If you heard the term ‘Influencer Marketing’ 20 years ago, the chances are you wouldn’t know what it meant. Due to the rise of social media, influencer marketing has become one of the most effective marketing trends of recent times!
So, what is influencer marketing and why is it so effective?
With marketing becoming more and more digital as time progresses, the power of social media has rocketed, something businesses can take huge advantage of. Due to the popularity of social media, certain people can have a significant influence on their large number of followers. These people are known as influencers.
Whether it be reality TV stars or relatives of A-list celebrities, most influencers have a massive following, and businesses can promote their products through these people, a trend known as influencer marketing!
Putting things into perspective – Molly Mae.
Let’s put things into perspective by taking someone like Molly Mae for example. Molly Mae has become arguably the most successful star to come from ITV’s reality show, Love Island, landing huge partnership deals with companies such as PrettyLittleThing, whilst now owning her own company known as Filter, all before turning 23 years old! With a following of 6.1m followers on Instagram, certain companies have noticed an opportunity that is too good to resist with Molly Mae.
You won’t have to scroll for long on the Love Island star’s Instagram page to find an advert where she is promoting products for these companies who have paid her to do so. One example of this is Beauty Works.
Beauty Works specialise in real human hair extensions, something you’d expect most of Molly Mae’s followers to be interested in, right? By paying Molly Mae to promote their products, not only are they getting global recognition of their company and product, but also cutting costs on target market research, as Molly Mae’s followers are the perfect market for their products. Beauty Works also allow Molly Mae to provide a unique discount code, influencing followers to purchase the product for two main reasons; someone they idolise and trust is recommending the product, whilst being able to get it for cheaper than usual!
If you’re a company who know their target market but are finding it tough to reach the maximum number of customers in that market, maybe this is something for you!
Thanks to Digital Marketing Institute, we can look at some of the statistics which prove why influencer marketing is so effective.
Reports show that around 70% of teens trust influencers more than classic celebrities, whilst 49% of consumers depend on influencer recommendations. Think about it, rarely do you buy yourself a luxury item without being influenced by someone else or checking with someone you trust that it’s a good idea. This happens every single day on social media, and with these statistics outlining just how many people are influenced by who they follow, it seems a no brainer to promote your product through an influencer whose followers match your target market!
Of course, influencer marketing isn’t going to be the most suitable strategy for every company, as it is crucial that you have the funds and have studied the effect that you think this type of marketing will have on your sales and revenue. The crucial part of this marketing is that it’s an easy and direct way to your target market. If your company only has a couple of thousand followers, your reach is going to be far less than an influencer with hundreds of thousands of followers, which emphasises why 22% of marketers have said influencer marketing is their most cost-effective form of marketing within the whole business.
What benefits can influencer marketing bring about?
Another great thing about a long-term partnership with an influencer is the perks that could follow. There is the possibility of a joint-venture, live events or even advertising for your company if a strong relationship is created. Going back to the Molly Mae example, after a long partnership with PrettyLittleThing, she now works as their creative director! As you grow your business alongside an influencer, the opportunities that arise could revolutionise your company and help see exponential growth!
Ultimately, influencer marketing has become one of the hottest marketing trends since the rise of social media, and it seems to be growing rapidly! In terms of increasing your reach to your target market, being cost-effective and increasing your global recognition, it ticks all the boxes. If any of these three main benefits are something you’re struggling with, why not explore influencer marketing?!
At Greyhive, we always keep up to date with new and emerging marketing trends that may be a fit for ourselves or our clients. If you need some marketing advice, please don’t hesitate to contact us.