Influencer marketing has been around for the best part of a decade now and initially, it wasn’t clear how big of an impact it was going to have on both brands and consumers. Looking back, it’s hard to believe it would be as successful and beneficial as it is now. Today, it is an industry valued in the billions, growing by 83% in 2019. Influencer marketing is now a tool that almost every brand and business is utilising to increase brand awareness, create engaging content, and get their product seen by their target audience. With so many brands now tapping in to this trend and creating dedicating strategies just to influencer marketing – it’s no surprise that it’s started to grown up. Here’s some reasons why:
Influencer marketing regulations must be followed
In a 2018 poll, it was revealed that a staggering 71% of UK consumers wrongly believed there was no regulation in place for influencer marketers. This is a common misconception. There are a number of regulations in place set out by the ASA, (Advertising Standards Authority), that influencers must adhere to such as; telling followers when they have been paid or loaned a product by using ‘#Ad’ clearly on the post and being honest about their relationship with the brand they are promoting. Essentially, if an item has been gifted or some form of payment has been received – this must be disclosed. With all this in place, it makes influencer marketing a much more reputable and reliable method of advertising than it was initially given credit for. It’s really important to remember that it’s just as much the brands responsibility as the influencers to ensure that these guidelines are followed as there can be consequences from the ASA if not.
Social media influencers are growing rapidly
The number of marketers now utilising influencer marketing has grown significantly with a 2019 survey finding 93% are using influencer marketing to some degree. On top of this, there is estimated to be around half a million influencers on Instagram alone, with 81% of them having between 15,000 and 100,000 followers. Working with an influencer who has an audience of this size is a really effective way to reach a much larger number of people that otherwise may not engage with your brand. Arguably, promotion via an influencer is a great way to get through to consumers, as they have an established audience who trust and value their opinions. Because of this, unlike traditional advertising methods, there is an increased interest level and engagement that comes with an influencer’s audience – typically a consumer will pay attention to an influencer who they have chosen to follow. Consumers value influencer marketing as they trust the opinions of those that they follow and admire
Influencer marketing is authentic and trusted by consumers
Partly due to the increased regulation, influencer marketing is now seen as a trustworthy and authentic method of advertising that consumers really value. They feel like they can relate to the influencer and trust them with their opinions on everything including products, restaurants and travel destinations. Influencers are seen as somewhat aspirational and people admire them, meaning that they are likely to want to try the products they are promoting. It’s also really easy to detect fraud when it comes to influencer marketing. It’s quite clear to tell who’s genuine and who’s fake through simple means such as a verified account, the nature of the comments on the posts and spam like content. This again reinforces the trust between them and the consumer.
Profitability is a clear reason that influencer marketing has grown up
With newspapers and magazines now mostly available online, print media has slowly declined, leading marketers to internet-based advertising. However, this is not an easy solution that some may perceive it to be. The internet can be a very crowded market and a well thought out, carefully constructed approach is needed to cut through the noise. This is where influencer marketing has flourished as it’s a really effective way to get a brands message across to an engaged and interested audience. This year, the industry is estimated to grow to £7.5 Billion, proving that it is an industry that has to be taken seriously and is worth investing in to grow and develop your brand. At Prohibition, we work with a wide variety of brands in B2B and B2C sectors on their influencer marketing, helping get their product/service seen and engaged with by their target audience. Get in touch today and find out how we can help you! Call us on 0113 430 4160 or drop us an email: firstname.lastname@example.org.