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Influencer Marketing – A hit or a miss
20 January, 2022
In the past few years, various social media platforms have gained considerable popularity. Some of these platforms include Facebook, Instagram, Twitter, LinkedIn, YouTube, Twitter, TikTok etc. With more than half the world population using one or more social media platforms, it serves as an excellent marketing tools for a majority of the companies in the world. This automatically provides a 4.55 billion target consumers for these companies. This increase in the popularity has given rise to a new culture called social media influencers. These influencers have common people who have gained a celebrity status because of their activity on these social media platforms. There are millions of influencers in the world and each one of these influencers have millions of followers under them. The main purpose of this blog is to understand if this influencer culture can be leveraged to conduct various marketing strategies and initiatives.
1. Create the space for marketing :- The competition is severe in the modern market. It is critical for us to collaborate with the influencers to create a unique space and market for the product or service being advertised. This takes some creativity and innovation to create this space for the product.
2. Own the Niche :- Once the marketing space for the product is created, it is the responsibility of the marketer and the influencer to own this space and monopolise the entire process. This is one of the best ways to reduce the competition in the market. This can be accomplished with an efficient integration of the product and the influencer and their content.
3. Motivation and Influencing the influencers :- The effectiveness of the influencer marketing strategy is dictated by the willingness of the influencer to conduct the promotional activities. Hence helping the influencer create a connection between himself and the product is essential to the success of the initiative.
4. Customisation is the Key :- Influencer marketing is highly dynamic in nature. One method or strategy might work for a particular product, however the same strategy might not work for a competitor. Hence the influencer marketing strategy must be dynamic and flexible in nature. This would be accomplished through customisation of the marketing campaign based on variety of factors.
5. Create a mutually beneficial situation :- For the success of the initiative, the entire process has to be a mutually beneficial situation for the company, the influencer and the consumers of the product. Various approaches and methods could be implemented to create this mutually beneficial situation.
6. Accessibility is the key :- All the aspects of the influencer marketing has to be accessible to all the parties involved. This includes the company, the influencer and the consumers. The communication line between these parties have to be clear and transparent.
7. Patience is a virtue :- Influencer marketing is a slow process. Hence, it is critical for the company and the marketers to have patience to gain benefits from the influencer marketing campaigns.
Finding the right influencers
The first step in the process in understanding how influencer marketing works. Companies approach these influencers to endorse their products within their community in various methods. In this section of the blog, we will look at how exactly influencer marketing works. As mentioned, there are millions of influencers in the world. It is our responsibility to choose the right influencers to represent the product. This is what dictates the effectiveness of the entire campaign. In addition to this, we have to ensure that the content created by the influencer would be in line with the product or service being marketed.
The next section of the blog is focused on understanding the benefits of influencer marketing. Some of these benefits are :-
1.The company is able to create a brand awareness, brand value and a brand following in the target market.
2.Influencer marketing helps build a sense of reliability and trust between the consumers and the product or service.
3. Influencer marketing is closely associated with content marketing. Influencer marketing helps company improve their standards of content marketing.
4.Influencer marketing helps create a long term relationship which is mutually beneficial situation for everyone
5. One of the biggest benefits of influencer marketing is the improvement in SEO, return on investments and the sales of the company.
6.The unlimited marketing potential of the content created during the influencer marketing remains the biggest advantage of influencer marketing.
Irrespective of the benefits of influencer marketing, there are significant challenges which have to be addressed during the early stages of the influencer marketing campaign. Some of these challenges are :-
1.Finding The Right Influencer.
2.Spotting Imposters And Fake Activity.
3. Keeping Track Of Influencer Activities.
4.Measure Campaign Performance.
5. Managing Marketing Expenses .
Based on the information discussed during the course of this blog, it is clear that the influencer marketing has the potential to be a very powerful tool in conducting various marketing campaigns for the product or service. However, the challenges associated with the presents a significant hindrance for the company. Due to the relative newness of the marketing channels, it is still early to come to a definitive conclusion. Influencer marketing is a high risk high reward marketing channels which has to be used effectively and carefully by the company and the marketers.
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