What is influencer marketing?
Gone are the days when influencer marketing was synonymous with celebrity endorsements and surface-level engagements. Today, it’s about authentic connections and shared values. Influencers, from the Instafamous to the niche bloggers, wield the power of trust and admiration, not through the products they endorse but through the stories they tell and the communities they build.
This transformative approach to marketing does more than just sell a product or service; it breathes life into your brand. Influencer marketing is about showcasing your brand’s essence through genuine narratives that resonate with your audience, fostering not just awareness but a sense of belonging and loyalty.
Join us on a journey through the vibrant landscape of influencer marketing. Discover how these modern-day storytellers can help amplify your message, elevate your brand and forge lasting relationships with your target market. It’s not about the fleeting transactions but the enduring impressions that count.
Influencer marketing statistics.
Before we dig into the benefits of influencer marketing, let’s unpack some important statistics that shed light on its growing impact and effectiveness.
The influencer marketing sector has seen explosive growth over the past years, evolving from a $1.7 billion industry in 2016 to a robust $16.4 billion market by 2022. This upward trajectory continued through 2023, with the market size reaching an impressive $21.1 billion, and is projected to grow further to $24 billion by 2024.
These figures underscore a clear trend: more and more businesses are recognizing the value of influencer marketing and integrating it into their marketing mix. These figures are the result of growing recognition by brands of all sizes that influencer marketing is an indispensable tool in reaching audiences with authenticity and impact.
With that being said, lets jump into the benefits that influencer marketing presents for your business.
1. Access to younger audiences.
There’s no point trying to impress the youth with an outdated marketing strategy. Unlike baby boomers who still favour traditional forms of advertising, younger generations are more receptive to influencers.
Digital media has created an opportunity for influencers to step in and earn the trust of young people, offering brands an alternative to conventional marketing methods.
Even though it’s common knowledge that influencers get paid to plug products on social media, younger audiences don’t seem to mind all that much if the latest stats are any indication.
According to a recent study, 28% of millennials use social media to research or find products to buy. If you’re trying to capture the attention of people under the age of forty, an influencer could be your ticket to marketing success.
Before deciding to use a social media influencer marketing in your next marketing campaign, be sure to take note of influencer disclosure guidelines set out by the Australian Association of National Advertisers.
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2. Return on investment.
Sick of spending money on advertising campaigns that fall short of achieving your goals?
Influencers are often a reliable option when it comes to getting bang for your buck. With the rise of influencer marketing, early adopters have seen impressive returns. In an online survey, Influencer Marketing Hub found that marketers received an average of $5.78 for every $1 they spent on influencer marketing.
Influencers are becoming an increasingly safe bet as their services don’t always cost a fortune. While a celebrity with millions of Instagram followers can charge thousands of dollars per post, small-time influencers typically don’t make that kind of money. Instead of being paid in a traditional sense, many influencers receive free products in exchange for promoting a brand. This means influencers are more accessible to businesses who may not have the budget for a traditional marketing campaign.
The more followers an influencer has, the greater ROI they can offer. However, the size of an influencer’s following doesn’t always determine their value – strong engagement metrics are ultimately more important than gaining followers.
For example, having 1000 active followers is a bigger deal than getting 10,000 page likes. A following of 10,000 may look impressive, but those numbers don’t mean much if no one is engaging with your brand.
RELATED: How to measure returns on your digital marketing investment.
3. Greater authenticity.
Influencers rely on authenticity to boost their brand power. Even though most influencers wouldn’t promote a product out of the goodness of their heart, they can still be highly selective when choosing who to work with. By only endorsing brands that align with their carefully curated image, influencers can make paid promotions feel more organic than a traditional advertisement ever could.
Supporting brands they genuinely like makes it easy for influencers to project authenticity. Something as natural as wearing a particular brand of jeans, or driving around in a certain make and model car is all in a day’s work for an influencer.
4. Builds out your own content strategy.
Creating content for your website and your own social media channels is essential for any digital marketing strategy, but there’s hardly a marketer in Australia who doesn’t struggle to constantly come up with fresh, new ideas.
But when you set up an influencer campaign, you’re not just adding content to their own channels and networks – you’re creating new content for your own as well.
You’ll be able to reshare anything they post across their social media channels, but you could also take their quotes about your products or services and turn them into fresh visual content for your social media channels, write a newsletter about the partnership, or create blog content about them.
5. Influencer marketing isn’t limited to one industry.
Influencer marketing can be applied across a wide range of businesses, including niche markets.
Here are some examples of how influencers operate in different industries:
Mechanics.
The world of mechanics has its fair share of Instafamous auto-enthusiasts. Follow these top influencers to see for yourself how the mechanics industry has embraced this style of marketing:
Aimee Song – This mega-influencer specialises in fashion and interior design, but she also has a paid partnership with Volvo.
Tim Burton – Famous for vlogging about supercars, Tim Burton is one of the biggest influencers in the auto business. He has millions of followers on social media and gets paid to drive around in expensive cars.
Finance.
Influencers don’t just rely on slick aesthetics to gain followers – depending on the industry, expertise is also an essential part of influencer branding. These money experts are renowned for their knowledge in the world of finance.
Spiros Margaris – If you’re into Fintech, give this guy a follow. He uses Twitter to offer easy-to-understand tips on complex subjects like blockchain and AI.
Laura Shin – As a senior editor at Forbes who specialises in cryptocurrency, you can be sure Laura Shin knows what she’s talking about when it comes to finance.
Trades.
With the rise of home renovation reality TV, tradies are increasingly using influencer-friendly platforms to promote their services. From interior designers to DIYers, influencers have infiltrated every part of the trades industry.
The Designory – Based in Sydney’s east, this multi-discipline interior design company has an Instagram feed packed with inspiration for home renovation enthusiasts.
Alisa and Lysandra – As winners of the mega-popular TV show The Block, these twin sisters are establishing a home renovation empire. Since finding fame on reality TV, they’ve built up an impressive social media following, which they use to promote the tradies they work with.
Landscape and Gardening.
Now that everyone can show off their green thumb on social media, gardening and landscaping businesses are in prime position to take advantage of a great influencer marketing strategy.
Good Life Permaculture – If you’re eager to learn about sustainable gardening, this family-owned permaculture business has a hugely popular Instagram account filled with tips and tricks.
Gardening Australia – In addition to being one of Australia’s longest-running gardening shows, Gardening Australia has morphed into an influencer due to its large social media following.
Home Maintenance.
You might be surprised to learn how effectively these influencers have carved out a place for themselves in the home maintenance industry.
Handyman Magazine – This publication uses social media to team up with home maintenance professionals and promote aspirational content.
The Organised Housewife – A self proclaimed expert on housework, Katrina Springer uses her blog to share advice on how to get rid of common household messes.
Health and Beauty.
The health and beauty industry is flooded with influencers, making it extremely competitive. Check out these influencers to see how they stand out from the crowd.
Mind Body Green – With contributors from all over the world and a huge social media following, Mind Body Green is a renowned influencer for all things health-related.
Chloe Morello – More than a million people follow Chloe Morello on Instagram, making her one of Australia’s most Instafamous beauty bloggers.
Ready to try influencer marketing?
Now you know the basics of influencer marketing, it’s time to put this strategy to use.
Do some searches on Facebook and Instagram to see who’s trending in the area of business you operate. If you like what you see, Direct Message them and see if they’re open to plugging your business. Be aware that some social influencer pages charge a lot to do promotions, while many of the smaller, less established influencers are happy with freebies from your business.
And don’t forget – if you’re going to engage an influencer to push your brand on social media, it’s a good idea to support this with some more structured, retargeted advertising such as Social Ads.
This gives your audience the opportunity to digest your influencer’s message and then take action the next time they see your social ad. Get in touch with our team to find out more.
