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Global Marketing

The Rise of Influencer Marketing

As social media grows in popularity across the world, so have the presence of social media “influencers,” and chances are you may even follow some yourself. Influencers are individuals who have essentially established credibility in a specific area or industry through their social media platforms. To be successful they need to have access to an audience of followers. 

Not only do more and more people appreciate what an influencer does these days, but a majority of social media consumers actually want to become influencers themselves. They seem to have it all– gifted products, recognition, compensation for living their everyday lives, and access to exclusive events. 

Many brands have begun to utilize social media influencers as key contributors in their strategic marketing campaigns. Often, these companies send influencers free products or take them on sponsored trips, and in exchange the influencer posts about it to their followers, thus “influencing” them to buy the products as well. 

One example of a company that has grown tremendously solely from the use of influencer marketing is Revolve, an online clothing retailer. This brand sends thousands of influencers, both with big and small followings, free clothing, and luxury trips. At present, the social media marketing of Revolve is a business unto itself. It has poured money into the influencer marketing budget, accruing an enormous roster of 3,500 influencers who collectively drive an estimated 70% of sales for the company, despite only making up a very reasonable 25% of its annual marketing budget.

According to a recent survey by IZEA Worldwide, many social media consumers actually see the benefits of influencers with 56% of respondents saying they made a purchase based on a sponsored/paid social media post from an influencer.

Additionally, 63% said they find the content created by such influencers to actually be more compelling than traditional advertising. That could explain why 67% of social media consumers even said they'd like to be a paid social media influencer for their favorite product or brand.

So what does this mean for businesses? In today’s digital world, social content creators with niche audiences can often offer more value to brands. These influencers have dedicated and engaged groups of followers on social media. Influencer marketing employs leading, niche content creators to improve brand awareness, increase traffic, and drive messages to brands' target audiences. It's this collaboration between brands and creators that allows businesses to expand their reach across their buyer personas.

References

Revolve Influencer Marketing: How the brand got a $1.2B valuation. Mediakix. (2020, March 31). Retrieved April 19, 2022, from https://mediakix.com/blog/revolve-influencer-marketing-ipo/ 

Suciu, P. (2021, December 10). Is being a social media influencer a real career? Forbes. Retrieved April 19, 2022, from https://www.forbes.com/sites/petersuciu/2020/02/14/is-being-a-social-media-influencer-a-real-career/?sh=2cc3ef25195d 

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