Influencer marketing has been undervalued for one obvious reason - it just takes too much time to get it started because it has been vague due to human limitation.
Case in point: When was the last time you heard friends around you say "We paid bloggers, instagrammers, and youtubers but we are not sure what to measure and the expected outcome."
For agencies, since most work done on influencer marketing are non-billable hours, it's not worth the effort at times when margins are low.
But here's the dilemma...
As the world has shifted to social media, consumers look at fellow consumers to inform their purchasing decisions. Instead of looking at companies, as they did in the past, they now look at each other and at their favorite personalities, who are consolidating massive followings on YouTube, Instagram, Pinterest, and other platforms.
such dilemma need not be there with platforms like CatJira, here's 10 reasons why influencer marketing's value is not to be overlooked.
1. It's more powerful than Power Rangers
There are few things that drive a sale more effectively than a warm word-of-mouth recommendation. A study by McKinsey found that “marketing-induced consumer-to-consumer word of mouth generates more than twice the sales of paid advertising.” And of those that were acquired through word-of-mouth had a 37 percent higher retention rate.Influencer marketing presents a glaring opportunity for brands to leverage the power of word-of-mouth at scale through personalities that consumers already follow and admire.
2. It's social that even we Facebook, and Instagram everything
It’s no secret – the world has shifted to social media. It’s time for your business to follow suit.
A 2015 report from Salesforce found that 70 percent of brands are increasing their social media spend in .Social media isn’t just an alternative to traditional media—it’s turning the traditional model on its head.
Traditionally, consumers made purchasing decisions based on the advertisements that they saw or heard. Today, it’s easier to connect with other consumers via social media and make better purchasing decisions by learning about their experiences with a product or service. You Facebook products before buying them - you're lying if you say you don't.
People expect brands to talk with them rather than at them. They no longer expect brands to sell to them, but to entertain and inform them.
In this new paradigm, influencers are a force to be reckoned with. Brands can strategically partner with the right personalities to spark organic conversations and seduce their followers.
3. It's sexy -
When 50 influencers posted an Instagram picture of themselves wearing the same Lord & Taylor dress, on the same day, they told the Instagram fashion niche that the dress was a must-have article to be in the in-crowd. The dress sold out the following weekend.
Working with influencers and tastemakers will communicate to the market that your brand may very well be the next big thing. In addition, you can repurpose the content they create to impress your existing customers.
4. Everybody is talking about it
From Forbes to Jay Baer, influencer marketing is reaching the lips of reporters and thought leaders across the globe.A look at Google Trends illustrates the burgeoning growth of influencer marketing.
Google classifies the keyword as a “Breakout,” meaning that the keyword is experiencing growth greater than 5000 percent.
5. It's an arbitrage
An arbitrage exists when something is selling for cheaper than it is actually worth. In CatJira, cost per engagement measured went as low as USD 0.03 for some campaigns.
If you purchase this good, you will get a discounted price since the good’s real value is greater than its market price. The difference between the good’s market price and real value is your profit. In short, it is an opportunity to make big profits with a small effort.
Arbitrages are common in advertising. For instance, when Facebook first launched its ad network, early adopters reaped record returns on investments (ROIs) because nobody else was competing for the ad-space. However, as Facebook became more popular, more marketers started bidding for ad-space, driving the prices up by more than 335 percent in 2014 and evaporating everybody’s ROI.The arbitrage “closed.”
6. Consumers Are Tired Of Paid Ads
Brands are spending so much money in ads that we got tired of ads. When was the last time you clicked on an ad?
In fact, we see so many that we’re unconsciously tuning them out, a phenomenon called “banner blindness”.
Infolinks, a digital advertising platform, found that only 14 percent of their respondents could remember the last ad they saw and identify what was being promoted. With all of the advertising interrupting them, it’s no surprise that people love products like AdBlock, Netflix, and Spotify Premium that take ads out of traditionally ad-saturated media experiences.
7. It’s Native Advertising
In contrast to traditional advertising, which interrupts the consumer experience, native advertising places brands and products within the organic content, creating a more pleasurable experience for consumers and a more powerful marketing solution for brands. According to MDG Advertising, a full-service advertising agency, 70 percent of internet users want to learn about a product through content rather than through traditional advertising. Another study by Dedicated Media found that purchase intent is 53 percent higher for native ads.
8. It Helps Your SEO
On top of building your brand and improving your sales numbers, influencer marketing also helps your search engine ranking.
According to The Social Media Revolution, user generated social posts account for 25 percent of search results for the world’s top 20 brands. The more people mention your brand on social media, the more popular and relevant you will be on Google.
9. It’s Targetable and Trackable
Decisions without data are like eating in the dark, you paid for it but you don't know what you're eating. For decades, the advertising industry was limited to shooting in the dark, having only access to traditional strategies that yielded murky information about audience reach, sales funnel influence, and branding impact.
The digital world is different. Every website visit, social like, and picture posted online can be stored and analyzed, yielding oceans of data that turns into valuable insights about your target market and your advertising performance.
Our clients used to spent at least 3 hours in gathering data and reports for their influencer marketing. Now, CatJira automates it for them. Which side would you like to be on?
10. There is no 10
We ran our of information to share but 10 seems like a better number than 9, right?
Head to CatJira and see how marketers are using it to improve their influencer marketing campaigns.