Grow Business Through Influencer Marketing

Digital Marketing has always excited modern business owners. Influencer marketing is one way of growing your business through influencer marketing. Business owners are always on the hunt for creating awareness and finding new customers for their products and services in an economical way. Increasing competition and shrinking margins have guided business owners to find new ways of doing business. They want to reduce their cost, generate new leads and acquire customers and help in increasing their profit margins.

Importance of influencers in business

One such avenue in modern times is Influence marketing to attract, promote and get new customers for your business at a minimal cost. Influencers can easily help in promoting or recommending your product or services. In our childhood days, we used to get influenced by people, products, or services. In school and college days, you may have come across students saying my favorite teacher ke class (Best teacher in class). We consider them our role models or subject matter expert. We get influenced by them and consider them the best in the town. Nowadays the same philosophy is used by influencer marketers.

“With so many products and services available in the market to hunt and grow your business, influencer marketing can be a game changer”.  

Vinay Badoni

Influencer marketing involves collaboration between business brands and influencers. They have a common interest and a liking for the brands. This is one of the powerful approaches to help companies grow their business through influencer marketing and meet their business objectives. As a marketing strategy, this is used successfully by many entrepreneurs and brands, it has seen continuous growth over the past few years.

Online Instagram Session

Influencers are individuals or groups of individuals with specific niches, excellence, or talent. They are viewed by their followers as trustworthy experts in their respective fields. They can effectively impact their audience’s purchasing decisions to help brands grow their business through influencer marketing. Influencer recommendations or endorsements of the brands can help businesses expand their brand reach, generate leads, and in order closer.

The influencer marketing industry is growing. Despite the impact of Covid19 on the world. This industry is still popular as ever with brands and marketers. Influencer marketing is expected to grow even more in the coming years which has become one of the key aspects of marketing plans.

Influencer’s type:

Influencer marketing nowadays does not focus much on celebrity endorsement. 90 percent of the successes are associated with micro-influencers to promote your business or brand. These are generally ordinary people with solid social media following.

Type of Influencers

  • Mega influencers: Superstars, celebrities on social media with more than a million followers
  • Macro influencers: They are influencers with up to 1 million followers
  • Micro-influencers: They are someone who has between 1,000 and 100,000 followers with high authenticity.
  • Nano influencers: They have less than 1,000 followers with immense influence.

10 Key Trends Of Growth Business Through Influencer Marketing:

Analysis Window

1. $ 16.4B growth expected in the influencer marketing industry in 2022

The market trend clearly shows growth from $9.7 billion in 2020 to $13.8 billion in 2021. In FY 2022 the market is expected to expand up to $16.4 billion. This growth is attributed to the increasing popularity of short video formats on platforms like TikTok, Facebook, and YouTube.

Market Size

2. In FY 2021 influencer marketing services companies grew by 26%

The growth in the influencer marketing industry resulted in an increase in the number of companies and service providers that support the influence marketing industry which grew by 26% in 2021.

3. Instagram leads the trend in a social media channels for brand promotion by influencer marketing

Its popularity started increasing in 2021 with most the brands now choosing Instagram as their preferred channel for their influencer marketing campaigns.

4. Brands are increasing their budgets for influencer marketing in FY 2022

Marketers are seeing the value in working with influencers. You can expect more brands to engage in influencer marketing to grow business or increase the budget allotted for it.

5. Majority of marketers opted to grow business through influencer marketing and brands are opting to run influencer campaigns in-house

There is a paradigm shift considered just nice to have influencer marketing to fast become an essential component in a brand’s marketing arsenal. More than 90% of marketers used influencer marketing in their campaigns and it’s now considered as a key marketing strategy.

For campaign effectiveness and to protect their reputation brands are starting to create and implement their in-house campaigns. They are not relying on outside agencies. They are wary of fake influencers who can harm the brand’s reputation and the likelihood of middlemen falling for such influencers.

6. Micro-influencers will make a big impact in 2022

This year micro-influencers are expected to play a bigger role in business growth through influencer marketing. They may be having fewer followers compared to their counterparts mega and macro-influencers, but their followers tend to be more engaged to take action.

Smaller businesses prefer to work more with micro-influencers. The reason as per the experts is as the audience shows trust, authenticity, reliability, and credibility which are audience values. The numbers show that micro-influencers continue to grow from an 89% share in 2020 to 91% in 2021.

7. Technological development’s role in influencer marketing

With technological innovations, traditional methods of influencer marketing will likely be affected by the arrival of new technologies like artificial intelligence. Brands are adapting to artificial intelligence and machine learning tools which they want to integrate with influencer marketing approaches. They can use it to derive meaningful context from conversations with consumers and engage more with them. Technological innovation will help to grow business through influencer marketing.

8.  New breed of Influencers on rising

Standard categories like beauty and lifestyle influencers are growing. Now new influencer categories like skincare influencers, financial influencers, motivational speakers, and pet influencers are emerging. Travel, food, and fitness-based interest are also on the rise. These categories of influencers are also emerging to grow business through influencer marketing.

9. Content generated by influencers performs better than brands

Consumers prefer to have influencer-generated content over brand-produced content. Businesses grow more through influencer-generated marketing content. They agree that influencer-generated content performs better.

10. Consumers are more likely to follow and connect easily with common-looking people as influencers

To grow business through influencer marketing majority of consumers prefer to follow influencers who look and act like us instead of celebrities.

The key factor to keep in mind:

·       Do a thorough check of influencers as transparency is one of the factors that affect consumer perception of Influencers they follow

·       Insure present live shopping experiences to consumers which will influence the social commerce industry

·       Chose and provide a better user experience a key factor that will change how Influencer marketing campaigns are run

·        Choose the latest technology as more brands will Incorporate AR technology into their influencer marketing campaigns

·       Try to offer consumers more personalized experienced

·       Micro-influencers can be a better choice for increasing engagement rates

·       Marketers should ensure that their Influencer’s brand matches with theirs

By now we know the major key trends of influencer marketing and why it is important and how it is becoming the key pillar for the success of business growth. Influencer marketing is one of the key marketing strategies in business nowadays. I hope this article will be able to help you understand the trend and scope to stay ahead in the influencer marketing space.

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