Blog post by: Kaelen Bailey, Baer Performance Marketing Intern
Social media has become an integral part of marketing. And within social media marketing, there is one specific tactic that’s on the rise: influencer marketing. Through influencer marketing, brands can effectively promote their products to relevant audiences, increase awareness, build credibility and trust, and so much more. Though, it can be difficult to unpack what exactly an influencer is and how to work with one to achieve marketing goals. Read on to learn everything you need to know about influencer marketing as well as some tips and tricks for implementing the tactic within your own social media strategy.
What is an “Influencer”?
An influencer is an individual with the power to affect followers’ opinions and prompt purchasing decisions through their knowledge, experience, and authority within an industry. In contrast, celebrity endorsements use a celebrity’s status and image to promote a brand or product.
What is Influencer Marketing?
Influencer marketing is a form of social media marketing where companies collaborate with an influencer to increase brand exposure through endorsements and product mentions. Rather than working with A-list celebrities, many business-to-consumer brands are seeking out influencers who have smaller but highly engaged audiences of 10,000 – 100,000 followers on social media. Influencers can offer more authenticity and substance if the brand they are promoting fits well with their existing content. They’re also more likely to interact with prospective customers and answer questions.
Benefits of Influencer Marketing
Influencer marketing can increase brand visibility, drive engagement, and influence spending behavior of consumers within a niche community. In addition, the Influencer Marketing Hub recently highlighted these eye-opening stats:
- 56% of young Americans have purchased a product after seeing a post from someone they follow.
- Businesses are currently making $5.2 ROI for every $1 spent.
- 90% of survey respondents believe influencer marketing to be an effective form of marketing.
It’s important to note, however, that knowing which influencers to partner with is key in ensuring optimal results. When planning out your strategy, the influencer with the largest following may not be the best fit for your brand. A micro-influencer with content focused on a more specific niche may be better suited for reaching your target audience and achieving your goals.
How Do Influencers Get Paid?
Pay per post is the most common form of payment influencers receive. The cost of these posts is often based on the size of an influencer’s following. If influencer marketing is a fit for your industry, many sources recommend 1%-25% of your marketing budget be put toward the tactic.
The Rise of Influencer Marketing
Influencer marketing has been one of the biggest buzzwords in marketing over the last decade – growing from a value $1.7 billion in 2016 to $16.4 billion in 2022. That number is also expected to rise by $4.7 billion in 2023 to a market size of $21.1 billion. That’s almost a $20 billion increase in just a little over seven years!
In conclusion
Influencer marketing has taken the world of social media by storm and is expected to continue to grow in the coming years. If you’d like to learn more or explore whether this social media marketing tactic is a good fit for your business, contact Baer Performance Marketing today: 920-632-7648.
Sources:
What is Influencer Marketing? – The Ultimate Guide for 2023 (influencermarketinghub.com)
The State of Influencer Marketing Benchmark Report 2023 (influencermarketinghub.com)
