Transitions have become an integral part of our lives and workplaces over time. As we enter the new era, one fact that will remain constant is that our lives will become increasingly digital. An influencer has emerged as the crown jewel of the digital marketing world in this scenario. Influencer marketing, which continues to dominate digital marketing plans, would play a significant role in this. We may live in the metaverse, but the real influencers whose lives we follow are the ones who force us to make difficult decisions about where we spend our money.
Influencers create content that marketers seek as the panacea for standout success. Influencers’ influence and reach have grown over time. As brands attempt to engage consumers through influencers. According to Statista, the value of influencer marketing in India will be 9 billion rupees in 2021. The report also stated that the industry’s growth in the coming years will gain traction and is expected to reach Rs. 22 billion in 2025, with a CAGR of 25% between 2021 and 2025. As a result, influencer marketing is one of the marketing categories that has evolved as one of the most significant tool for the brand to combat the inflation that has occurred over time.
Ways to Combat Inflation
Influencer marketing is a cutting-edge and highly effective method of promotion. It is one of the most efficient methods of increasing your web visibility. The method can leverage the reach of the current market leader, which has a strong brand reputation and a significant following. By collaborating with a trustworthy influencer, the brand may connect with its target audience while also increasing trust and brand awareness.
It is one of the cost-effective options for brands. Brands have the levy to decide how much they want to invest in an activity with influencers based on the campaign’s objectives and CTA. According to one study, 66 percent of consumers stop purchasing from a brand that violates their trust. Influencers can increase brand loyalty by discussing it. They not only raise brand awareness but also contribute to the brand’s ethos, which benefits the brand in the long run in terms of ROI and retention. Influencer marketing stands as an active tactic for the brand to combat inflation, and when used correctly, it will strengthen the brand.
Here are five plans of action for brands to use influence marketing to their advantage
As the marketing sector has evolved over the last decades. The industry evolves, and new technologies take over, giving rise to one of the most common debates among marketers. Traditionally, non-internet-based mediums for advertising such as newspapers, billboards, SMS, calling, direct selling, or pamphlets and fliers were used, which directly affect the brand’s budget. However, with the influencer marketing brand, you can save a lot of money during inflation, and influencers generally charge a flat fee for each post created. You may even be able to get something posted for the cost of a product or service. Affiliate links and promotional codes that result in direct commissions are also options for compensating influencers.
While there are numerous ways to compensate an influencer, the most common are either fixed compensation or payment for actual conversion. In other words, you don’t usually pay for every visitor to your website. Furthermore, when social media posts are shared, they can reach influencers outside the influencer’s normal sphere of influence, as well as other types of influencers and their audiences. Thus, it is one of the most cost-effective marketing methods for businesses all over the world.
Enhanced Brand Awareness
Brand awareness is essential for breaking into the market. Therefore, the brand can achieve it through effective influencer marketing. Influencer marketing, which makes use of influencers, can significantly increase online reach and positioning. With the changing times, people want to know the brand’s story, mission, and vision, as well as how they can stand out in the market with their solutions and offers. The key to maximizing influencer strategy is to provide valuable content that enhances their social media presence while ensuring value on both sides.
Every business’s monarch is the customer. Almost every brand follows a customer-centric strategy. However, it becomes difficult to retain existing customers during an inflationary period, especially for name brands competing in price wars with store brands. Influencer marketing enables marketers to reach a wide range of focused audiences by utilizing the personalized, relevant information that today’s customers respond. Because their marketing is not like traditional marketing, they have the ability to flip the script by reaching out to geo-targeted clients with a variety of content. As a result, influencer marketing allows for a makeover with a purpose in mind to reach out to customers.
Marketing with fresh content
Although marketers are generally creative individuals, it can be difficult at times to get into the head of the target audience. Not only that, but it’s easy to get trapped in a rut and be scared to attempt new things, even when necessary. Nobody doubts the importance of a brand voice. Not at all. But there is freedom within those constraints. Influencers, in particular, create material for your brand with no work on your part. Typically, the content is developed in the influencer’s distinct style, letting their audience experience your business in a new light. Reaching out to local, regional, and national audiences with a range of bespoke content is something that never gets old.
Partnership with the right Influencers
Influencers can assist brands with some of their more difficult communication goals. Price increase is a known difficulty that cannot always be avoided. Brand may disseminate information about price changes with authenticity and honesty by working with the right influencers. Influencers can explain the real reasons for a price increase, and assist in providing a believable rationale that audiences can understand.
Some brands use influencers to tell their story in a compelling customer-centric way. Furthermore, some brands choose to confront inflation directly in their content, but this tactic is fraught with danger. In early 2020, consumers grew bored with repetitive commercials, and the traditional message concerning inflation is unlikely to connect. Thus, consider utilizing influencers to provide actual brand experiences that real people can relate. Today’s creators cover every social platform, audience size, and specialized interest, providing a wide range of beneficial partnership opportunities for businesses of all sizes.
Effective tactic for the future
As we are proceeding toward a new era, brands are looking to expand their marketing reach. Therefore, nothing beats the effectiveness of influencer marketing. With the changing landscape, influencers have emerged as the most trusted way of advertising a product.. In addition, they raise brand awareness, gain loyalty, and so on for the brand. In a nutshell, as inflation continues to have an impact on both brands and customers, influencer marketing provides numerous advantages over other marketing activities.
Views expressed are personal.