“Influencer Marketing” – talk about a buzzword. Over the last few years, many have thrown this term around left and right. But, do you really know what an influencer is? Or, more importantly, do you know how to utilize these influencers to help your marketing efforts and drive sales? Maybe not.
Here, we’ll be discussing not only what influencer marketing is, but why it is so powerful and how it seemingly may be dying out. At the end of the day though, it’s up to you to be the judge. Are influencers a critical part of your strategies, or no?
Tweet: Is influencer #marketing as we know it dying? You be the judge:
What is Influencer Marketing?
Influencer marketing can be defined as…
“Influencer marketing is a form of social media marketing involving endorsements from influencers, people and organizations who possess an expert level of knowledge and/or social influence in their respective fields.” – Wiki
In simpler terms, this title represents someone who has great influence on people. Companies and brands can then use this influence to help shape opinions and sales connecting to these companies. However, this doesn’t just mean that the influencer has a large following. In fact, even someone with just 100 followers can influence their audience more than those with 1 million. It all depends on their relationship with their audience. Meaning, these influencers aren’t just making great content, they are creating connections.
- 89% of marketers say ROI from influencer marketing is comparable to or better than other marketing channels.
- 84% of micro-influencers charge $250 or less for each sponsored post.
- 48% of marketers believe audience relationship to be the most valuable factor when choosing an influencer.
How Influencer Marketing is Changing
Now, this sounds like a pretty sweet deal. And, as society becomes more social, it makes sense to leverage those who have great representation within target demographics and audiences. However, if this is the case, why are so many sources threatening the death of influencer marketing as we know it? There are a few reasons.
Much like Google and other search engines, social networks also continuously change their algorithms to better accommodate for their user’s needs. What this means is that, due to the user’s activities, there may audience members the influencer isn’t able to reach. Of course, there are ways around this with things such as stories, but since posts aren’t popping up as they happen but rather per algorithm requirements it makes it all the more difficult to reach everyone you want to.
As stated before, influencer marketing is all about finding someone who makes connections and relates to their audience. In fact, most of the people who buy based off of an influencer’s post don’t care about your product at all. They just want to use whatever their favorite person is using. In fact, most marketers state that finding the right influencer who has the perfect combination of content, followers, and influence is getting more and more difficult with the rise in content creators (those who make great content and have a huge following but may not be able to lead their audience).
So, what do you think? Has your company tried influencer marketing or are you interested in giving it a try? It’s true that there may be some risk if you don’t pick the right budget or the right people to work with. But, if you get all the factors just right it can be an easy win for your company to help you drive the sales you need.
Need help implementing this strategy? Contact Wave today to see how our marketing team can help with thought leadership, outreach, and more!