The importance of marketing in business growth is paramount. Irrespective of the industry or target audience, marketing is essential to promote a product. However, market trends keep on changing, just like business trends. Before the social media age, newspapers, magazines, pamphlets, and TV advertisements were aggressively used for marketing a product. But the rise of social media has made marketing more convenient. Nowadays, companies prefer influencer marketing over traditional marketing. Influencers are social media accounts with huge followings that promote your products for monetary benefits. Since they have a huge follower base, there are several ways influencers can accelerate your business growth.
How Important Is Influencer Marketing
There has been a steady rise in the number of marketers who use influencer marketing as a tool. In comparison to around 55% of marketers leveraging influencer marketing in 2019, over 72% do it in 2022. More than 50% of customers discover news brands on social media or through word-of-mouth. Influencer marketing ticks both categories. Given the size of social media users globally, nearly 90% of consumers engage with influencers of various platforms on a weekly basis. All these stats tell us about the rising prominence of social media influencers globally. The availability of so many platforms gives companies the flexibility to target different types of audiences on different platforms. This explains how conveniently influencers can accelerate your business growth.
How Influencers Accelerate Your Business Growth
- Improving Brand Awareness: Influencers on social media have thousands of followers. They are influenced by activities these influencers share on their profile. Nearly 50% of consumers discover new brands on social media. As the internet becomes more accessible and online trade becomes the norm, this percentage is only going to increase. Influencers have a knack for promoting new brands through engaging content. Hiring influencers can help you in making your brand popular in record time.
- Establishing Brand Authority: Winning the trust of customers is the key to establishing brand authority. Nearly 40% of Twitter users make purchases after engaging with influencer content. If you are a new brand struggling to build a customer base, collaborating with influencers can help you win the trust of potential customers. Retaining old customers is always easier than building new ones. Hence, establishing brand authority is critical to having a loyal customer base. By assisting in establishing brand authority, influencers can easily accelerate your business growth.
- Increased Visibility: Many times, brands fail to achieve the expected sales figures despite having extremely good quality products. Lack of visibility is a key reason behind this. Especially for online businesses, promoting products on social media on their own is a tough task. Moreover, there is no guarantee of lead conversion. Instead of promoting the product on your own, you can outsource the task to popular influencers. One viral post from an influencer can help you get the desired visibility. Moreover, influencers have a user base with diverse interests. Collaborating with them gives you access to hundreds and thousands of potential customers.
- Access To The Millenial Market: The fact that millennials account for a substantial portion of the digital market is a no-brainer. They dominate the social media space and are highly active there. Quirky posts on Instagram, Facebook, and Twitter can easily help you reach out to the millennial market. Influencers understand the type of content millennials consume. Collaborating with influencers can help you understand the buying interest of the new generation. Also, millennials are likely to purchase from you for a longer period. Most of them are first-time buyers. Targeting them when they are yet to set preferences in terms of brands is always going to help in building a loyal customer base.
- Setting Trends: You can never count out the first-mover advantage. Irrespective of the industry, being a first is always going to help you position yourself as a pioneer or a trendsetter. In the age of digital media, trends matter a lot. Bitcoin is synonymous with crypto for many because it was the first to come into existence. If you have a unique product, it is wise to collaborate with influencers and make it viral before someone else copies your idea. Setting trends can not only help you in establishing brand authority but also in building a loyal customer base.
Conclusion
We are living in the age of digital media, and having a strong social media presence is a necessity. On average, an adult spends over 95 minutes on different social media platforms. There are close to 4 billion social media users globally. Hence, when you collaborate with influencers, you are saying yes to the opportunity of making it to the feeds of these 4 billion users. Since nearly 50% of consumers make purchase decisions after engaging with influencer content, the opportunity is too enormous to ignore. These stats show how influencers can help you accelerate your business growth. Marketers across the globe are using influencer marketing as an effective tactic. Collaborating with some top influencers can certainly accelerate your business growth.