Influencer Marketing is Booming- Here's Why
Updated: May 24
It's no secret that influencer marketing is becoming more and more popular. In fact, a lot of bigger companies have been turning to influencers to help promote their products and services. But what is influencer marketing, and why has it been so successful?
What is influencer marketing?
Influencer marketing uses social media influencers to promote a product or service on their page. An influencer is someone who has a large following on social media and has the ability to influence their audience to purchase products or services from other brands that they promote. The influencer typically provides a positive review of the product or service, and may also offer discounts or giveaways to their followers.
What are the benefits?
Influencer marketing can be an effective way to reach a large audience, especially if you're a smaller brand trying to get your name out there. However, it is important to choose influencers carefully, as they can have a significant impact on your brand's reputation.
It's crucial to choose the right people to show off your product. You wouldn't want someone from the fitness industry to advertise your new beauty product. In other words, find people who are relevant to your target audience and who align with your brand's values. Also, be sure to monitor the influencer's activity and content carefully, as you would with any other marketing campaign.
The power of social media
We've said it before, but there are about 4 billion people on social media as of 2022. Social media has become a normal part of our day-to-day lives and influencer marketing has become a huge part of marketing because of social media and the number of users today. TikTok also strengthened this movement in the past couple of years because it's easier to get a ton of views if you know the algorithm, and running ads is less competitive on the app.
The shift in consumer behavior
In light of an economic recession, companies are turning toward influencer marketing because of the surprising stability it has provided. Ali Fazal, marketing VP at GRIN, has stated that this is the new norm - companies allocating more of their marketing budget toward hiring content creators. He also explained that in a recession customers are likely to stop interacting with clickable & 'shoppable' ads in an effort to save some money, but they're not going to unfollow their favorite internet personalities. Brands have increased their influencer marketing budgets significantly in the last year and they'll probably continue to go up in the near-future.
The influencer marketing industry is booming, and for good reason. Social media has given ordinary people the ability to share their lives with the world in a way that was once reserved for celebrities. Brands have realized that these influencers can be powerful allies when it comes to promoting products and services.
If you haven’t tried influencer marketing yet, now is the time to give it a go.
Have you taken advantage of influencer marketing? Let us know in the comments!