Influencer marketing has grown in popularity as social media has become more integrated into our lives. Consumers are seeking guidance and recommendations on shopping decisions from their favorite Instagram stars, Twitter celebrities, and YouTubers. It’s critical to develop an influencer marketing plan to get the most out of every influencer you use.
Millions of consumers trust these influencers, and marketers are taking notice. According to The State of Influencer Marketing 2021 research, 48% of respondents conducted influencer campaigns, with interest in using influencers on TikTok increasing by 32.5% in just a year.
These facts are further supported by various statistics by Favikon:
- Consumers are 71% more inclined to buy a product online if it has been recommended by others, indicating the importance of influencers in the consumer market.
- After seeing an ad on Instagram, 92% of users made an online purchase.
- Online shopping accounts for 14.1% of our total consumption, with that percentage projected to rise to 22% by 2023.
Businesses have discovered that these platforms may be used for marketing as more users join social media networks every day.
High return on investment
According to the State of Influencer Marketing 2020, around 66% of marketers intend to boost their influencer marketing budgets, and this category of marketing is quickly overtaking organic search, sponsored search, and email marketing as the fastest-growing channel for businesses. Furthermore, businesses earn $5.78 for every dollar spent on influencers, with some earning up to $18.
Influencer Marketing Retains Customer Loyalty
It’s more important than ever to cultivate relationships with influencers who share your business motto and to create campaigns that reflect the ideals of an influencer’s audience. Furthermore, 51% of marketers believe that influencer marketing helps them get better clients.
Fashion and Beauty Companies Leverage Influencer Marketing
Because organic growth for firms has grown increasingly difficult without advertising and amplification, the fashion and beauty sectors rely significantly on influencer marketing. In this industry, 57% presently employ influencers as part of their marketing mix, with another 21% planning to do so in the coming years.
Social Networks to Guide Purchasing Decisions
Three-quarters of customers trust comments they find on social media, including those from friends, relatives, and influencers, to help them make the best decision about buying a product or service, according to statistics released by Matter Communications. Catering to Gen Z and Millennials opens up significant opportunities for marketers in product marketing to reach new consumers and impact important cohorts.
Influencer Marketing Is Ad-Blocking Resistant
According to Backlinko, ad-blocking is used by 37% of laptop users and 15% of mobile users in the United States, as people are tired of being bombarded with pop-ups and banner ads. People aren’t blocking videos from their favorite social media stars; in fact, they’re devouring everything they say. The power of advertising is shifting from corporations to individuals and influencers.
These figures demonstrate, more than ever, the effect of social media networks on our shopping decisions, as well as how influencers have become a route for advertisers.
How much does influencer marketing cost?
The expense of influencer marketing can vary significantly based on the kind of influencer, the platform, and the precise objectives of the marketing campaign. For nano-influencers with 1,000–10,000 followers, prices can be as little as $10 per post, while top-tier celebrity influencers can charge up to $1 million for each post.
Following are a few instances from the search results:
- Pricing for Instagram influencers is as follows: nano influencers, who have 1,000–10,000 followers, charge $10–100 for each post; micro-influencers, who have 50,000–100,000 followers, charge $100–500 per post; and macro influencers, who have 500,000–1 million followers, charge $2,000–50,000 per post.
- For a campaign that focuses on results, marketers may anticipate paying anywhere between $250 and $750 using the new influencer marketing price model.
- On Instagram, a middle-level influencer often charges $271 for each post.
The 3 Best Influencer Marketing Platforms
Brands and agencies can use influencer discovery tools from influencer marketing platforms. Some of these platforms also offer large, searchable databases of potential influencers. Given below are the three platforms in the category of influencer marketing.
Grin focuses on eCommerce companies with integrations into some of the top shopping platforms. Grin imports all of the people that have registered on your e-commerce website and locates their social media pages. This gives you a list of possible influencers who have all previously bought and appreciated your products, along with their pertinent statistics.
In 2018, Shop and Shout, an influencer marketplace with an emphasis on small businesses and micro-influencers, gave birth to Creator. co. Recently, it changed its name to Creator. co. This illustrates how the platform places equal emphasis on content creation and distribution. The platform cares just as much about the quality of that material as it does its marketing because a lot of it is created by micro-influencers.
Upfluence is a self-serve platform, allowing it to keep prices at a level that small and medium-sized enterprises can afford, even if it also uses the services of organizations like Microsoft and PayPal. It recently evolved from two products: the influencer relationship management platform Publisher and the social media search engine Facade.
500 million pieces of content from Facebook, Twitter, Instagram, YouTube, Pinterest, and blogs are used in its enormous database. Businesses can use the database to seek influencers who meet their unique requirements. The database contains a lot of information about each influencer. Businesses can delve deep into the data to locate the influencers best suited to their needs.
Wrapping It Up
Influencer marketing is a successful strategy for reaching the target audience and spreading the word online about a product or service. By engaging with influencers instead of typical celebrity endorsements, marketing can be more effective and targeted. Influencer marketing is a strategy that organizations are relying on more and more and won’t be going away anytime soon. Any effective marketing approach now must include social media marketing, which includes influencer marketing.
Influencer marketing can be done in a variety of ways, such as by collaborating with micro- or nano-influencers, utilizing creator-focused marketplaces, or incorporating user-generated content. For a given campaign, choosing the best influencer marketing platform can increase its effectiveness. In general, successfully running influencer marketing initiatives can be a huge advantage for companies.