In today’s society, social media is a booming industry. Screen times are increasing, technology is becoming more addicting- and it’s not because we’re all just bored and looking for entertainment online. Because so many people are spending so much time on their devices, companies and brands are using this as an opportunity to promote their products- but through a recent popular strategy: Influencer Marketing. As an almost $17 billion industry, society is becoming more aware of both the influencer and brand side and wants in on all the fun that comes with it.
Influencer marketing is the relationship between a brand and the influencer. The influencer then uses their platforms to promote the brand’s product or service. This may sound like just paying a celebrity to promote products, but influencer marketing uses specific people with a targeted following.
Influencer marketing is so important now because it solves a lot of the problems that brands had in terms of marketing their products. First, with this strategy, brands are able to find influencers with a pre-crafted niche following and use them to advertise directly to its target audience. Second, brands are able to establish trust with their audience. Nowadays, it’s hard to not question if what you’re buying online is going to be worth it. In that case, it would make sense to go and look at the product reviews. Well, that’s basically what these influencers are. Trusted reviewers. And if they like it, their audience is likely to want it too.
The influencer marketing industry is rapidly growing. In 2016, the market started out to be worth $1.7 billion to $9.7 billion in 2020. Last year, the industry grew to $13.8 billion and this year, the industry is projected to reach $16.4 billion. The industry is obviously constantly growing and is proving to be one of the most effective marketing strategies out there.
Since the COVID-19 pandemic, we’ve seen the growth of TikTok throughout all of the social media platforms. The whole world was essentially isolated from each other, and so we turned to connecting through short videos. TikTok wasn’t just your average short video platform however, but instead it became the headquarters of advice, tips, recipes, reviews, funny videos, sad videos, and so much more. Companies saw this opportunity, took it and flew. So many influencers were born, niche audiences were forming, and brands (as well as their influencers) started making more money.
If there is anything you take away from anything you’ve read right now, it’s this: Influencer Marketing is the future of all marketing. If you feel like this is something you want to do- go for it. There is never going to be enough influencers and brands are always going to be looking for fresh content and good advertising. This industry is only going to keep growing from here, so jump in while it’s hot off the press.