What is Influencer Marketing -- Part 2
In Part 1 of the Influencer Marketing Explained series, I talked about the basics of influencer market, and what it means to the consumer. Influencer marketing is the fastest-growing online customer-acquisition channel. About 65% to 75% of marketers plan to include influencer marketing in their strategy this year. Influencers can include celebrities, social media pundits, the media, and local food critics, product reviewers or anyone who is a go-to source for opinions and information. Many animals (yes, you read that right!) are also influencers with enormous social media audiences!. Check out the hashtag #dogsofInstagram on Instagram, of course, and you’ll find some working dogs and their industrious owners.
Influencers work for variety of reasons including getting early access to information on new products and offering fresh content to their readers. Some influencers are compensated for their opinions a brand or agency, but many work for free product samples.
Data from Adweek.com and The Shelf shows that 92% of consumers trust recommendations from others. This means they trust people they don’t’ know over branded content such as a corporate website or brochure! In addition, 70% say that online reviews are their second-most-trusted source for product information while 47% of U.S. readers consult blogs to monitor trends & ideas (1)
Stats support that customers acquired through influencer marketing programs tend to be loyal customers. Customers acquired through word-of-mouth have a 37% higher retention rate. (2)
The following influence millennial women’s shopping decisions: (3)
- Reviews and word-of-mouth recommendations 84% of the time
- Social media: 75% of the time
- Brand websites: 41%
- Magazines: 39%
- TV: 36%
- Mail catalogues 21%
- News websites: 16%
How do you know if your product or brand is a good fit for influencer marketing? Moreover, how do you find the right influencer? Check back for Influencer Marketing, Part 3.
(1) “Why Influencer Marketing Is the New Content King [Infographic].” SocialTimes. Web. 16 Mar. 2016.
(2) “Why Influencer Marketing Is the New Content King [Infographic].” SocialTimes. Web. 16 Mar. 2016.
(3) “Infographic: Here’s What Millennial Women Want-and Want to Give-This Holiday.” AdWeek. Web. 16 Mar. 2016.