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Why Is Influencer Marketing so Effective?
Influencer marketing has seen significant growth in recent years due to its effectiveness. However, you may be wondering why it is effective and what its benefits are for companies who use it. This article will take a deeper look into the effectiveness of influencer marketing.
Is Influencer Marketing Actually Effective?
Influencer marketing is an effective way for brands to promote their products or services to audiences in their niche. Influencer marketing statistics show that it has an average ROI of $5.78 for every $1 spent. This means that when companies invest in influencer marketing and implement successful influencer marketing campaigns, it can be very effective and profitable.
The high ROI on influencer marketing is why 63% of brands spend $10,000 or more on influencer marketing promotions on social media platforms each year. The influencer marketing industry grew throughout all 2022. This growth isn’t expected to stop any time soon since an increasing number of brands are seeing its effectiveness and investing in it as part of their marketing strategy.
Why Is Influencer Marketing so Effective?
Influencer marketing is effective because it stands out from other types of advertisements. Ways that influencer marketing stands out are:
- It feels personalized: Influencer marketing gives product or service promotions a personal feel. The personal feel comes from the fact that influencers can get creative with influencer ads and put their own personality into it, allowing them to speak to their audience naturally.
- It can be implemented naturally: The natural approach of influencer marketing allows it to be easily implemented with the rest of an influencer’s content. This leads to influencer ads feeling less pushy and provides a better way to show how products could benefit a consumer’s life.
- It’s more entertaining: Influencer ads often stand out because they are more entertaining than traditional advertisements. If influencers are given creative freedom, they can often come up with unique ways to showcase a product in a fun and engaging manner.
All of these elements can make influencer marketing more effective than other promotional methods and are what has led to so many businesses beginning to implement it into their marketing strategies.
What Are the 5 Benefits of Influencer Marketing in 2023?
Influencer marketing has many benefits in 2023. The top five benefits of using influencer marketing are:
- Consumers trust influencers: Influencer marketing is effective because consumers trust influencer content more than content from the brand itself. Social media users who follow an influencer tend to share similar interests, values, or ideals. This makes consumers have more trust in a recommendation from an influencer who has similar goals in mind.
- Expands brand reach: Influencer promotions help brands expand their reach to target audiences. Influencers with a significant following can have their social media posts reach thousands or even millions of people who are likely to be interested in a brand’s products or services.
- Leads to higher purchase intent: When an influencer promotes a brand’s products, it often leads to higher purchase intent from consumers who follow a call to action. This means that link clicks, website visits, and other consumer actions generate higher conversion rates, since consumers are likely already interested in making a purchase.
- Finds loyal customers: Consumers who purchase something an influencer recommends are typically the influencer’s most loyal and engaged followers. Having these consumers purchase your products gives you a customer base that is more likely to be loyal and continue to support your brand if you offer quality products.
- Educates consumers: Influencer ads provide an opportunity for influencers to educate consumers about the usefulness of a product or service. This helps consumers make more thoughtful purchasing decisions and feel like they spent their money wisely. It also helps increase brand awareness.
All of these benefits of influencer marketing contribute to its effectiveness as a marketing strategy.
What Percent of Brands Use Influencer Marketing?
In 2021, it was estimated that 69.7% of brands with more than 100 employees used influencer marketing and worked with social media influencers. That number grew to 74.5% in 2022 and will likely increase further by the end of 2023. More brands are continuing to use influencer marketing due to the number of benefits it can have for a company.
How Does Social Media Influence Marketing?
Social media influences marketing due to the impact it has on consumer behavior. The impact of influencer marketing on consumer behavior leads to:
- Increased consumer attention span on ads.
- More consumers relying on influencer recommendations for purchasing decisions.
- Consumers are more likely to take action after hearing an ad.
- Consumers feel like they are making more informed purchasing decisions.
All of these aspects are ways that social media influences marketing and can make a brand’s marketing strategy more successful.
How Lionize Helps Brands Create Effective Influencer Marketing Campaigns
Lionize AI is an influencer marketing platform that can help optimize your campaigns for success. Our artificial intelligence software helps companies connect with the right influencers, automate parts of the influencer management process, and track data about the success of influencer marketing campaigns. All of these options are easy to set up and manage, so you don’t have to know a lot about influencer marketing to get started. Book a Discovery Call today for more information about how Lionize can help you create a successful influencer marketing strategy.
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