The astounding growth of social media over the last decade has created a new promotional/marketing channel within the marketing industry: influencer marketing. While the concept of using a well-known person to promote your product/service is not something new, this new channel takes it to the next level making “influencer marketing the word of mouth marketing of this era” (Möller, 2018). With total industry spending on influencer marketing projected to become a 5-10 billion dollar industry by 2020 (MediaKix, 2018) influencer marketing has matured into an essential part of companies marketing strategies (Möller, 2018).
So, what is influencer marketing? “An influencer is someone who has the power to influence the perception of others or gets then to do something different” (Dada, 2017), in his article Dada identifies three key factors successful influencers should possess: reach, contextual credibility and salesmanship. Companies are in effect borrowing the influencers credibility and reach to promote their product (Dada, 2017).
One trend the industry is seeing is the rise in so called ‘Micro-influencers’, “specialists in their area with a lower number of followers than traditional influencers” (Vangestel, 2019). The level of engagement between the influencer, the brand and the followers is generally higher with these smaller influencers than they are with influencers with a large following. The type of followers’ micro-influencers have are generally also more dedicated to the account they follow compared to followers of larger accounts (Pierucci, 2018).
As mentioned previously influencer marketing is a billion-dollar industry, “as of 2018, the total spend on Instagram influencer marketing has been estimated to be more than $1.5 billion” (Mechem, New York). According to a recent British survey for every pound spent on influencer marketing brands received an average return of 8 pounds and 81 pence (Fleming, 2018). Though these positive ROI numbers may sound very appealing, another survey showed that driving sales was “not necessarily the main objective for influencer marketing” (Celebrity Intelligence, 2018).
So what can influencer marketing do for the marketing strategy of your company? A 2018 study by TapInfluence defines three additional benefits companies enjoy transcending ROI when applying influencer marketing. The study defines an increase in additional impressions on your website, mostly through organic SEO and social media click throughs. Second, influencer marketing has a high reusable potential, content created by an influencer can be reposted on your own social platforms. And lastly it is relatively inexpensive as the ‘creative costs’ are shouldered by the influencers (Baer, 2018).
As “influencer marketing is fast becoming brands’ go-to option for speaking to consumers in an authentic way at scale” (Rogers, 2017) now is the time to take the jump and add influencer marketing to your online marketing strategy. To make the step easy try and slowly add in long-lasting relationships with micro-influencers as not to get overwhelmed too quickly. An example of successful influencer marketing using micro-influencers is Google using one sponsored post with micro-influencers @thesorrygirls, a Canadian DIY duo with less than 100.000 followers on social media, to promote their new Pixelbook laptop. The campaign was massively successful with an astounding engagement rate of 59.4%, meanwhile “Kim Kardashian — who has 107 million followers — typically yield less engagement than a banner ad” (Schachter, 2018).
conclusion integrating (micro) influencer marketing into your company’s
marketing strategy is an integral part as of 2018. The data does not lie and
shows how quickly and efficiently money invested on influencer marketing will
turn into revenue for your company. Find a combination that is right for you
and focus on the relationships between your company and the influencers and you
will be able to enjoy the amazing benefits soon too!
Möller, J. (2018, August 8). De Basics van Influencer Marketing. Opgehaald van Frankwatching: https://www.frankwatching.com/archive/2018/08/08/de-basics-van-influencer-marketing/
MediaKix. (2018). Global Ad Spend on Influecer Marketing. MediaKix.
Dada, G. A. (2017, November 14). What Is Influencer Marketing And How Can Marketers Use It Effectively? Opgehaald van Forbes: https://www.forbes.com/sites/forbescommunicationscouncil/2017/11/14/what-is-influencer-marketing-and-how-can-marketers-use-it-effectively/#3f0f615e23d1
Vangestel, N. (2019, January 10). 7 Tips én Trends over Influencer Marketing in 2019. Opgehaald van Coopr: https://www.coopr.nl/blog/7-tips-en-trends-over-influencer-marketing-in-2019-in-de-benelux
Pierucci, S. (2018, January 17). Why MICRO-INFLUENCER Marketing is still ‘The Game’ in 2019. Opgehaald van Medium: The Startup: https://medium.com/swlh/why-micro-influencer-marketing-is-the-game-in-2018-fdeda0993c36
Mechem, B. (New York). The ROI of Influencer Marketing. 2018: Grin.
Fleming, M. (2018, June 12). Beauty influencers deliver ROI of £8.81, report finds. Opgehaald van Marketing Week: https://www.marketingweek.com/2018/06/12/beauty-influencer-marketing-roi/
Celebrity Intelligence. (2018). Influencing Beauty. Los Angeles: Centaur Media.
Baer, J. (2018). The Shocking ROI of Influencer Marketing. Bloomington, Indiana: Convince and Convert.
Rogers, C. (2017, August 30). What’s the ROI of influencer marketing? Opgehaald van Marketing Week: https://www.marketingweek.com/2017/08/30/roi-look-like-world-influencer-marketing/
Schachter, H. (2018). 20 Killer Examples of Influencer Marketing. Opgehaald van Travel Mindset: https://www.travelmindset.com/20-influencer-marketing-examples/