37 min read
| February 29, 2024
Traditional marketing methods such as radio, TV ads and billboards have become, for the most part, a relatively ineffective way of reaching a target audience. Instead, most marketers are finding that the best way to expand their reach and get their message to potential customers is by targeting them through social media. And one of the most effective ways to do this is by working with influencers.
When you think of the benefits of influencer marketing, you probably think first and foremost about advantages including increased brand awareness and making more sales. However, although influencer marketing can help you with these things, working with an influencer can offer you so much more.
Let’s take a look at some of the biggest benefits of influencer marketing that you might not be aware of.
What Is Influencer Marketing?
Influencer marketing is a form of social media marketing that involves collaborating with influencers who publicly endorse your brand. Because an influencer has already built up a reputation founded on trust and credibility, when they promote your brand, you automatically gain a degree of social proof that persuades potential customers to buy into your brand. This helps you build your business and reach a larger audience.
Some of the more well-known benefits of influencer marketing include:
- Build trust: Influencers have already built trust, engagement and credibility with their followers, so their audience is more likely to buy into their content and recommendations.
- Improve brand awareness: The right strategy can expand your reach and online positioning, encouraging more people to find out more about who you are and what you have to offer.
- Reach your target audience: Relevant influencers can help you share your content with a niche audience that is more likely to be interested in your product.
However, the advantages don’t end there, as we will see in the next section.
What Are the Lesser-Known Benefits of Using Influencer Marketing?
If you’re still on the fence about collaborating with an influencer, then the following lesser-known benefits of influencer marketing should convince you to include the tactic in your digital marketing strategy.
1. Acquire Better Customers
This strategy doesn't just attract any customer; it attracts those who are more aligned with the brand's values and offerings, leading to a higher quality of customer engagement. These customers, often nurtured through the trust and authenticity established by influencers, are not just making impulsive purchases but are forming a deeper connection with the brand. This connection significantly increases the likelihood of them becoming recurring buyers, a crucial factor for sustainable business growth.
Moreover, these customers tend to have a higher lifetime value. They're not only more likely to repurchase but also to become brand advocates. Their recommendations to friends and family can be incredibly powerful, essentially serving as unpaid, organic endorsements for the brand. This word-of-mouth marketing is invaluable, as it comes with a level of trust that can't be achieved through traditional advertising.
Here’s an example of how this might apply to the beauty industry:
A skincare brand can collaborate with an influencer known for their expertise in skincare to attract customers who are genuinely interested in quality skincare products. These customers, having followed the influencer's journey and trusted their recommendations, are more likely to appreciate the product's value and continue using it, as well as recommend it within their circles. This influencer-brand alignment not only boosts immediate sales but builds a loyal customer base that believes in the brand's ethos and product efficacy, echoing its merits far and wide..
2. Diversify Your Audience
Diversifying your audience is a significant advantage of influencer marketing, offering an opportunity to reach new segments of the market that might have been untapped or underrepresented in your current marketing strategy. Influencers, with their varied followers, can introduce your brand to diverse demographics, lifestyles, and interest groups. This expansion is not just about increasing numbers; it's about enriching your brand's reach with a variety of perspectives and potential customers.
This strategy is particularly effective when launching new products or services that cater to different customer profiles, or when rebranding to align with changing market trends. By collaborating with influencers who have a strong presence in these new target segments, you can effectively position your brand in front of an audience that is both relevant and receptive.
For example, consider a sportswear brand traditionally targeting professional athletes. By partnering with influencers in the lifestyle and wellness sectors, the brand can reach a wider audience, including fitness enthusiasts, health-conscious individuals, and even fashion-forward consumers. This not only broadens the brand's appeal but also opens up opportunities to explore and develop products catering to this newly engaged audience. This strategic audience diversification not only enhances brand visibility across different market segments but also fosters long-term growth by helping brands adapt to the evolving consumer landscape.
3. Boost Engagement
The benefits of influencer marketing also include increased engagement, an essential influencer marketing KPI.
How?
Because when influencers share or endorse your content, it not only reaches a broader audience but also comes with a built-in level of trust and credibility. Their followers, who are already engaged and invested in the influencer's content, are more likely to interact with your brand, leading to an increase in likes, comments, and shares. This heightened level of engagement is crucial for amplifying your brand’s message and increasing its online presence.
Moreover, content shared by influencers often appears more authentic and relatable, making it more likely to resonate with their audience. This authenticity is key in today's digital landscape, where consumers are inundated with content and are becoming increasingly discerning about what they trust and engage with.
For example, a travel brand can partner with a well-known travel influencer to showcase a destination or experience and see a significant boost in engagement. This is because the influencer's followers, who are already interested in travel content, are more likely to engage with posts that feature genuine experiences and personal stories from someone they trust. This can lead to a ripple effect, where the engaged followers share the content within their own networks, further amplifying the brand’s reach and potentially even leading to viral content. This increased engagement not only raises brand awareness but also helps in building a community of interested and loyal followers.
4. Reinforce Trust and Loyalty
Influencers who consistently provide their audience with authentic and valuable content create a foundation of trust and loyalty, not just towards themselves but also towards the brands they endorse. When you cultivate a strong, long-term relationship with an influencer, their genuine belief in your product or service becomes apparent to their audience. This authenticity is crucial in transferring their followers’ trust to your brand.
The impact of this trust is profound. Followers of influencers are not just passive consumers; they are active participants who value the influencer's opinions. When an influencer they trust recommends a product or service, these followers are more likely to take that endorsement seriously, leading to higher conversion rates.
For instance, consider a health and wellness brand that partners with a fitness influencer known for their genuine passion for healthy living and their honest product reviews. Over time, as the influencer incorporates the brand's products into their content in a meaningful way – perhaps by sharing their personal journey with the products – their followers begin to associate the brand with authenticity and quality. This association builds a strong sense of trust and loyalty not only towards the influencer but also towards the brand. As a result, the brand benefits from a loyal customer base that trusts their products due to the influencer's genuine and long-standing endorsement. This kind of deep-seated loyalty is invaluable and often leads to sustained business growth through repeat purchases and word-of-mouth referrals.
5. Boost ROI
Of all the benefits of influencer marketing, this is perhaps the most fundamental. After all, what’s the point in investing in an influencer marketing strategy if it doesn’t have a positive impact on the bottom line of your business?
In fact, statistics have shown that influencer marketing delivers strong returns. On average, the ROI of influencer marketing is 11x greater than other types of digital marketing like banner ads. This makes it far more valuable than other more traditional marketing tactics.
The high ROI from influencer marketing comes from various factors, including increased brand visibility, higher engagement rates, and the trust influencers cultivate with their audience. These elements contribute to more effective conversions, from increasing website traffic to boosting sales, all of which are crucial for a healthy bottom line.
For example, consider a cosmetics brand that collaborates with beauty influencers to showcase their products. These influencers create tutorials, reviews, and other content that authentically incorporates the brand’s products. Their followers, who trust their recommendations, are more likely to purchase these products, leading to direct sales. Additionally, influencer-generated content often has a longer lifespan than traditional ads and continues to influence purchases long after the initial post, providing sustained value. This extended impact, coupled with the initial sales boost, results in a substantial ROI for the brand, far exceeding what might be achieved through more conventional digital advertising strategies like banner ads.
6. Enhance Brand Storytelling
Influencer marketing can add a unique and personal touch to your brand's narrative. This is because influencers are storytellers at heart, and when they share your brand's story or message through their lens, it resonates more profoundly with their audience. This personalized storytelling approach often leads to a deeper emotional connection between the consumer and your brand, which can be instrumental in building a strong brand identity. Moreover, this strategy is particularly effective in humanizing your brand, making it more relatable and memorable in the eyes of potential customers.
For example, a travel company partnering with travel bloggers or vloggers can potentially dramatically enhance its brand storytelling. These influencers can share their travel experiences, integrating the company's services into their stories. Whether it’s a unique adventure they embarked on using the company’s travel package or a heartfelt narrative about how traveling has changed their life, the story is told from a personal perspective that resonates with the audience. This not only makes the brand's offering more appealing but also embeds the brand in memorable and emotionally engaging narratives. The audience doesn’t just see a travel service; they see a pathway to their own potential experiences and adventures, helping them forge a strong, emotional connection with the brand.
7. Accelerate Market Feedback and Innovation
Finally, engaging with influencers can accelerate the process of receiving market feedback. Influencers often have highly engaged audiences who aren't shy about voicing their opinions. By collaborating with influencers, you can gain valuable insights into how your product or service is being perceived in the market. This immediate feedback loop can be crucial for rapid innovation and improvement, allowing you to refine your offerings in a way that better meets customer needs and expectations. Moreover, influencers can be pivotal in testing new concepts or products, providing a real-world testing ground that can inform future business strategies and product developments.
For instance, a tech company launching a new gadget can partner with tech influencers to showcase the new product. These influencers, known for their expertise and following in the tech community, can provide hands-on reviews, unboxing experiences, and in-depth analysis. Their audience, who are tech-savvy and keen on the latest innovations, can, in turn, provide immediate reactions, suggestions, and critiques. This feedback can be incredibly valuable for the tech company, as it provides real-world insights into what features are resonating with consumers, what needs improving, and even what additional functionalities could be added.
Ultimately, this direct and rapid feedback loop enables the company to make iterative improvements or pivot strategies more swiftly, ensuring that the final product better aligns with consumer expectations and market demands. This approach not only enhances product development but also reinforces customer-centric innovation, a key driver in today’s fast-paced market environment.
Influencer Marketing Is Suitable for any Business
Influencer marketing has evolved into a versatile and powerful strategy, suitable for businesses of all sizes and across various industries. Its ability to adapt to different marketing goals, from enhancing brand awareness to driving sales, makes it a universally applicable tool in the modern marketer's toolkit.
The beauty of influencer marketing lies in its scalability and flexibility. Whether you're a small local business or a large multinational corporation, there's an influencer out there who can fit your specific needs. For example, micro-influencers, with their smaller but highly engaged audiences, are perfect for niche markets and can offer a more personal touch. On the other hand, macro-influencers can provide extensive reach and are ideal for broader awareness campaigns.
Moreover, the diverse range of influencers available today – from fashion and lifestyle to tech and gaming – means that no matter what your business offers, there's an influencer who can authentically represent your brand. This diversity allows for creative and targeted campaigns that resonate with specific audience segments, ensuring more effective and personalized marketing. The key is using an extensive influencer database to find your perfect match in line with your niche and campaign goals.
Influencer marketing is also cost-effective, especially when compared to traditional advertising methods. It often delivers a higher ROI, as influencers can create genuine content that speaks directly to your target audience. Their ability to build trust and credibility among their followers can result in more meaningful engagement and conversions for your brand.
Ultimately, influencer marketing is not just a trend; it's a versatile and efficient strategy that fits into any business’s marketing mix. Its capacity to tell authentic stories, reach diverse audiences, and generate meaningful engagement makes it an indispensable tool for businesses looking to thrive in the digital age.
