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From $1.7 billion in 2016, influencer marketing is expected to grow to be worth $13.8 billion by the end of this year.
This type of marketing involves a partnership between social media influencers and businesses. It is intended to build a personal connection between the brand and their audience. Businesses can borrow the trust that social media influencers in their industry have created. We all understand how important trust is to a brand.
Related: 10 Laws of Social Media Marketing
Influencer marketing in 2021: Why it is important
In the past two years, significant developments have occurred in the world. A pandemic has ravaged the economy, and it’s changed the way we do everything from working to socializing to commerce.
Global lockdowns 2020 proved that online shopping is a preferred option for consumers in the digital age. Even though we are looking towards the end of this pandemic we can’t help but see that our marketing strategy must evolve with the changing consumer behaviour. Digital-marketing strategies are no longer “nice to have”. They’re essential for your brand’s success.
However, not all digital marketing avenues work equally. Digital culture has made consumers more savvy than ever about the marketing efforts of advertisers. Today’s internet community is full of ad blockers and skip buttons. Traditional ads are no longer effective in reaching people.
Get involved with influencers.
Influencers on social media are a great way for brands to connect with their audience authentically. These influencers bridge the gap between traditional marketing methods and today’s consumer behavior online. Your brand will gain trust and increase sales if you have the right influencer.
Opportunities in Influencer Marketing
Influencer marketing offers many opportunities. Your brand can reap the benefits of influencer marketing with the right strategy
These are just some of the many ways that social media influencer marketing can expand your brand’s reach.
Connect with your audience at a more personal level
They have created trusting communities through their influencers. Their audience has developed a close relationship with them. Smart brands can leverage this relationship to market their products and services better.
Use influencer content
Influencers are like golden gooses laying eggs when they create content for brands. Although the material is ready for social media, it can be reused on other websites and digital marketing campaigns.
Reduce marketing costs
Micro-influencers are the majority of influencers used in influencer marketing. Micro-influencers are those who have 10,000 to 200,000 followers. These creators are often more cost-effective than other marketing methods.
Related: It’s Time to Redefine the Influencer
Although social media influencer marketing may seem to be the gift that keeps giving, it comes with its own set of challenges.
FAKE social followers
Nowadays, it is common to buy followers online. Fake accounts and bots can be used to simulate user activity in order to artificially increase engagement and follower numbers on social media platforms.
Facebook alone estimates that 5% of its profiles are fake. It can be hard to distinguish between influencers that grew their audiences organically and those who purchased social credibility.
Followers trust influencers, which is why they are so useful as marketing envoys. Partnering with an influencer that is not right for your brand can cause more harm than good.
An influencer’s sudden, messy fall can happen in today’s world where accountability is increasing. Your brand will feel the consequences of this fall if you are partnered with someone like that.
You must make sure that the influencer you choose to collaborate with aligns with yours and that their ethics match your brand’s ethos. This could backfire on you if you do not perform due diligence.
Social algorithm modifications
The social-media platforms that are used for sharing information and engaging with others is constantly evolving. This can pose challenges for influencer marketing as they adapt and grow to meet user needs.
Changes in social algorithm can have a dramatic impact on everything, from the way content is displayed to user feeds and how it’s rewarded. These factors could cause dramatic shifts in access for social media influencers to their audiences. Your influencer marketing strategies must change when this happens.
Influencer marketing via social media is not going away. Brands will benefit greatly from the influencer marketing campaigns that are smart and effective as we move towards a digital future. While influencer marketing has its challenges, it can also be extremely rewarding if you have the right approach.
Publiated at Tue 17 August 2021, 16:35.05 (+0000).