What entrepreneurs need to know about influencer marketing landscape: Amit Mondal
It becomes imperative for businesses to take advantage of the power of influencer marketing to build and boost their brand's image writes Amit Mondal, Founder, Pulpkey.
“People do not buy goods and services. They buy relations, stories and magic.” – Seth Godin.
Technology has disrupted every industry, changing the way how people work, customer service is executed and also, how brands advertise their products and services. With the growing dominance of online content and blogging, there is an ever-increasing desire of brands to be seen as approachable personas. This has forced marketing professionals to revive their strategies, come up with innovative marketing techniques and adapt change faster than ever.
According to a 2019 report of Influencer Marketing Hub, influencer platform agencies grew from 190 in 2015 to 335 in 2016, 420 in 2017, and 740 in 2018. Also, businesses are gaining impressive returns from influencer marketing, ranging up to $18 in earned media value for every dollar spent, $5.20 being the average. With the increasing inbound advancements in social media, influencers have benefitted the most. They are now dominating the inbound marketing landscape. As investments continue to rise with marketers’ budgets for influencer marketing growing in double and triple digits, the wave is here to stay, changing the way we thought of marketing. Start-up entrepreneurs need to take a note here and dig deep into know-how of influencer marketing.
1. Focus on Authenticity
Marketers are dramatically changing how they work with influencers. The consumers are now more wary of how fake the industry can be which is driving marketers to revise their tactics and execute well thought through collaborations. As there is an increased focus on authenticity, the “bigger influencer” approach is not the only favoured approach. The marketers are increasingly shifting their focus to smaller influencers or even the individuals who are not classified as professional influencers but reflect the brand values.
2. You Need a Budget
Marketers need to know that influencer marketing needs a budget. If they want an influencer to work for them, they will have to pay them. Gone are the days when an influencer would just work for gifts or rewards. However, certain brands who do not invest in influencer marketing due to lack of budget need to realise that if implemented and monitored properly, the results from influencer marketing can be invaluable. Also, conducting the influencer marketing process in-house can be costly if mistakes or oversights are made and also, time consuming.
3. Choose the Right Type of Influencers
There are different influencers for different niche - food, beauty, business, fashion, online games and fitness, among many others. In each niche also, there are different types of influencers - celebrities, media personalities and bloggers or vloggers. While designing influencer marketing strategy for your brand, you must know the right set of influencers that would directly influence your brand's image and help you reach your target audience as there exists a slew of influencers creating content around every niche.
4. Choose the Right Channels
The kind of products you sell or services you offer should play a major role in what channel you choose for your brands influencer marketing. While Facebook and Instagram may be good for certain products, forums like Linkedin or Reddit may be best fit for others. It is important to explore all the different channels available and find an influencer who establishes deeper ties with your niche audiences.
Summing It All Up
With increased focus and trust of consumers in influencers, influencer marketing is experiencing a dramatic rise in popularity. It becomes imperative for businesses, especially start-ups to take advantage of the power of influencer marketing to build and boost their brand's image. Social media is the new foundation stone of building relationships with your target audience. While it may take a while to establish trust and demonstrate value, the long-term benefits are unimaginable. Keep a great deal of commitment, time, and consistency while dealing with your potential customers and you will surely see it delivering value to you.
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