Influencer Marketing and Why It’s Important Today
Influencer Marketing and Why It’s Important Today
In today’s social media driven age, influencers are becoming the new celebrities of the world. Every field has a few people with thousands or millions of followers that regard them as experts. According to Merriam-Webster dictionary, an influencer is “one who exerts influence: a person who inspires or guides the actions of others.” More specifically, an influencer is someone who can “generate interest in something (such as a consumer product) by posting about it on social media.” These internet celebrities are often used by companies to bring more people to their products. However, what is the appeal and why would it be beneficial for you to use in your marketing strategies? What is Influencer Marketing?
At the core, Influencer Marketing is social media marketing that utilizes the following of individuals, the influencers, who are considered experts within their field. The Influencers will create posts that endorse or promote a company’s product to their dedicated following to generate interest that can lead to sales. According to Sprout Social, Influencer Marketing works because these Influencers have developed trust with their audience so that they work as social proof for the company’s brand.
In marketing, social proof is in the reputation, reviews, and recommendations a company has about them or their products. Consumers buy a brand name like Coca Cola because of their reputation. They also buy because of reviews and the amount of review for a product. And people also buy because of the recommendations they get from the people they trust. Sprout Social reports that 95% of shoppers read online before purchase.
When it comes to Influencers, their endorsements count as social proof to their followers. These dedicated followers trust the influencers because of the expertise they exhibit and the trust that has been instilled in their authentic and realistic brand. When people see the influencers they follow are endorsing a product, they will be more likely to show interest or try it as well.
Types of Influencers
According to Sprout Social, these are the different types of influencers you will run into and what they can mean to a company’s marketing strategy:
- Mega: Over one million followers on their social media platforms. This is where big names come in – from celebrities, actors, musicians, public figures, and more. These are the big-ticket influencers – ones with a lot of reach and exposure, but also come with a hefty partnership price. However, these influencers aren’t as targeted and have a wider base than smaller influencers, so engagement could be lower even with a higher reach.
- Macro: Between a hundred thousand to a million followers on their social media platforms. The influencers have built up a reputation as an expert in their field. They provide a substantial reach within a targeted community. While their price tag won’t be in the mega-range, they could still be costly.
- Micro: Between ten thousand and one hundred thousand followers on their social media platforms. They provide the most genuine content for their following and provide brands with a tailored audience. They have more of an engagement rate because of their passionate following. They are more cost effective than Mega or Macro influencers. More brands are utilizing micro-influencers for their audience engagement.
- Nano: Fewer than ten thousand followers on their social media platforms. They have the smallest reach, but they have strong connections to their followings because of their personable content. With such a smaller scale, these influencers can dedicate more time to a brand partnership. A company’s reach won’t be as wide, but it will reach a specialized audience. Additionally, they cost a lot less than the other types of influencers.
Why Influencer Marketing is Important Today
With the advances of technology and social media, people today can tailor their social feeds to just their interests and leave out anything they don’t want. While that’s great for a consumer, it’s harder for companies. Before our modern social media, companies could promote their products through television and radio media where a majority of a population would see. However, with Influencer Marketing, brands can reach their targeted audience across multiple platforms. Along with this, Forbes describes how many consumers are becoming increasingly distrustful of brands and how influencers combat that. As mentioned previously, influencers build trust with their audiences by posting regularly within their niche community. Influencers represent a more authentic ad experience for consumers as most influencers choose partnerships that relate to their field. So, when consumers see one of their favorite influencers endorse a brand, they are likely to try it more than they would with just an ad in media.
Why You Should Use Influencer Marketing
According to Influencer Marketing Hub, the Influencer Marketing industry is set to grow to about $21.1 billion in 2023. This type of marketing is being valued during a time when online shopping is booming. Additionally, the way people consume the media is changing. Cable television is on its way out, while consumers lean towards social media networks and streaming services. In 2023, over 4 billion people use social media, and the average social media user interacts with over 6 different platforms. People gain most of their information scrolling through the various popular social media sites – and more are emerging as technology grows. Brands should move where their consumers are to reach the most for their products.
As previously mentioned, a majority of shoppers are reading online about products before they purchase them. Reviews and testimonials about a brand and their products are one of the best ways to sell products. Influencers can provide that kind of endorsement through their authentic and genuine posts. Influencers act as the social proof consumers want in order to trust a company and their product.
The University of Fairfax and Influencer Marketing
At the University of Fairfax, we offer two business programs for career professionals looking to move up in their career with advanced education. With our Master of Business Administration or Doctorate of Business Administration programs, you can learn the skills you need to lead an effective marketing team that utilizes Influencer Marketing. Earn your MBA and move into management positions or finish your educational journey with the terminal degree in business to open endless opportunities. Both of our programs are 100% online so you don’t have to disrupt your life or leave your career in order to earn your education. To learn more about how you can earn your MBA or DBA at the University of Fairfax, head over to https://ufairfax.edu/.