Influencer Marketing: The Key to Put Business in a Thriving Position
Article by Sanchita Mittal
Currently, there is a cutthroat competition going on in the business world, as every company wants the no.1 position in the market by hook or by crook. Thanks to the determination for taking the reins of the market, business owners are trying their luck in content marketing, email marketing, etc. But there is one other marketing technique that has the potential to secure unmatched business growth: ‘Influencer Marketing.’
“The core of influencer marketing lies in building a solid relationship to ensure mutual value creation.”
— Dr. Konstanze Alex Brown
‘What is Influencer Marketing?’
Influencer marketing, a form of social media marketing, is all about endorsing products with the help of influencers, people and corporations that have in-depth knowledge and social influence in their respective domains. To keep their digital presence blemish-free, business owners even avail online reputation management services from reputed vendors.
Through influence marketing, you can easily target the larger market. To put it simply, more potential customers you target, more profit you are going to make.
Here are some eye-opening statistics that will give you a clear idea about the significance of influencer marketing:
- It has amazing ROI. Averagely, businesses gain $6.5 after investing $1 in influencer marketing. Some even make $20 or more owing to influence marketing.
- 94% of marketers believe influencer marketing is more effective than any other advertising technique.
- Most of the marketers are doubling their budget for influencer marketing.
- 22% of marketers have said that influencer marketing is the best and most cost-effective customer acquisition channel.
- According to the study by Twitter, 40% of its users bought a product after a single tweet from an influencer. While 60% of Gen Zers try a product suggested by a YouTuber.
Get enough of statistics focussed on influencer marketing? Let’s learn how it can help you to put your business in a thriving position:
1. Better Reach than Traditional Ads
For business expansion, you must put efforts to lengthening the list of customers. It gets indispensable to make certain that your brand message reaches to maximum potential customers. There was a time when brands easily attract prospects by means of banner ads, commercials, and so forth. But now, the situation has turned to its head as the reach of traditional ads has significantly dropped.
If industry reports are anything to go by, the average click through rate (CTR) on display ads is below than 1%. This should be enough to comprehend how much potential customers have neglected traditional advertisements.
To increase the reach of your brand message, influence marketing should be considered because people nowadays get convinced easily after listening to social media influencers.
2. Increases Business Credibility Incredibly Well
Gaining customer trust always demands a great deal of time and efforts. For small business owners, it is nothing less than an uphill task as prospects go for products of established brands first rather than putting faith in an emerging company. To uplift the business integrity, influence marketing can be considered as trust is the foundation of it.
This shouldn’t be difficult to understand that when a celebrity or social media expert promotes your brand, the followers are likely to consider products/services of the mentioned company. This simply adds instant credibility in the brand, which as a positive consequence, paves the way for tremendous business growth.
3. Ensures Swift Purchase Decisions
It is true that millennial customers spend more than ones come under the category of ‘Gen X’, but they first search about the brand and its products and then make the purchase decision. After doing too much research, prospects sometimes get confused and don’t make the buying decision, regardless of how much they are impressed with products. From the business’s perspective, this is quite annoying as sales growth suffers, somewhere.
This is where the significance of influencer marketing soars because it promises faster purchase decisions. As far as the current scenario is concerned, most of the customers look to online influencers like YouTubers for advice on those products and services that are being considered for buying purpose.
According to the recently conducted study, 40% of respondents said they took the buying decision after seeing an influencer using products on public platforms like Facebook, YouTube. Another study reveals that more than 85% of potential customers use social media sites with the intention of learning about products/services, which in turn, helps to make the best buy.
So, if you are operating a business with the objective of increasing sales of your products and services, influencer marketing is the key to attaining that goal.
4. Links with the Targeted Audience Where they Spend Maximum Time
Connecting with potential customers where they spend most of the time is the best business practice of all time, right? These days, the best place to reach out to the targeted audience is ‘Social media’ because people of this modern era spend maximum time on networking platforms like Facebook, Twitter, and Instagram.
When influencers mention or promote brands on such public platforms, they bring both the company and potential customers together. Needless to say, this points to customer base expansion.
Another plus point is that influencers not only endorse products but also encourage followers to share the content on their timeline, and this upheaves brand awareness and multiplies the possibilities of high sales.
So, it wouldn’t be wrong to say the influencer marketing is what brands require to link with their targeted audience.
Final Few Words:
At the present time, you cannot rule out anything that can help you take the business forward. These days, the influencer marketing technique is deemed as the tool that helps in the pursuance of seamless customer acquisition and ensures high ROI as well.
When you join forces with a recognised influencer, you are likely to attain desired business objectives. It is instrumental because influencers with a throng of followers enable their clients to connect with prospects with aplomb, which as a corollary, leads to high sales.
With the help of this write-up, we have revealed how much influencer marketing is fundamental from the business’s perception. Hope you agree with us.