Instagram is one of the world’s most visited social media sites, with a whopping 1 billion people using Instagram every month. It only makes sense that as a result, businesses have caught onto how lucrative this platform can be when it comes to getting the most out of their marketing budget. As a result of this newfound potential goldmine for both businesses and influencers alike, influencers have changed the marketing and digital industry for good – and companies have to find a way to adapt in order to benefit from it. We’re going to take a look at how Instagram influencers have changed the marketing and digital industry and what you need to do in order to get the most out of influencer marketing.
In order to capitalize on this lucrative marketing tactic, most companies will not be able to escape increasing their marketing budgets. Effective influencer marketing means paying an influencer that has already put the work into gaining a large following – and they want to get paid well in order to advertise your product on their feed. Although it may seem like a small gesture on their part to post a simple photo and caption, they are putting their hard earned reputation on the line in order to help your business reap the benefits of exposure to potentially hundreds of thousands of new customers.
Spiro Digital explains why influencer marketing has caused a need for an increase in marketing budgets:
“The increased popularity in influencer marketing has created a demand for bigger budgets. According to recent studies, influencer marketing could cost as much as $10 billion by 2020. That means more marketing agencies will be spending more money for platform involvement and social media boosts. What has caused the increased budget? It’s because influencer marketing is working. Since its inception, there have been hundreds of case studies addressing the success of influencer marketing. The increased media attention and case studies will cause budgets to rise.”
There may be a number of reasons why a company has not previously chosen to shift their focus to Instagram after its massive shift into an influencer marketing goldmine. This may be due to industry or the age range of those who are managing the social media accounts. However, with Instagram being one of the most lucrative platforms for influencers to make a large difference in your company’s exposure by simply posting a picture and a caption, it has forced companies to expand their social media platforms.
Vocast.com tells us why influencers have caused businesses to have to shift their focus to platforms they may not have previously considered:
“According to Ismael El Qudsi, CEO at Social Publi, a leading influencer platform in 25 countries, Instagram is the biggest platform for influencer marketing today. Based on a study, 75% of 2,500 influencers ranked the channel as the top platform to carry out their business on. But with a younger generation leading the way on social media, new channels like TikTok and Twitch are emerging. Brands need to know where their audience spends time and who they look to for influence when it comes to promoting new products.”
It cannot be denied that peer to peer reviews are more necessary than ever. It’s rare in this day in age to ignore the reviews on anything before making a purchase. Influencer marketing has taken peer to peer reviews to the next level. Customers are no longer checking multiple reviews from people that they’ve never heard of – they are looking to someone that they already idolize in order to make the decision for them. And if it’s good enough for their social media idol, it more than likely will be good enough for them.
Convinceandconvert.com explains why influencer marketing has become one of the most effective methods of advertising out there:
“Think about it: Will you buy any product on Amazon without checking the reviews? If someone recommends a restaurant, chances are you’re checking Yelp before making a reservation. Just about every industry has their designated review site, and consumers have been trained to check reviews before making a purchase decision. This has further paved the way for vocal influencers in any industry to rise to the top.”
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