The year 2020 has proved to be a precarious year in every facet. With the devastating covid outbreak affecting the people worldwide, it has given a major blow for the economy and every individual. And businesses are not untapped by this. So, with its emergence marketers are facing a deluge of challenges. But as it’s said there is no problem which doesn’t have a solution. The trend of staying at home and still marketing the products was a curveball for marketers. So this gave a boost to the emergence of one of the most persuasive way of marketing the products and services “Influencer Marketing”.
Influencers are such people who have generated a good following over social media and in this way they endorse different products as people tend to follow their recommendations. According to the Business Insider Intelligence report, the influencer market is about to grow double from $8billion in 2019 to $15 billion by 2022.
The trend shows that influencer marketing is booming right now and going to sprout leaps and bounds. Additionally, Influencer marketing is likely to generate better ROI than other channels.
Influencers can impact a great chunk of the masses and their purchasing decisions. According to a report by Talkwalker, 82% of women first surf social media before making a buying decision. The reasons that gave a push to influencers in the market are not only because customers follow and get affected by them but also they have become smart enough and research the things before buying.
As marketing guru Seth Godin says –
“People do not buy goods and services. They buy relations, stories, and magic.”
Bringing these lines into existence, the content created by various influencers along their niches includes aesthetically pleasing and creative content that grab the attention of followers. They aim to narrate different brand stories interactively hence reaching a wider audience. People from various localities prefer to follow the native influencer instead of following celebrities for the same. This has given a boost to even micro and nano influencers who don’t have mega followers but stronger engagements in their niche. Let’s jump onto the factors behind propelling the influencers market in 2020 –
- Increasing usage of social media –
With the ever-increasing usage of social media platforms especially during the covid outbreak, the screen time of the audience has fuelled. This has given larger engagement on platforms like Instagram, Facebook, etc. and this has widened the audience coverage. Influencers taking this advantage shared the maximum of their content that kept the audience engaged.
- Growth in content-based marketing –
Today the audience being smart knows which brand is providing value to them along with products and which is just selling. This is the best way for advertisers to contact such influencers who are creating good content and providing a message to the audience hence improving the brand image.
- Trust on influencers –
It is seen that 49% of consumers depend on recommendations of influencers. And social media influencers build a very loyal audience. Their genuineness and authenticity are what consumers look for and they get easily attracted by an influencer who can resonate with their needs.
- Consumer-centric marketing –
The business has drifted a bit from not just making profits but providing value to the customers. Today, influencer marketing campaigns are designed to not only increase brand awareness and sales but also explaining how the product/service will add value to their life. And this is the key to make the most out of it.
These major factors lead to the expansion of influencer marketing in 2020 and seeing these trends can be easily envisioned that it not merely has changed the marketing tactics but also will continue in the coming years as the world has become digital and people are more powered.