Influencer marketing is here to stay – at least for a while

63% of brands plan to increase their budget for influencer marketing

There is an increasing body of evidence pointing to the growing popularity of influencer marketing. One study found that 63% of brands are now engaged in or intend to engage in influencer marketing. By 2020 this will be a $10 billion a year industry.

Pixlee defines influencer marketing as ‘a form of marketing that focuses on targeting key industry leaders to drive brand message and awareness to a specific market of consumers’. In essence, influencer marketing involves leveraging the databases of social media players to communicate with their growing audiences.

On one level, influencer marketing is not new. TV personalities and sporting celebrities have been recommending products since marketing began. In 2019, however, influencer marketing has gone to a new and far more targeted level.
The strengths of influencer marketing include:
  • The right influencers have access to your market
  • The right influencers have credibility within your market
  • The right influencers can drive sales of your brand
The limitations of influencer marketing include:
  • Finding the right influencers in a crowded market
  • Influencer marketing can be expensive
  • Measuring return on investment can be difficult
Maximising the effectiveness of influencer marketing involves, among other things:
  • Ensuring your influencer has access to and credibility in your specific market
  • Ensuring that your influencer is using platforms relevant to your market
  • Structuring an offer that makes you attractive to the audience
There is much hype around influencer marketing. Where there is hype, there tends to be an overstatement of value. While good in some product categories, it is questionable in others.

RECOMMENDATIONS – Look closely at influencer marketing as a real alternative to traditional advertising. Before doing so, make sure your ‘influencer’ is credible, is using the right platforms, and that your messaging is right.
EXTRACT FROM – THE FUTURE OF COMMUNICATION IN MARKETING –  a review of psychological pricing strategies you can implement to maximise unit sales and margins. To be published on January 01, 2019 – CLICK HERE

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