By: Evelyn Reynolds
In recent years, we have witnessed an exponential surge in digital marketing. Remarkably, consumers are progressively relying on their social media feeds as a primary source for shaping their purchasing decisions as opposed to conventional research methods and traditional advertising channels.
Recently, influencer marketing has gained immense popularity, even though it is not a new concept in the industry. As the world embraces technological advancements, influencer marketing has taken center stage prompting companies to invest more time and effort into this strategy.
But what exactly is an influencer? Why do people care so much about what they think?
Influencers, more recently referred to as Content Creators, are individuals who are experts in specialized fields within their own industries such as fashion, lifestyle, business, travel and more. Their social media following is tied to their ability to provide valuable insights and perspectives related to their respective fields even if they may not necessarily be widely recognized figures within the market. By offering authentic reviews of various products, influencers cultivate trust among their followers helping them to make informed purchasing decisions.
According to The Harris Poll, 43% of adults say that recommendations from social media influencers related to a product or service are influential on their final purchase decision. However, this vastly differs depending on age, with 75% of 18-25 year-olds relying on social media influencers, compared to just 40% of those aged 42-57 and 18% of those aged 58-72.
Influencers who have risen to the top of the social media world include Alix Earle, Josh Richards, Charli and Dixie D’Amelio, Jake Shane and many more. With the rapidly evolving landscape of platforms like TikTok and Instagram, anyone can become an internet sensation overnight.
With millions of followers on social media, influencers can make upwards of $50,000 per post. Influencer coach Jessica Liliann (@jessica_liliann) estimates that Alix Earle, who has a following of 8.3 million, makes between $40,000-70,000 per video depending on her partnerships. Companies are willing to put this amount of money behind influencers because they know that they’ll yield results.
In the past, scheduled television served as the primary mass media and marketers heavily relied on it to reach their target audience. However, with the invention of the Internet and the widespread popularity of social media platforms like Instagram, TikTok and YouTube, consumers now enjoy unlimited freedom and choice when it comes to selecting the content they wish to engage with. This poses a challenge for brands as their target audience disperses across various media outlets making it increasingly difficult to reach them effectively.
Consequently, marketers have discovered that influencer marketing provides a viable solution to this challenge. It enables brands to directly target and advertise to their desired audience. In an era where consumers have grown skeptical of traditional brand advertising and marketing tactics, building trust is crucial to brands that are seeking to connect. By leveraging influencers, brands can promote their products or services through individuals whom niche communities watch, engage with and trust on a daily basis.
Compared to a commercial or social media ad, consumers are more likely to trust the endorsement of their preferred influencer. Influencers have gravitated towards a particular style of posting that feels comfortable and familiar using a video format (typically on Instagram or TikTok), their videos often feel like you’re on Facetime with a friend. This laidback style makes viewers feel at ease, increasing their sense of trust, and believing that if the influencer loves the product, they will too.
As we move further into a social media driven market, businesses that leverage the power of content creators are poised to thrive in a world where trust and authenticity reign supreme. According to the Influencer Marketing Benchmark Report published in February 2023, influencer marketing was a $16.4 billion industry in 2022, and is now projected to reach $84.89 billion by 2028. The digital world is easily accessible and “noisy” with brands competing to share their messaging with similar target audiences.
Here at Haven, we use influencer marketing to position brands “above the noise” to reach and engage with target audiences in a relatable way. Contact Haven Marketing to add the power of influencer marketing to your program and boost your brand today.