Have you ever approached a popular internet personality or celebrity to help you grow your brand? If yes, you’re already utilizing influencer marketing. Influencer marketing has been growing for years. Expect it to be more effective in the coming years. At the end of 2019, the industry was worth $8 billion. As per Mediakix Data, influencer marketing will soar to hit $15 billion by 2022. Well, there are many social media and internet users. But many people use online mediums to communicate and interact. As e-commerce grows and more people go digital, the role of influencers will become vital. People trust influencers more than traditional ads and old school celebrity endorsements.
Here are more reasons influencer marketing is an effective growing marketing strategy to use in 2020.
Why Influencer Marketing is Still Effective
Customers have Facebook, Instagram, and Twitter and lately TikTok to use. With all these options at hand, each customer chooses their ideal medium. For a business, you may struggle to target your niche across all the social sites. Influencer marketing can help you reach the spread audience faster. Brands can locate their audience through influencers and achieve their marketing goals. As mentioned earlier, customers trust influencers sometimes more than brands. It isn’t also as effective for a brand to push its selling content onto the audience. Brands hire influencers to take advantage of their trusted image.
Social media is still a growing marketing tactic. New strategies arise as more people continue to join the platforms. There are also new platforms popping in the market. For instance, TikTok, the new site in the scene, has already hit 400 million users. Influencer marketing is one of the most powerful growing marketing strategies to improve brand relevance. It takes your content to an active audience and increases interaction. More people interacting with your content means better search engine rankings. Working with trendsetters is a sign your brand is credible. If top influencers are inaccessible, you can work with micro-influencers. These influencers have a smaller and active reach. Yet, people consider them as industry experts, and they are more loyal.
What to Expect from Influencer Marketing in 2020
There are a few trends that are already happening within influencer marketing. As the years go by there will be more popping up. Here are some of those things to watch below.
The Rise and Rise of the Micro-Influencer
Top influencers might not be accessible when you have a limited budget. These influencers often charge premium prices. This is one of the reasons why many brands opt for micro-influencers. Besides cost, the influencers may have an underactive following, which may not be the most beneficial for a brand. Most marketers are not ready to pay large amounts for influencer marketing yet. Consumers trust ordinary people for referrals and recommendations. Meaning, micro-influencers have the upper hand in promoting products. From 2020 onwards, brands may look for individuals who run a social community or niche.
Tapping Into Emerging channels
Today, Instagram seems like the king of influencer marketing. Yet with the need for a different content version, you can’t ignore other platforms. Recently, TikTok has been making waves as a platform to share short videos. If you serve a younger market, TikTok may be the platform to explore. With its focus on content quality rather than followers, it is a fit for niche brands. Many micro-influencers will tap the potential of Tiktok and upcoming sites like Twitch.
In-House Influencer Marketing
In-house influencer marketing is also a growing marketing tactic. The strategy started back in 2018. Brands will probably opt for in-house influencer marketing as they gain influencer marketing experience. In-house influencer marketing is popular because of its ease of promoting products. The tactic needs no introduction of third parties to your marketing team. Nonetheless, it puts you in control of your campaigns.
Search for Wholesome Experiences
Since influencer marketing became the norm, brands opt for short term relations. Many relationships ended after a marketing campaign. To connect to customers, brands need a consistent marketing campaign. Many brands now aim to work with an influencer for long to bond with their customers. Brands also save a lot of time and the cost of scouting for new influencers often.
Shopping Posts/Branded Content
Before, influencers and brands faced a massive hurdle in their Instagram marketing efforts. Influencer posts could only reach a limited audience. Then came Instagram branded content. Influencer posts can now appear as ads and hit a broader audience. Brands can now maximize the power of influencers by targeting the ads to a specific audience.
Evolution of Influencer Tiers
Influencer marketing is now mainstream. Yet, brands haven’t taken advantage of the strategy’s full potential. Likes and followers have determined who called the shots among influencers. The good news is with customers increasing interest for value, quality content is more on-demand. Even people with the fewest followers can share their content and get conversions. Brands now opt for the smaller influencers. This is because their content seems more genuine and garners more attention. People now categorize influencers by their follower numbers. There are mega influencers with over a million followers, and they dominate marketing for the top brands.
On the lower end of the spectrum, you will come across nano influencers. Nano influencers have between 1k-10k followers. Their up and coming fame makes them more accessible.
There is now a diverse pool of influencers for all brands. Regardless of your brand’s size, you can join influencer marketing to enjoy the new trend.
Are You Using Influencers as a Growing Marketing Strategy in 2020?
Influencer marketing is becoming a must-have growing marketing strategy in 2020. Almost half of the customers rely on it to make purchasing decisions. It’s an effective strategy to target an audience, generate sales, and increase revenue.
For help with finding the right marketing and advertising strategies to promote your brand, feel free to contact us today.