Influencer.
By definition of Merriam-Webster dictionary, it is a person, who inspires or guides the actions of others. This word holds so much power… Or does it now?
In the modern setting, an influencer is an individual who has the power to affect purchasing choices of other people because of his/her authority on social media channels.
The importance of social media influencers is truly uncovering as the whole world is turning to more online interactions and transactions. Influencers perform the role of vital ingredient in the success recipe, helping to connect brands with consumers in very authentic ways that can bring immediate returns. The persistent online presence through captivating posts, relatable stories and interactions with followers make influencers appear as a trustworthy friend to look up to and take advice from. In return, influencers are able to monetise their influence and “expertise” of opinion, essentially performing as a key opinion leader.
As a result of this unique influencer-community bond, influencer marketing is driving dramatic changes in Marketing strategy.
Here are some insightful statistics on Influencer Marketing:
• Influencer Marketing worth has 50% YOY Growth since 2019 (Influencer Marketing Hub)
• 49% of consumers depend on influencer recommendations and 40% had purchased something after seeing it on Twitter, YouTube or Instagram (Digital Marketing Institute)
• 91% of marketers believe that Influencer Marketing is effective and beneficial for their businesses (KoMarketing)
The 2020 statistics on influencer marketing looks promising, however those reports and predictions were released primarily in the pre-corona times. Indeed, such a global social and financial crisis as COVID-19 has left its mark on consumer spending and company budgets.
Has pandemic induced a positive or a negative impact on the influencer landscape? Let’s explore.
Starting in March 2020, a new normal was created due to the lockdown the whole world was
put into because of the spread of coronavirus. The trend towards “unfiltered” home routine content with cozy home looks and simple activities has risen up. TikTok has definitely peaked as it allowed all users create fun and content that could easily go viral. As a result, the trend of “everyday influencers” appears to have grown, pushing new industries to pay closer attention to this marketing channel.
The global pandemic has essentially sped up the transformation that was coming a long way. Consumers have been spending more time on the Internet, primarily on social media, actively engaging with content creators and on online shopping websites.
This shift could play well for the influencer marketing.
According to McKinsey and Company July Report, “most [product] categories have seen more than 10% growth in their online customer base during the pandemic and many consumers say they plan to continue shopping online even when brick-and-mortar stores reopen.”
In markets with moderate online conversion rates before the COVID-19, such as the United Kingdom and the United States, e-commerce has expanded across all product categories. In markets with a high online conversion rate of online shopping before the pandemic, such as China, despite the total online consumer participation in shopping is not expected to show drastic changes, the total amount of money spent online is expected to increase.
Since everyday influencers are creating a “window” into their personal lives through social media, constantly exchanging thoughts and ideas with their followers, there is a very strong connection of trust is being built between influencers and their communities. Followers feel like they can relate to the more casual influencers more than, for example, glammed-up celebrities, and are far more likely to buy whatever the influencer recommends.
Due to the ubiquitous cut in salaries and jobs, it is not a surprise that most of the consumers are being more mindful about their spending and trading down to less expensive products, which opens up a pool of opportunities for fast fashion and medium-priced goods.
The biggest challenge now are the communication difficulties between businesses and creators. Marketing budgets have shrunk, which means that there is less money for influencer marketing. It leaves influencers unsatisfied and they become less likely to agree for a free-product-partnership and thus it is more difficult for brands to bring brand awareness through omnipresent TikTok, Instagram and YouTube influencers, potentially failing to meet the revenue goals.
It takes time, resources and much effort to choose the right influencers in the niche of your products – and it has to be a precise choice. There is less room for mistake for throughly planned budget. This is where anyStarr steps in. We know which influencers are the most efficient, and we know a unique approach to them. We are here to take the pain away and help you out, whether you are a business owner or an influencer.
To find out more, sign up with our platform, follow our LinkedIn page and stay tuned, as we have a big announcement coming up.
Recent Comments