Growing Importance of Influencer Marketing & How it Helps to Achieve Target AudienceDCI
Studies continue to show that word of mouth is a powerful tool, so powerful in fact, that it has the ability to generate twice as much revenue as paid advertisements. Building on that same idea, the customers attained through word of mouth advertising have a 37% retention rate. This is proof positive that influencer marketing works powerfully. Credibility continues to surface in research study after study revealing that people are motivated by people, and the more credible and authoritative the source the more powerful the influence is. This speaks volumes in terms of the opportunity available to businesses who want to get a piece of this action. This is the type of marketing that targets individuals who have the ability to influence potential buyers. Influencer marketing is a savvy way to bolster and build brand recognition and credibility.
Influence = Audience Reach
When a brand is looking for an influencer, there are key characteristics that they look for. For example, a potential influencer is someone who has a relatively large social media following. If a brand can work with an influencer with a large following, they stand to inherit the same followers. However, it takes more than a large following to be an effective influencer. It takes a certain level of knowledge, credibility, and expertise on a particular subject matter that must have relevance to the brand.
The Relationship Between the Influencer & the Brand
When a loyal following is joined with credibility and expertise, you have a marriage made in heaven and the ability to heavily influence buying patterns and trends. Influencer marketing is about relationships; the relationship between the influencer and the brand as well as the influencer and their following. When an influencer is able to lend credibility to a brand, both the brand and the influencer grow in credibility and in popularity.
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The Power of the Influencer
Surprisingly enough, influencers are not necessarily celebrities or well-known people. Sometimes an influencer may be a person who is well-known only within a certain niche and may not be well-known at all outside of that particular niche. If a brand has heavy relevance in a particular niche, the influencer has the ability to draw more loyalty and followers to the brand. Regardless of whether this influencer is well-known or not, they have the ability to have a powerful impact on a brand based on their relevance, credibility, and their intact following. This type of person can be a huge untapped resource to the brand. The connection can be both powerful and long-lasting, bringing more exposure and credibility to your brand.
Simply stated, people trust people. Many brands are beginning to tap into this powerful resource. Credible authoritative people have the power to positively promote a brand far better than any paid advertisement can. It’s a proven fact that most people seek referrals from people they know and trust, proving overwhelmingly that the power of influencer marketing is both real, powerful and worth utilizing to grow your brand.