Influencer Marketing in 2020

Scope of Influencer Marketing in 2020

Social media has pretty much become a part and parcel of our daily routines. We dedicate a fair share of our screen time scrolling through our social media feed, juggling in between different apps. No prizes for guessing why businesses are converging on social media to establish their brand names. Thanks to the evolution of the global digital landscape, marketing strategies are reshaping to accommodate the behavior of consumers, and businesses alike. 

According to the revelations of the Digital 2020 July Global Statshot report published by wearesocial.com in collaboration with Hootsuite; 3.96 billion people that account for nearly 51% of the global population now use social media. 

Why Influencer Marketing? 

2019 was the year of influencer marketing which is bound to grow in 2020 as well. Considering the advent of a new era of influencers exploring a diversity of niches. Influencer marketing is a marketing strategy that employs the integration of marketing tactics by recognising the target audience and collaborating with the right influencers on the right platform to launch marketing campaigns that can help amplify sales. Influencer marketing is an effective strategy to generate sales through sponsorships, promotions; build a tight knit audience, and boost the visibility of the brand by several folds. 

According to a recent study by Oberlo, 93% marketers favour influencer marketing for their brands, while 9 out of every 10 marketers agree to it being an effective marketing strategy. The overwhelming performance and conversions brought forth by influencer marketing has prompted brands to ramp up the marketing spends allocated to influencer marketing in a bid to encourage brand communication voiced by an influencer. Needless to say that, brands need to amp up their influencer marketing strategies to stay ahead in the crowd. 

Influencer Marketing Trends for 2020

Covid-19 has habituated people to new forms of entertainment; giving digital interactions a preference. Social media is seeing a surge in traffic on all platforms. Influencers have been churning out relevant content and creating trends to accumulate their follower base all this while. This all the more calls for brands to try something unique to catch the consumer’s attention by milking this opportunity. Brands will have to identify the latest trends and fuel their marketing strategies accordingly by particularly targeting their influencer marketing strategies. 

Let us take a look the top influencer marketing trends that will rule in 2020. 

Video Content Gets More Traction

As per a report by Biteable’s that compiled recent surveys conducted by leaders in the industry:

  • Marketers agree that video content has the best ROI. 
  • Including video content has the potential to bring a spike of 300% in click rates. 
  • Video posts are viewed 48% more than any other content on social media. 
  • 64% consumers are bound to make a purchase after viewing a brand video. 

These figures lend enough support to the fact that video content is the best form of creating organic reach and promoting better conversions for brands when it comes to digital marketing. According to a prediction made by Cisco, video content will drive  82 percent of Internet traffic by the year 2021. Brands can optimise the video format by collaborating with influencers to spread their word through:

  • Short video format content on Reels, Chingari, and other alternative apps to promote brand literacy and awareness. 
  • Product reviews and mentions in vlogs, posts , live streams and stories
  • Videos that engage in conversations, information, product usage, and even questions pertaining to the brand and its products and services. 
  • Brands can rope in influencers for sponsored ads in their video content. 

Storytelling is the Right Approach

Weaving a story around a product that resonates with its target audience gives it a personal touch and adds authenticity to the brand and the influencer as well. Storytelling is an approach that if retained can go a long way in amassing a well knit family of loyal consumers. It evokes emotions, helps connect to the brand’s idea and even affects the purchasing decisions of consumers. 

Video Storytelling is the most efficient way to etch the memory of your brand into the minds of consumers. 

Choose the Right Social Media Platform and Diversify 

It is of prime importance to understand the target group pf consumers in order to best employ your marketing efforts. This will help you determine which platforms to use. Each platform has a variable audience group and offers a different response for marketing strategies that need to utilised in a very mindful way. 

While Instagram is the ultimate ruler when it comes to influencer marketing, it largely depends on the products, services and the target audience for  your brand. Strengthen your presence wherever your audience resides in large numbers and implement influencer marketing accordingly.  This will help create visibility and brand reach within your target consumers and help build a strong follower base.  Diversify to different  platforms to capture your audience base from all directions and build a large community of users. 

Micro and Nano Influencers Are Gaining Popularity 

Influencer are the primary role players in influencer marketing. While influencers with millions of followers have been in limelight since forever, several brands have started investing in Nano-Influencers with followers between 1k to 10k and Micro-Influencers 10k to 50k, that have emerged as a tool to drive effective communications between brands and consumers.

Nano and Micro influencers have a follower base that ranges from a few thousands to several thousands and are more local in appeal. Influencer marketing essentially works on the motor of authenticity, organic reach, closer relationships and trust; something which nano and micro influencers are able to achieve with their audience. Another benefit of utilising these budding stars is that the investment is cost effective and delivers brilliant ROI than their counterparts. 

Brands are Allocating More To Influencer Marketing Budgets 

Over the last 3 years, google search for influencer marketing has jumped up by a huge 1500%. 2019 saw its successful rise and the industry is set to become a $10 billion entity by 2020, overflowing with opportunities for brands, marketers, celebrities and influencers. 

Looking at the brilliant ROI generated by their influencer marketing campaigns, brands are bolstering their marketing spends towards it. According to a survey by medikix.com , 89% of marketers agree that influencer marketing is a favourable form of marketing strategy to boost their ROI similar or better than other traditional methods. The survey also highlighted that 17% of the companies were willing to spend over 50% of their marketing budget on influencer marketing which is a huge push to the industry. 

Instagram is the Most Essential Platform For Influencer Marketing 

Instagram is the hub of influencer marketing with several thousands of influencers. A 2019 survey by mediakix.com revealed that 89% of marketers rely on Instagram as a platform to channelize their influencer marketing strategies. 

Instagram boasts of a wide array of features from regular posts, stories, shoppable posts that help drive influencer marketing on the platform. Instagram rolled out its IGTV feature to encourage the long video format for advertising; and Reels, their short video format to replace the marketing void created by the ban on TikTok. Its easy to scroll, visual format lets you access to thousands of posts by your following, that includes a host of influencers, celebrities, athletes, fitness junkies that often post content to create awareness about products and services. 

The platform lets influencers create ‘Creator Accounts’ to let them access to insights on their posts; a feature that is essential to determine the success of a campaign  launched through influencer marketing. 

Authenticity is the Essence of Influencer Marketing

Brands are aggressively partnering with influencers who voice their brand stories in an authentic way. They are choosing to collaborate with social media stars whose feed is an extension of their brand’s messages. This will ensure that the influencers create content that aligns with their beliefs rather than just optimising it as a monetization avenue.  

Creating authentic content associated with a brand helps attract consumers as they can associate with it more personally.  Influencers have integrated this into their work by churning out content that is engaging, has a long relatable call to action captions, is reflective, talks about relevant topics and encourages them to bounce back to their posts time and again. 

Influencers are trying to bid adieu to the filters and fancy settings by posting looks that are minimal, homely, and candid to add relatability and connect with the brand. 

Influencers are holding conversations with their followers, going on frequent livestreams which is further promoting honest dialogues about products and services they endorse. 

Takeaway 

The past few years have marked a significant growth in influencer marketing highly effective marketing strategy that taps into the popularity of social media influencers to convey brand stories. COVID-19 induced lockdown and preventive measures have surely spiralled the usage of social media by many folds. 

The ongoing pandemic has definitely brought everything to standstill except the consumption of digital forms of media. This is likely to have a major impact on the recent trends in marketing particularly influencer marketing to capitalize on the increased use of social media as a source to drive better conversions. 

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