To make money, businesses have to advertise themselves, get their message out to potential customers and encourage people to spend money on their products. As well as investing thousands of pounds on advertisements, more and more companies are looking for social media influencers to promote their brand, with this group being hailed as a ‘hot commodity’ for commerce enterprises.
Once upon a time, luxury brands used to rely on billboards, editorials, print, TV and radio adverts to reach their customer-base. However, since the explosion of social media in the 2000s, this has begun to change, as they have realised they can tap into millions of people by getting influencers to publicise for them.
According to the Economist: “For consumers, influencers are at once a walking advert and a trusted friend. For intermediaries that sit between them and brands, they are a hot commodity. For the brands’ corporate owners, they are becoming a conduit to millennial and Gen-z consumers.”
This is particularly noteworthy, as these two groups of customers are expected to account for 70 per cent of global spending by 2025, which will be worth as much as $350 billion (£278 billion) then, according to consultancy firm Bain.
Therefore, not tapping into this source of publicity would risk losing out on the customers that are likely to spend more than any other group of buyers.
Recent figures have shown 70 per cent of marketers are even more likely to use influencers following the pandemic. What’s more, 68 per cent say that influencer budgets account for a substantial percentage of their total marketing allowance, according to Marketing Tech News.
This area of marketing is the only one to have become more effective since Covid-19 hit, with their ‘influence’ increasing from 34 per cent in 2019 to 46 per cent in 2021.
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