Recent studies have shown that Gen-Zers trust what other people have to say as opposed to corporations or advertising which may be perceived as biased or a marketing ploy. This was backed up from a research carried out by ‘Think with google’ which showed that 70% of teens trust influencers more than the brand trying to promote itself or using celebrities. Hence why brands are pivoting marketing strategies towards using influencers to speak on their behalf and deliver the message they want people to hear and trust.
For this reason, influencer marketing has become such a powerful and effective marketing strategy over others such as paid television, magazine and newspaper ads or celebrity endorsements.
The most important part about creating an impactful marketing strategy within your business lies in firstly understanding the power your consumers have in today's market and establishing a relationship with them in order to build loyalty for the future.
Based on millennial marketing research, Gen-Zers are on track to becoming the largest generation of consumers in the next couple of years. They already represent up to $143 billion in buying power, their purchase decisions are usually inspired by their peers, ratings or reviews which is largely due to their extreme connectivity to social media.
Latest research highlights the need for businesses to digress away from the conventional and traditional methods of marketing and adopting a new modernised, innovative and customer-focused approach.
Word of mouth is a key driver of purchasing decisions among all generations, but especially popular amongst Gen-Z.
40 percent of people say they have purchased a product online as a result of seeing it being used by an influencer on social media.
Influencer marketing provides an opportunity for companies to leverage the power of social proof, all the while relying on those who already have a large following. So, what is this new phenomenon behind influencer marketing? Influencer marketing is the process of identifying, researching, engaging and supporting the people who create high-impact conversations with your customers or in other words, using key brand advocates to drive your message to the larger market in an organic way, these people are known as influencers. Influencers are those with large social followings who have the power to affect the purchase decisions of others as they possess a social influence in the respective field.
They build their following through active engagement with their audience. It is important to note that these individuals are not simply marketing tools, but rather social relationship assets with which brands can collaborate to achieve their marketing objectives. Rather than marketing directly to a large group of consumers, you instead pay influencers to get out the word for you.
What makes this approach more effective than traditional methods? Influencer marketing offers brands the potential to unify their marketing, PR, sales, product, digital marketing, and social media through powerful and relevant relationship-based communication.
71 percent of marketers believe that an ongoing partnership with an influencer is most effective in influencer marketing.
Whether an influencer’s audience is small or large, an influencer can reach consumers via their blogs and social networks that your brand may not be able to. Consumers expect brands to bring the conversation to them, so influencers hold more power than ever before. By partnering with the right influencers, brands can create conversations that relate to their target audience, drives awareness, cultivates an audience, and bolsters owned media over time.
It’s not always about looking for the influencer with the largest following hence the importance for brands to partner with influencers that would be in alignment with their brands ethos and properly represent the core values of the company. And also evaluating the influencer’s target audience alignment before partnering up.