- Power of influencer marketing
Have you ever wondered why marketers constantly talk about word of mouth publicity and its effectiveness? Whether it is influencer marketing or advocacy marketing, the underlying principle is simple yet extremely powerful. It is common knowledge that a person gets convinced easily when a friend, family member or someone whom he likes or looks up to recommends a brand or product to him.
The reason is simple. He assumes that the person who is referring the product or service has his best interests in their heart and has no vested interests in promoting this product. Influencer marketing has become extremely important in today’s marketing landscape because of the general apathy and distrust shown by prospective customers towards paid advertising. Increasingly, the credibility and motive of such advertisements are being questioned. Hence, marketers and brands are turning to newer, highly measurable and more innovative ways of marketing. Influencer marketing is the preeminent force in new age media and offers two times better sale than display advertising.
- Influencer marketing defined
Influencer marketing, as the name suggests, is a form of marketing where a key opinion leader is targeted and efforts are made to convince him to promote your brand. He could do it without gratis or for incentives. The advantage is that since he already has influence and authority among a sizeable section of the audience belonging to your target market, you get direct entry into their minds. It is neat and doesn’t require a huge outreach program or campaign.
- Why is influencer marketing powerful and popular?
1.Large network and readily available playfield
Since influencer marketing mainly takes place in the digital media in general and social media in particular, you get a huge network that you can leverage. Opinions of powerful influencers get disseminated and shared among online communities quickly and brand awareness happens fast. There is a greater chance that it would be viewed than a paid which is often ignored or not paid attention to.
2.One-on-one interaction allows the scope to give clarification and more information
Paid adverts mainly give you visibility and also pass on some basic information. Advertisers have always believed that if curiosity can be induced in a prospective customer, he will himself seek out more information and purchase it. However, influencers can not only provide basic details but can also preempt certain questions and doubts and clarify them. This reduces the sales cycle greatly. Also, influencers can continue to support and clarify doubts throughout the sales funnel, especially just prior to the conversion when customers require a final endorsement and support.
3.Higher return on investment
Influencer marketing is still in a nascent stage and the competition is much less. This means those who are using it currently are getting it at a lower price than what it potentially could be. Investment is much lower than in traditional channels of marketing. Influencers can also earn a sufficiently large amount considering that they are doing something that they would have done anyway- i.e. connect with their followers. It is a win-win situation.
4.Better market segmentation and reach
If you can choose the right influencers to promote your brand, the return will be quick and very high because they already have in their kitty a large portion of the audience that you are trying to woo. You won’t need to first create a general awareness about your brand and then market your products. According to R2iNSIGHTS, 51% marketers have conceded that they have acquired better customers through influencer marketing and the percentage of retention is also higher.
5.Influencers themselves can be very good customers
If you can launch products or services that satisfy a relevant influencer, you will not only get customers through his acquisition channel but turn the influencer into a loyal customer who would then organically promote your product. Social media has turned a number of so-called “commoners” into influencers and their number isn’t insignificant.
Influencer marketing is an important tool in your marketing channel and should be used with caution. You need to plan properly, choose the right influencers for your products and build up a strong relationship with them. This will definitely boost your conversion rate.