How Powerful Of A Role Do Influencers Have In Impacting A Brand’s Marketing

The term influencer is commonly used in today’s era. Social media is filled with good-looking, energetic, and hardworking individuals with huge fan followings. And there must be some reason businesses are targeting these people for effective marketing.

This year’s global influencer report is out and it proves how marketing investments for influencers are expected to rise further. We’re talking about a huge $5 billion increase in the US alone by 2023.

A recent survey was conducted by Traackr where around 1,000 respondents were taken from Gen Z while another 1,000 hailed from Millenials. The whole purpose was to assess how powerful of a role influencers play for a business and how they can ultimately motivate buyers to make purchasing decisions.

The power of social media platforms and their effect on consumers

With time, we’re seeing more and more social media apps arise, not to mention the already well-established ones making so many people addicted to their features. The arrival of these platforms has greatly benefited both brands and influencers.

But which platform reigns supreme? According to the survey, YouTube stood in the first position, beating out all others. On average, people claim to have used the app more frequently than any other, followed by Instagram in second place. Facebook bagged the third position and in fourth place came TikTok.

Snapchat was next, closely followed by Reddit and Pinterest tying for the sixth position. And it was Twitter that ranked last.

But in terms of advertising, 68% of brands would prefer Facebook, then Instagram, and finally YouTube. As you can see, the difference between the lists is huge and that has to do with the evolution of platforms.

Videos are taking over the market

Users were asked about which type of content formats they feel the most comfortable with or the one that they’re willing to engage with more frequently than others. And the award for the best content choice was videos, clearly showing why YouTube is the most popular platform.

There was a time when Instagram was famous for images but today, it’s loved for Reels. And then there’s TikTok whose short video formats are adored by all.

The surveys showed how the younger generation was more inclined to engage with live streams, reels, and videos while the millennials were gravitating toward written posts or pictures.

Social media and eCommerce - a trend that’s really going places

Gone are the days when social media was solely a place to engage with images and videos or to stay informed about the latest trends in the market. Today, it’s all about eCommerce and the rising demand for new places to shop online.

Meta was ranked as consumers’ most popular place for making purchases while browsing through news feeds where more than 50% of respondents claim they would follow a brand for better deals or shopping recommendations. But surprisingly, Pinterest was the least popular place to shop and Facebook and Instagram were the most popular.

As far as products are concerned, users were most interested in fashion and lifestyle while health and wellness scored the least.

Can influencers really make people purchase products?

On average, 70% of respondents felt they would be more motivated to buy a particular product if it was endorsed by a trustworthy influencer. And that’s why more and more brands are taking such people on board to market their goods and services. This is proved by Traackr showing how the amount of sponsored posts were raised by 23%.

But at the same time, consumers felt that product quality, how sustainable an item was, and its costs also mattered big time.

The rise of influencer marketing programs

Now that we know how pivotal of a role influencers play in today’s day and age, brands were studied to see how long they’ve worked with influencers and how much they were willing to spend.

On average, most brands claim to be working with them for the past 1 to 4 years. And the number of funds allocated varied from $50 to 200K but again, that totally depended on the brand itself.

Above all, 82% of brands somewhat felt their sales have been boosted thanks to influencer programs while 55% strongly supported how big of a difference influencers make to their business.

As you can see, brands aren’t underestimating the power of influencers and we feel neither should you!

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