Kylie Jenner, Cameron Dallas, Liza Koshy and Jake Paul. If any of these names sound familiar to you, that means influencer marketing works.
We know it works; 94 percent of marketers find that influencer marketing is effective at meeting their business objectives.
So now the question is, what is the true value of influencer marketing?
Let us tell you, it’s more than you think.
Influencer Marketing By the Numbers
Influencer marketing is not a new concept.
Prior to social media, influencer marketing looked a lot like a friend recommending a product to another friend. Now that the digital space is booming, influencer marketing is evolving and will only continue to grow. In 2017 the influencer market was worth $2 billion (yes, billion with a “B”). It is predicted that by 2020 it will be worth $10 billion. That’s some serious cash.
Why Does This Matter for Your Brand?
It means that if you’re not investing in influencer marketing than your brand might just be losing value and legitimacy in the eyes of the consumer.
61 percent of consumers believe that social media is the most important source of information when shopping.
Combining these facts paints a very clear picture as to what consumers need to make a purchase. Influencer marketing is not only valuable to your online campaign, but absolutely essential.
Let Trust Come to You
At the core of all the statistics and predictions, it all boils down to trust.
Consumers are becoming more and more desensitized and leery to traditional advertising. It’s more difficult now than ever to capture their attention and keep it long enough to build a relationship resulting in trust to buy your product.
With influencer marketing, the roles are reversed.
Consumers seek out influencers to give them recommendations and build a relationship, even if it is only online. Influencers inherently tackle the hurdle of building trust with consumers. They bridge the connection between products and people.
Consumers will trust your product because they trust the influencer showcasing it. And that has a lot of value.
Micro vs. Macro Influencers
Different influencers bring different qualities to the table and to your brand. The two types of influencers, micro-influences and macro-influencers, can offer very different value to your marketing plan.
It’s essential to the success of your influencer campaign to know which best fits your needs.
Micro-influencers have between 1,000 and 999,999 followers. They generally have higher engagement, active users and cost less to collaborate with. If your campaign has a lower budget, wants to build community engagement and has a niche target audience, micro-influencing is the route for you.
Macro-influencers have a follower count of a million plus. They generally have higher reach, traditional media influence and lower engagement. If your campaign wants to get as many eyes as possible on your content, reach a large and diverse audience and has a larger budget, macro-influencing is right for you.
Pony Up on Your Terms
So now that we’ve got you hooked, you’re probably wondering how much this is going to cost.
Unlike other traditional and digital media platforms, influencer marketing is negotiable. Most of the time, your brand will be working with the influencer directly as opposed to a large corporation. This allows you to negotiate terms and pay influencers as you see fit.
Many influencers also accept product or gift cards as a form of payment, saving you some cash.
No Better Time Than Now
All in all, you can see how appealing influencer marketing is. They’re backed by statistics, create trust, engage or reach your audience and have negotiable contracts. Their value only continues to grow as more and more consumers are moving to the digital space to make purchasing decisions.
Influencers are always looking to collaborate and create content, so the only thing holding you back is… you.