The majority of the world’s population uses social media platforms extensively. This has caused quite an upheaval in terms of purchase and advertising. Consumers now search for advice and suggestions from other consumers, before making decisions. This has opened a myriad of possibilities and opportunities.
A study by McKinsey led to the result, that “marketing-induced consumer-to-consumer word of mouth generates quite twice the sales of paid advertising.” The marketers also are looking upon this ‘new’ alternative, because it trumps over the normal marketing techniques. Also, the very fact that usual marketing techniques have sparked a loss of religion and credibility amongst the consumers.
Of late, Influencer Marketing is seemed to be the ‘in-thing’. Influencer marketing has existed for quite a while now but has gained traction over a recent period of your time. this is often the result of the belief of how powerful the Influencer Marketing is, and therefore the effective results that it yields. Pros and cons following of the Influencer Marketing:
Pros –
1. Applicability –
The influencers already know their audience, and know what sort of content and quality is predicted from them. As a result, the frame content is applicable to them. This maintains the trust level which they need to be garnered over a period of your time.
2. Genuineness –
Influencers are established as thought leaders and bear an authoritative value. Evidently, their ‘voice’ shall be trusted, and therefore the influencers would definitely not be fake. it’s taken them immense time and energy, to achieve this.
3. Increase in Brand Awareness –
Consumers become more aware and gain more knowledge about the brand through the Influencers. They also facilitate in increasing the brand recall value amongst the consumers, through their content.
4. Widespread Outreach –
Through the Influencer Marketing, your brand gains access to their thousands of followers and fans. Marketing through one influencer can generate tons of business opportunities. Also, there are various platforms on which your brand can bank upon, depending upon your needs.
5. Data –
Customers gained through ‘word-of-mouth’ have a 37% higher retention rate, consistent with Deloitte. Brands who invest in Influencer Marketing make $50 for each dollar invested, and is additionally the fastest-growing channel, consistent with Tomoson.
6. Organic Reach –
The amount of following, popularity, and authority that the Influencers yield is only organic, and not paid. As a result, the consumers have adapted to the content organically.
Cons –
1. The unpredictability of the web –
Brands got to make sure that their Influencers would be unaffected by the volatility, and are aligned together with your brand at a maximum level. the web presence also needs to verify and checked by the brands before aligning with them.
2. Choosing the incorrect influencers –
It is beneficial for your brand to be assured about the alternatives and tastes of the Influencer. they’ll not be subject experts, concerning the brand. The drive for the Influencers could also be a monetary benefit. This causes them to lose the ‘personal touch’- which is what the consumers search for.
3. Exhaustive Analysis –
Before actually beginning the whole process of Influencer Marketing, it’s highly essential to perform a comprehensive and exhaustive analysis. this may define whether Influencer Marketing is useful to the brand or not. If it is, then the method of finding the proper Influencer and targeting them begins.
4. The uncertainty of success rate –
There is an absolute lack of surety, regarding the success rate. this is often attributed to the shortage of passion amongst the Influencers. they’ll or might not be hooked into the brand, and this is often certainly unfavorable, because it may be sheer wastage of your time, efforts, and resources.
5. No significant results for an extended time –
It takes quite a lot of your time to develop ‘organic’ relationships with the Influencers and to urge them to ‘like’ and ‘validate’ your brand. Hence, the whole process is very time-consuming, and therefore the success rate is additionally not guaranteed, as mentioned above.
6. Accountability –
The influencer takes up the role of being the representative and ‘face’ of your brand. As a result, their personal life can also affect brand image. consistent with the history, the brands which are related to Influencers trapped in scandal or an issue has never figured out well for the brand image.
Influencer Marketing is usually misconstrued- courtesy of the various ‘myths’ that surround it. The people that have an outsized number of following on social media platforms can’t be just classified or seemed to be influencers. An influencer is that the one who can ‘influence’ the opinions of the people, and even change their perception. Consumers are now looking beyond the normal advertisements, and expect the brands to speak with them, rather than the one-way communication.
