What Is Influencer Marketing And Why It Is Important
How many of you have purchased a product or service because a well-known personality you admire or follow used it?
You all must be guilty of this! There are so many surveys and studies being conducted by marketers that prove this. However, there is so much confusion among people about why and how influencer marketing is effective. Believe it or not, influencer marketing is going to change the dynamics in the world of marketing in 2023. Let us shed some light on it and learn what influencer marketing is all about!
But, before we begin the blog, we should first understand who an influencer is and what exactly influencer marketing is.
A brand influencer is someone who has a large following in a specific niche with whom they regularly interact. As a result, they have the ability to influence their purchasing decisions. They must put themselves out there on social media, which serves as social proof to their followers, resulting in loyalty and trust towards them as well as the brand they promote.
There are various types of brand influencers, including
- Micro-influencers
- Celebrity influencers
- Social media influencers
- Blog influencers
What Makes Influencer Marketing So Effective?
'Influencer marketing is effective since it helps brands attain their marketing campaign goals.' This type of marketing is going to achieve even more tremendous milestones in 2023 with the rise of independent creators/influencers and even celebrities.
The outcome on its own validates the success that marketers have had with influencer marketing initiatives. However, it's crucial to analyze the several elements that come into effect when assessing influencer marketing performance to understand better why marketers find influencer marketing services beneficial. It means that you need to know about the different goals of a campaign. The following are the primary KPIs for using this marketing strategy:
Direct Response
- Leads
- Downloads
- Conversion value
- Signups
Brand Awareness
a. Engagement through comments, likes, shares, and mentions
b. Social reach – Subscribers and Followers
c. Media mentions, press releases, and website traffic
Taking each KPI into account, the vast majority of marketers believe influencer marketing helps with brand recognition and awareness.
Why Is Influencer Marketing Effective?
Influencer marketing has a number of benefits, one of which is the ability to connect with both general and niche audiences.
By collaborating with influencers who are specialists in a particular genre of content, such as games, fashion, technology, or health, brands can gain extensive audience insights about their social media and online purchase patterns. Not to forget, companies have quick and easy access to a huge consumer base that is already well-established and trustworthy.
It's no surprise that more than 70% of marketers believe influencer marketing helps them reach better-qualified customers. Through both wide-reaching influencer marketing efforts, brands will indeed be connected to increasingly valuable online customers.
How Effective Is Influencer Marketing?
Influencer marketing is a very effective and viable marketing technique. We assessed influencer marketing across many parameters and many marketers rather than looking at it in isolation. The numbers speak for themselves: influencer marketing is on its way to becoming a critical component of this marketing strategy.
These statistics act as a key industry standard for influencer marketing success, whether your business is new to influencer marketing or has previously tried the influencer marketing service.
Influencer marketing agencies and agents
A celebrity influencer's busy schedule makes it unlikely that you will be able to call them or send them a direct email if you're looking to hire them. Instead, you'll probably require the services of an influencer marketing agency or consult an agent to find out whether or not the celebrity will collaborate with your brand and at what price. They are the most effective way to communicate with celebrities and bargain for the best deals.
Influencer marketing advertisement rates
When compared to other digital marketing channels, 89% of brand marketers report a higher ROI with influencer marketing. The marketing rates are entirely determined by the influencers' number of followers as well as the reach of the posts, stories, or videos they've posted.
According to the Influencer Marketing Hub, this is how influencer marketing advertisement rates are determined:
- Nano influencers (1000 - 10,000 followers): $10 - $100 per post
- Micro-influencers (10,000 - 50,000 followers): $100 - $500 per post
- Mid-tier influencers (50,000 - 500,000 followers): $500 - $5,000 per post
- Macro influencers (500,000 - 1,000,000 followers): $5000 - $10,000 per post
- Mega influencers (1,000,000+ followers): $10,000+ per post
Excellent Publicity is the best influencer marketing agency, assisting businesses in gaining consumer trust and reaping the benefits of trendsetting influence on buyers' purchasing decisions. Connect with us!