Have you ever found yourself scrolling through a brand’s website, after seeing one of their products featured on the page of your favourite influencer or social media acocunt? You’re not the only one.
Research conducted by Morning Consult has found that 50% of millennials trust product recommendations made by influencers. With cosumers placing ever more trust in the views and opinions of people they follow online, brands could be doing themselves a disservice if they overlooked the potential value of influencer marketing.
The professionals agree, with a staggering 92% of marketers believing that influencer marketing is an effective form of marketing. But does this mean it should be part of your business growth plans in 2024? Let’s take a closer look.
What is influencer marketing?
Influencer marketing happens when a brand partners with a content creator to market their products or services. The collaboration allows the company to boost brand awareness and increase traffic to its website by tapping into the established community an influencer has access to.
Influencer marketing can involve a multi-channel approach and involve touchpoints such as social media, blogs, or television. It’s an effective strategy, as individuals tend to trust those they admire.
Is influencer marketing the right choice to grow your business?
Influencer marketing is just one part of a larger marketing strategy. If you are toying with the idea of collaborating with an influencer as part of your plans for brand growth, here are some things to consider:
- Budget: The cost of partnering with an influencer will depend on the size of their following. For instance, it will be far more affordable to partner with a “micro influencer”, who will have around 10,000 to 50,000 followers, than to partner with a “mega influencer”, who is someone with more than one million followers.
- Goals and objectives: Another important thing to consider is your company’s goals and objectives. Is your priority improving brand awareness, or are you more interested in boosting sales? By clearly defining your goals, you can ensure that influencer marketing aligns with your overall business strategy. For example, if your primary objective is to increase brand awareness, collaboration with an influencer can help by exposing your brand to a larger audience.
- ROI expectations: You will also need to consider your expected ROI. It’s important to be realistic here, as this will ensure you’re comfortable with the initial investment, and it will prevent you from over-stretching your budget or facing disappointment further down the line.
