposure, and there is a rise in brand awareness.
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Strengthens content strategy: Most influencers have a creative aspect to their job. During brand collaborations, these creative juices flow in favor of the brand. This is where the magic happens. Attractive content is created that grabs the attention of the potential target customers. Hence, influencers, through their creative efforts, enhance the content strategy of a brand.
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Builds trust: Influencers are often seen as opinion leaders and experts in their field. Therefore, the likelihood of people trusting them is high. When brands join hands with influencers, their credibility most likely increases because of the trustworthiness of the influencers.
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Widens audience base: Everyday influencers get discovered on popular social media platforms and gain followers. Through them, brands also get recognized. Hence, partnering with an influencer allows the brand to reach out to the customers easily whom otherwise they may not have been able to target. According to a Tomoson study, 51% of marketers believed they were able to capture better prospects via influencer marketing.
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Generates leads and drives sales: These are considered to be the most tangible benefits of influencer marketing. As revealed by the Digital Marketing Institute, 49% of influencers rely on influencer suggestions that often lead to sales. That is the kind of power influencers possess. They can direct their followers towards a product or service, which translates into actual sales.
Influencers have a substantial impact on the customers when it comes to shaping their attitude and behaviour towards a brand and its product. Such influence is generally positive and helps the brand drive sales. Nonetheless, it must be remembered that the cornerstone for influencer marketing is the faith of the followers in the influencer. Even though it takes months to build that trust, a misleading endorsement can tarnish the influencer's image. Hence, influencers must be cautious while partnering with brands and choosing the offerings they are recommending as false promises and fake representations can often lead to defamation.
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