Influencer marketing involves marketing products and services to those who have a sway over the things other people buy. This market influence typically stems from an individual’s expertise, popularity, or reputation. Marketing to an audience of influencers is similar to word of mouth marketing, but it doesn’t rely strictly on explicit recommendations.
The tools are YouTube and Twitch, but also Twitter, Instagram, Vine, Pinterest and of course Facebook. There are 50,000 creators out there on YouTube with over 10,000 followers. A sheer flood of content out there makes it difficult to have an impact. 500 million tweets each day. 100 hours of video posted to YouTube every minute. More than 1 billion unique users visit YouTube each month In comparison CBS had 35 million unique viewers last month This year users spend more time with digital than TV, for the first time ever.
But it is difficult for brands as there’s no central location for influencer marketing. So Companies have to talk to everybody and connect the dots for different opportunities by themselves.
Many marketers are still uncertain about how Influence Marketing should be determined. A common misconception was to measure the influence of a person by looking at his or her social scoring. But now a recent study found that social scoring isn’t the future of influencer marketing. There are other important factors influencing potential customers when engaged with an influencer, for example:
- Situational factors – what’s affecting someone’s decision-making at any given time?
- Peer factors – who offers the most influence based on where you are in that decision-making process?
- Financial – can you afford to buy, or are you more logical and prudent with your money?
- Emotional – tied into the financial factor, does emotion for a product override common sense, logic and lack of funds?
- Familial factors – who’s the decision-maker in the family and how does this impact a brand message being accepted?
So why is Influencer Marketing not that well known?
If influencer marketing is that effective, why aren’t more marketing plans including budget for that? There are several reasons. Part of it is technical, with a lack of really good ways to use it simply, and part of it is awareness. Other forms of marketing have been around long enough that the process is easy. You want a print? No problem, the entire process from ad creation to placement is straightforward and easy to implement. Same with a TV commercial – everyone in the business knows how that process works. but how do you get an influencer campaign going? Who do you call, or where do you start, or how long will it take or how much will it cost…
Services are still developing to help with all those questions for influencer marketing campaigns, and already there are people who have ready answers to all of those questions. It’s just not widespread yet, and the rapid development of influencer marketing is part of the problem. There just hasn’t been time enough to get the word out about it, and for marketers everywhere to know how it works. If you haven’t looked closely in the last year, the changes have been astounding. There will be tremendous growth in this area as services continue to develop and makes themselves known to marketers.