What has more of an impact on you: a commercial or your favorite social media personality reviewing the same product? If you’re like many consumers, you trust your favorite influencers over a commercial.
The impact of influencer marketing has been growing astronomically over the past few years, turning into a $21.1 billion industry. Many brands are increasing their spending on influencer campaigns this year and even investing in the smallest influencers.
But does it really work? And is it a good fit for your brand?
Who are influencers?
Influencers are online personalities with dedicated followings on their social media platforms of choice. They usually command attention in a specific niche (such as lifestyle, beauty, or gaming) and they actively engage with their followers often.
Influencers are a new kind of celebrity, with a huge following among Millennials, Gen Z, and teens. In fact, influencers may even be better known than traditional celebrities. For example, among Gen Z males, YouTuber PewDiePie is as well-known as (and more popular than) Lebron James. YouTube creators like Mr Beast have garnished larger followings than most television news networks, bringing in an average of 55 million views per video.
Because they are trusted by their fans, influencers have the power to influence their followers’ purchasing decisions; 50% of Millennial respondents to one survey said they trust their favorite influencers’ product recommendations. For that reason, influencers have amazing potential for brands seeking to market their products; 82% of companies told researchers they are dedicating part of their budget to influencer marketing this year.
There are different classes of influencers, depending on (of course) how many followers they have. Below are the most common:
Mega-influencers
More than 1 million followers
With huge followings and a lot of clout both online and in traditional media, mega-influencers straddle the line between influence and celebrity. They usually gained fame in another industry, like reality television, music, or sports, before becoming an online presence. For example, Kylie Jenner is a mega-influencer, as is Ariana Grande, and Selena Gomez.
Macro-influencers
Between 500,000 and 1 million followers
Micro-influencers are the definition of “internet famous.” Usually they’ve gained fame through online content creation, and have a large and devoted following, often in one broad demographic, such as teens, or young women.
Mid-Tier Influencers
Between 50,000 and 500,000 followers
Mid-tier influencers are a sweet spot for brands, offering a balance of reach and engagement, with a trusted and dedicated following. Mid-tier influencers are a cost-effective way to reach a large and engaged audience, without breaking the bank.
Micro-influencers
Between 10,000 and 50,000 followers
Micro-influencers aren’t celebrities. They’re just regular people with a small but devoted following online. Their followers are interested in what they have to say because they share an interest, be that food, wellness, beauty, or any other interest. Micro-influencers are often more trusted than influencers with a larger reach because they interact more with their followers, so consumers feel they really “know” them.
Nano-influencers
Fewer than 10,000 followers
A nano-influencer has a strong following with a small number of followers. They might be a community leader, an expert in a certain niche, or just someone who happens to be very influential with friends and family. Because their community trusts them, nano-influencers can be a goldmine for brands.
5 Reasons Influencers Absolutely Impact Your Business Growth
Do influencers help you grow your business? The short answer is yes. The long answer is that there are several reasons you should invest in influencer marketing. Below are five of the most important reasons why:
1. Influencers know exactly how to engage their followers
When it comes to engaging with their followers, influencers are experts – especially micro and nano-influencers. Because they’re always engaging with them, influencers know who their followers are, what their audience likes, and how to get followers to take action, from reposting to clicking on a link. Considering that engagement is a constant challenge for content marketers, it makes sense to enlist influencers.
2. Consumers trust their favorite influencers to be “real” with them
Consumers like to buy from those they trust, and who do they trust? The influencers they watch daily. Influencers are considered as good as word of mouth to today’s consumers; 69% of consumers trust influencers as much as family and friends when making a purchase. Buyers also trust influencers more than the brands themselves. That includes spokespeople: young consumers trust influencers more than they trust celebrity spokespeople for brands.
3. Influencers know your target market
The 18-34 age segment has long been one of the most valuable age segments in marketing, and Influencers have a direct line to consumers in those age brackets. In 2022, the majority of Instagram users were aged 25-34, closely followed by 18-24 year-olds. TikTok users skew younger; the majority of TikTok users are 14-24 year-old females. YouTube, however, is largely the domain of Millennial males. Influencers are members of these groups, and able to speak directly to them, reaching potential buyers where they are.
4. Influencers and customer experience are linked
Customer expectations have increased during the last few years. Consumers expect an excellent experience from brands, and influencers are able to deliver that experience. Whether it’s being able to shop directly from a social media post, participating in a giveaway, or seeing an engaging unboxing video, influencers are masters of creating an experience for their followers.
5. Businesses of all sizes can use influencer marketing
Not every business is going to be able to afford Kylie Jenner, but that’s ok. Mega-influencers aren’t right for all brands. With the number of micro- and nano-influencers out there, every brand should be able to find influencers that fit their needs and their budgets. Even a local mom-and-pop store shouldn’t overlook the possibilities of influencer marketing. There is likely a nano-influencer in your community you can partner with.
How Do Influencers Influence Consumer Behavior?
Consumers are after honesty, and can pretty easily sniff out a disingenuous post. In fact, a study found that too much positivity in a post can turn off followers – even if it’s from a beloved influencer.
They trust influencers because they’ve earned their followers’ trust. Consumers turn to influencers for information they can use. They turn to their favorite influencers for so many things: make-up tips, recipes, reviews, home decluttering tips, or advice about beating a boss in the game they’re playing. Because influencers have given them useful and honest information before, it makes sense that consumers are happy to take product recommendations from their influencers.
How To Use Influencer Marketing To Grow Your Business
Know your endgame: To get started, it’s important to know what your goals are. Do you want to raise awareness about a new product launch? Extend your reach? Improve your reputation with a certain demographic? Know what success looks like and how you will measure it once the campaign has ended.
Pick your influencer: Then it’s time to choose the influencer (or influencers) who will work with your brand. Who can best help you achieve your goals? Are you looking for someone with a large, broad reach, or for someone with a lot of clout in one small niche? Who is a good fit for your brand?
Collaborate on the campaign: Influencers are content creators, so it may not work to give them detailed marching orders. You will want to work together to find a campaign that works for both their brand and yours. If you are interested in learning how to launch an influencer campaign, Glewee is the fastest and easiest platform for influencer marketing.
Measure your results: Once the campaign has ended, measure your results. Did you achieve your goals? What could you do differently next time?
Influencer marketing is an incredible way to expand the reach of your brand. Get started now by creating a free account on Glewee’s end-to-end influencer marketing platform.
