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Influencer Marketing: Trending opportunity to explore

Pacing up with new approaches coming in the industry is the way to grow. Similarly, a new approach of marketing i.e. influencer marketing is rising and is a great opportunity to expand your business services. Let's see how to do it.
BY Akshay Arora
Feature Writer, BusinessEx
Nov 16,2017

Social media marketing and the content market is a well-known opportunity that businesses using to promote their offerings on a large scale. The major drawback in India is that businesses are not utilising this opportunity to full potential. The problem is that small businessman still thinks twice to promote their business online. For instance, a bakery shop posted on Facebook and Instagram that they have different varieties of designed cakes and shared the location, and then what happened is that business got the attention of a lot of consumers and now has expanded from one retail shop to four retail shops.

Social media has garnered a lot of people to explore new opportunities available. A new marketing technique took birth from social media marketing i.e. influence marketing. Businesses have started to put more focus on influencers rather than targeted customers as they contact influencers on social media to promote their brand so that their sales could increase and in exchange influencers get paid. Word of mouth is also a part of influencer marketing.

Influence marketing example: Suppose a person named x has the huge number of followers on Instagram, Snapchat, and Facebook-like social media handles, then big brands contact him to use their products and create a video to upload on social media platforms so that his followers will also buy the products. Similarly, big brands endorsing celebrities services to market. This is a bit costlier than pop ads marketing approach but it is more efficient as well.

Steps to do Influencer Marketing:

  1. You will need to find influencers and prepare a list and rate them accordingly so that the best influencer is on the top. But be aware of fake influencers.
  2. Then you need to contact the influencers and make them aware of your brand, its offerings and how will he/she be benefitted from the promotion.
  3. If he/she accepts the offer, then you should provide information to the influencer about your target market and the way you want to promote your brand.
  4. Then promote your brand with the help of influencers on appropriate social media platforms to target your business consumer market.
  5. In the last step, you will need to measure your results and keep a track of customers engaging through the marketing technique. It is crucial to carry on the services of influencer.

Current Trends:

These are some current trends in influencer marketing industry globally.

  • 71 per cent consumers search for a reference on social media and then made the transactions.
  • Over 86 per cent women buy products after referring online portals and ratings.
  • Word-of-mouth which is a part of influencer marketing is the major source of attracting customers with over 37 per cent, as per Deloitte research.
  • 78 per cent of YouTube users trust influencers rather than celebrities.
  • According to a research report, US-based influencers has rated Facebook as the best platform while Instagram as the second best.
  • It is projected that businesses made six times the investment they make in marketing.

Conclusion:

Bringing innovation and change in business activities is essential in the present scenario. The new technological upgrades, digital marketing techniques, innovation in business activities, etc are necessary to adopt. With time the business also needs to explore more new opportunities that are available in the economy so that the business could survive in this fierce competition. Influencer marketing is a much easier form of strategy that small businessman can also explore.

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