Before the rise of the internet, marketing strategies were limited to TV commercials, celebrities, offline forms of media, and word of mouth. However, the internet has completely altered the course of marketing. When social media platforms became more popular on the internet, they opened the doors to endless marketing opportunities, one of which was influencer marketing.
Today, influencer marketing has captured a large chunk of the advertising industry. As a result, businesses are investing a considerable amount in influencer marketing. Furthermore, the growth of influencer marketing inspires many small companies and organizations to invest in it due to its many benefits.
In this blog, we will learn about the benefits of influencer marketing and its types.
Table of contents:
- What Are Influencer Marketing And Its Benefits?
- Improves brand awareness
- Cost-effective
- Improves content strategy
- Saves time
- Increases conversion rates
- Types Of Influencers And Their Benefits
- Nano-influencers
- Micro-influencers
- Macro-influencers
- Mega-influencers
- Conclusion
What Are Influencer Marketing And Its Benefits?
Influencer marketing is a marketing strategy that involves promoting a product or brand through Influencers on social media forums. Brands approach social media influencers to advertise their service. In addition, they provide a payout to influencers.
Businesses are turning to influencers rather than traditional means of advertising. Due to the tangible nature of influencer marketing, consumers are easy to attract and retain. Influencers only need to promote the idea of a brand as the audiences are already there.
Using influencers for marketing purposes has many solid benefits, some of which we have discussed below:
1. Improves Brand Awareness
Influencers make advertising more engaging and genuine as they provide natural settings; followers consume advertisements as a source of information or entertainment, which improves brand awareness.Â
Also, influencers present their content on social media, which maximizes the reach, and more people get to know about the product/service. People get information about a brand, like the idea behind the product, what solutions they are offering, and more.
2. Cost-Effective
To market a product through traditional means of advertising takes a large chunk of money. For instance, running an ad of 30 seconds on television can cost up to lakhs or crores, whereas influencers charge much less than traditional means.
Also, influencers provide a long-term means of promotion, while TV, radio, or other conventional forms of media charge the amount for a single run.
3. Improves Content Strategy
Businesses need to work on various aspects of marketing. Hence, They turn to Influencers as they provide a plethora of ideas, and their work mainly involves content creation. Their content creation experience helps brands get easy engagement through entertaining means.
4. Saves Time
Businesses must invest much time in production to create a good advertising campaign. Collaborating with an influencer can save time for businesses as they plan, produce, and post content on different platforms regularly.
5. Increases Conversion Rates
Influencers are experts in their profession, and their followers trust their advice. People respect their choices and pay attention to what they have to say.
Their positive reviews create massive engagement because of the expertise they acquire. In addition, this positive pool of reviews can drive sales for businesses, as people tend to trust word of mouth.
Types Of Influencers And Their BenefitsÂ
There are four types of influencers based on audience involvement. Here, we have discussed their kinds and the benefits related to them.
1. Nano-influencers
Nano-influencers are mostly everyday social media users with an audience of 1K to 10K. They are instrumental in targeting people’s personal choices as they share intrapersonal relations with their followers. Their message seems authentic and believable because of their regular interaction with their followers.
2. Micro-influencers
Micro-influencers have audiences of 10K to 100K. They provide high value as they are very cost-effective. Micro-influencers are very useful in targeting the regional market as they are well known to a specific region. They can be hired in numbers, which helps to build a community to create a strong brand image.
3. Macro-influencers
Macro-influencers come with an audience of 100K to 1M, sometimes more than a million. They provide more value in collaboration as compared to celebrities, as their reach is vast in numbers, but they cost less compared to stars. They generate millions in media value and can reach a large audience in a short period. Macro-influencers are great at engagement and are trendsetters.
4. Mega-influencers
Mega-influencers carry more than a million audiences, approximately up to a few hundred million. They are generally celebrities and are very useful for mega businesses. They provide global reach as the masses follow them across the globe.Â
Conclusion
Every business has different requirements, and effective influencer marketing can influence consumers’ opinions toward those requirements.
It is essential to focus on the right strategies, such as choosing the suitable types of influencers for the brand, to make a company successful. Brands are using influencer marketing to grow their businesses as it is one of the fastest-growing forms of marketing and is likely to continue to grow.
