New year, new me, new business strategy. If this sound like your company’s annual mantra, then you are probably one of many businesses looking for new ways to rake in higher profits in 2019.
One of the fastest growing marketing techniques of recent years has been influencer marketing. You may be wondering whether it is worth including it in your budget this year. Or is it just a fad? In this blog post, we decided it was vital to look at the cold hard facts before adding our personal opinion on the matter.
But first, what is influencer marketing anyway?
The concept of influencer marketing isn’t new. In fact, for a long time consumers have been looking up at industry leaders for guidance and inspiration. In fact, we go so far as to say it’s almost like Celebrity Endorsement and Product Placement had a love child and called it Influencer Marketing.
For anyone who has been living under a rock for the past few years, influencer marketing involves marketing products by those have a sway over the things that people buy. This usually stems from that individuals expertise, reputation and, most importantly, their popularity on social platforms.
Influencers are everywhere online and has become a full time profession for thousands around the world. But, how can marketers leverage off of them? And how can they adapt their 2019 marketing strategy to benefit from it?
Key Statistics to Know About Influencer Marketing in 2019
1 Influencer marketing will become a $10 billion industry by 2020
I don’t know about you, but $10 billion is no chum change. With more businesses trying to get a slice of the influencer pie, the ability to ‘land’ your ideal influencer may be very competitive.
Which brings us to nano / micro influencers i.e. influencers with smaller, more niche audiences. While their audience is much smaller than the bigger guys, they come at a more affordable price tag for small to medium sized businesses.
2 22% of 18-34 year olds have made a large purchase based on an influencer endorsement
Let’s face it, our buying behaviour is heavily affected by our friends and families referrals. And, in the digital age, the barrier between who we decide to ‘hang out with’ in our free time is blurred. Younger generations often feel a connection with the YouTubers and Instagrammers they follow. This means that young adults have more chance of being influenced by influencers they respect.
In fact, 22% say that they have purchased a big ticket item based on an online recommendation. Therefore, if one of your objectives this year is to reach a younger audience and boost your sales, influencer marketing can be a good option.
3 There are over half a million active influencers on Instagram
If you are still wondering whether influencer marketing is a fad, consider that there are more than 558 000 influencers on Instagram with over 15 000 followers. Most of those are micro-influencers with between 15 000 and 100 000 followers.
Micro-influencers can be more approachable to smaller companies and, in some cases, can be more suited to your brand given their niche. What is important is that you research their content and decide whether your brand aligns well with their values.
So, what can we conclude from these three simple facts?
Influencer marketing is not slowing down any time soon. In fact, with so many Grammers and YouTubers trying to ‘make it’ online, I think we are just scraping the tip of a very big iceberg.
That being said, with more wannabe influencers taking to the camera, I believe that online content is going to continue to become more and more individual. No longer will someone simply be able to call themselves a “beauty blogger”, but rather a “beauty blogger with an interest in vegan hair products.” This makes their audience more niche and possibly will help audiences align themselves with individuals who can truly represent their brands nuances.
Do you want to get your toes wet in the influencer pool? Let Bean Content help out.