Influencer marketing is now a traditional form of online marketing. It has been a camber for a while now, the streaming media regularly refers to it. But, there exist still many people who don’t understand what influencer marketing is. Also, some people come across the phrase for the first time and instantly reflect.
Influencer Marketing is now a well established and profitable field with hundreds of articles explaining the intricacies of influencer marketing, along with digital marketing or online marketing.
What are influencers?
Influencer Marketing is a composite of old and new marketing techniques. It took the idea of celebrity endorsement and placing it into any content-driven marketing campaign. The main difference is that the results of the campaign are collaborations between brands and influencers. But today influencer marketing doesn’t just involve celebrities. Instead of it revolves around influencers, many of whom would never consider themselves famous in an offline setting.
What is Influencer Marketing?
Influencer marketing involves a brand collaborating with an online or new famous influencer to market their products. Some influencer marketing collaborations are less tangible than that as brands simply work with influencers to improve brand recognition.
An early instance of influencer marketing involved Allen Solly launched their campaign, #ShootForSolly to promote their Allen Solly Chinos collection. The objective was to attract young consumers and portray Chinos as an alternative to jeans and as a crossover between work & social. The company paired 11 known personalities from different walks of life with 11 photographers in a one day shoot that was styled, planned, and executed between the ‘model’ and the photographer. These 22 participants created a buzz on social media. The hashtag reached 73,493 people and generated about 712,203 impressions. On Facebook, the hashtag had 1,16,279 unique engaged users with 28,69,430 as total reach and 32,71,202 total impressions.
Brands working with influencers have fallen by 37% and its efficiency fell by 41% as budgets face further cuts amid the Covid-19 pandemic.
With budgets still under a squeeze, brand marketers are making sure each penny is being spent wisely. Socialbakers’ latest State of Influencer Marketing report lays bare the impact of COVID-19 on influencer marketing over the last three months.
- Brands on Instagram working with influencers dropped by 37% in April 2020 compared to last year, while Instagram influencers using #ad decreased by 30%
- Influencer marketing efficiency fell by 40%
- Partnerships with micro-influencers (>10,000) grew hugely in 2020, as brands created less costly campaigns
- Pretty Little Thing, Boots, and Sainsbury’s ranked top for influencer use in the UK
- Influencer marketing is most effective for extra small brands, with less than 10,000 followers, and least effective for extra-large brands with over 1,000,000 followers
“Despite the economic impact of COVID-19, brands are still investing in influencer marketing to reach their target audiences, but with a distinctly different approach,” said Yuval Ben-Itzhak, CEO, Socialbakers. “Influencers are now seen as high-value resources, bringing high impact without the big price tag of mega influencers. As budgets remain tight, savvy brands will likely continue to expand partnerships with these smaller influencers as part of a smarter social media strategy in the wake of the continuing worldwide pandemic.”
Contributed By- Abhishek Kumar, Content Writer @ Mitti Ke Rang
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