INFLUENCER MARKETING: A BUDDING MARKETING TREND

Peter Drucker said “The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself”.

This quote brings us to the most basic question- what marketing is all about ? Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses.

Marketing as a discipline involves all the actions a company undertakes to draw in customers and maintain relationships with them. Networking with potential or past clients, writing emails informing customers about offers, making calls and emails quickly, and organising sessions to advertise the brand.

This all can be termed as a really old and traditional way of marketing. Something that's creating buzz these days a lot is Influencer Marketing.

After the COVID-19-induced lockdown, with TV ads shoot on hold and people stuck at homes, brands realised that the influencer marketing model is a way in which the audience is looking for some sort of fun and interesting DIY videos, learning new recipes or self care. This seemed a good opportunity for brands and influencers to engage with their audiences with impactful messaging. Brands realigned their strategies, opened up their budgets for digital media to leverage the rising demand for influencer marketing.

Influencer marketing has garnered a lot of interest over the last few years. In fact, in the last three years, the percentage of influencer marketing has increased by 42%. This shows that the future of influencer marketing is ripe with opportunities. A survey by Influencer Marketing Hub revealed that 63% of marketers intend to increase their influencer marketing budget this year. According to another study, influencer marketing is set to become a $10 billion market by 2023.

It’s very much evident that influencer marketing is going to be the next big move. But the question arises what does the future of influencer marketing hold? Marketers have started to group influencers based on whom they are associated with. After all, influencer marketing is about associating with the right people.

If a brand is related to an influencer, the brand reputation grows based on how much authority they have. Likewise, an influencer’s reputation depends on which brands they endorse. It’s like creating power centers of influence for each niche. The ROI of Influencer Marketing can be vastly improved by first defining the return as related to cause and effect against a current measured state. Influencers mostly look into traffic as a success metric, while marketers typically look at engagement.

In an age of banner blindness and ad blocking, as well as the rate at which influencer impact and budgets grow, Influencer Marketing is shaping the industry and innovative marketers are increasing their investment.

To succeed with Influencer Marketing, marketers must respect influencers and understand the power of influence and the value of social capital. Complete the form to download the full report and learn how to harness the power of Influencer Marketing for your brand.