Influencer marketing is a $13.8 billion industry. But should brands be investing this kind of money in influencer marketing? And if so, what is the benefit to them?
It’s Cost Effective
Less expensive than creating content in-house and trying to get the same reach. The influencer has already done the work to know what their audience likes and will create content for the brand accordingly. Similarly, influencers have already done the work to grow their audience, so the brand can reach more people quicker than if the brand were to try to reach those same people on its own.
Another benefit to influencer marketing is that brands can acquire the content that is created by influencers and use it in their own marketing and advertising, rather than having to create it in-house. Instead of having to rent out a location to shoot at and a production team (videographer, photographer, art director, copywriter, etc), an influencer is able to provide all of these services as an individual.
Increase Brand Awareness And Sales
Brands can reach more people, quicker through influencer marketing. There are countless products that people know about just from having seen it advertised by influencers. And people are more likely to trust influencers since they are looking to them for recommendations on products and services. In fact, 85% of people think user-generated content is more influential than branded content.
Partnering with the right influencers is important for brands to get in front of their target audience, but when they do it well, they can reach millions of people.
How Can Brands Get Started With Influencer Marketing?
There are many ways brands can utilize influencer marketing. Affiliate marketing, sponsored posts, spark ads, brand partnerships, gifting campaigns, and more. Start out with identifying your goals as a brand and then decide which routes to take.
Brands should also consider what kind of influencer is best to partner with. There are nano and micro-influencers, as well as mega influencers to celebrities. It all depends on the budget as well as the goal. Maybe it would be best for your strategy to engage with many micro-influencers. Or maybe you want to invest in one strong partnership with a large influencer.