Influencers and your marketing. This modern-day strategy is driving marketers mad wondering how to compete
Estimated reading time: 6 minutes
Table of contents
- Is the Influencer market really that big?
- Who are the biggest influencer group?
- Where are the big markets for this opportunity
- The Idol affect
- How can we best use this phenononem
- Target your marketing and influencer
- The income of those in the frame
- Measurements based on preset KPI's
- Moving perception
- Becoming an influencer
- Conclusion
Is the Influencer market really that big?
The influencer market is worth an estimated $16.4 Billion in 2022 which is a big chunk of dollars. An amount that has nearly doubled over the past two years and grown from just over a Billion in 2016. That is rapid growth but is it working?
Who are the biggest influencer group?
This will surprise you in that nearly half of the market is taken up by people with between
10, 000 followers and 100,000 so mid-tier or micro marketing groups. Another 30% are the small nano market group with up to 10,000 followers. The rest are the big end of town.
Celebrities are just 3% of the group so there is room for everyone.
Influencers and your marketing and opportunities
Where are the big markets for this opportunity
Certainly, social media is the big winner and claims many of the opportunities for displaying the growth of sales.
The biggest winners are?;
- Instagram. 92% of influencers mostly post here
- TikTok has 43% who prefer this chanell
- Facebook is a close third at 41%
- Blogging and Pinterest follow on with the rest lagging behind
Therefore social media is the operating influence.
The question is always do they create their own content or use a professionally produced product.
Therefore they are producing their own material to gather followers
The Idol affect
This is sometimes called the Halo effect however it is an over-appreciation of an individual because of their status in society.
Influencers represent aspirational figures – following them reflects our desire to be
part of what is popular and belong to a broader group of people with shared interests.
This particularly attracts the younger generation.
How can we best use this phenononem
Brand Building sticks out as a premium benefit. Relating your brand's acceptance with a positive influencer will grow its popularity very quickly. You may be launching a new brand and this is the road to popular opinion.
In My home town, this is being done very effectively with a disgraced ex Football player, come good, raising the profile of a range of streetwear.
It has raised the profile across many ages and is certainly delivering results.
In Germany, the makers of Renault wanted to promote their Electric car, Zoe. They had to compete with an expanding market which included the ever-popular Tesla.
They recruited respected YouTuber, Alex Bangula. already an authority on cars. The theme was based on how many Hampsters it took to charge an electric vehicle.
They used a multi-media mix however with constrained costs.
The result was a 39% growth in sales for that month.
Influencers and your marketing targeting results
Target your marketing and influencer
The young set is interested in Clothing, takeaway food, and makeup
Millennials however Look at Household furniture and Luxury goods
And the men in Hardware, home electronics, and groceries.
No surprises there so targeting your market would be relatively easy.
The income of those in the frame
Of course, this will vary widely and must be related to actions as well as success.
Many of the Nano producers with smaller followings (under 10,000) may just get free products and other worthwhile incentives. If it was me I would really like a percentage term thrown into the mix.
The Micro Lot with up to a hundred thousand followers will certainly get a level of reimbursement, however, it will be results-based.
Celebrities can ask the world so just ask the Kardashians who won't get out of bed for less than a Million dollars.
The most noted form of payment is a flat fee with a successful payment factored in.
Measurements based on preset KPI's
Anyone promoting this presentation-style marketing will be looking for a return. They Know where they currently stand and where they would like to be.
Most will use multi-channel methods all contributing to the overall results and the Influencer may be a stand-alone or a feature in all marketing.
Certainly, when considering an approach like this you would want to build in a consistent image that spreads across the entire marketing spectrum. This would give you consistent branding and recognition and the influence can be a big part of this.
When you have solid historical performance figures then the increased activity is easy to draft and justify the returns based on the individual performance.
In the case of Renault, they succeeded in becoming the best-selling Electric car in that country
Moving perception
Another interesting campaign was run by Jägermeister a shot-based liquor mostly sold in late-night activities. With Covid and a decline in sales, they needed to lift their image by repositioning themselves in the market.
They created a lounge theme where various people with a following were invited into the virtual lounge to have Pre Drinks at a popular event with the younger set.
Jägermeister shifted its market from a last-drink campaign to a pre-drink campaign using a variety of different heads.
46% of 18-24-year-olds considered Jägermeister a good product to start the night with and the off-market sales increased as expected.
Influencers and your marketing using the best
Becoming an influencer
It's all about creating a following that considers you an adequate role model for a category of product. Everyone will be different even the not-so-nice group of people can drag people along with them. You don't necessarily need a Halo all you need is followers interested in what you have to deliver.
I recently witnessed a Only Fans-exhibitor Anna Paul close the city streets with young followers trying to get up close to her. An unbelievable following for her retail promotions.
She uses TikTok as the main game and backs up with Instagram.
A crowd pleaser
Conclusion
It is new, it is trendy and it does work.
Whichever side you are on there is Money in the air.
