We aim to interact and establish connections with customers. This was the typical way of conducting business for a long time, the 15th and 16th centuries, being the time when modern advertising started to develop, as the printing machines were invented.
But, as technology evolves so do the marketing and advertising strategies. And, here we have influencer marketing. A new type of marketing that might help you reach audiences that you never thought possible. We now have our phones with us all the time, we are always looking and following the next thing that is yet to come, and influencers help us find out the latest trends. And the best part - we have a niche influencer for every product available out there!
As we approach the present day, it's been a common practice for brands to partner with individuals who have gained some level of fame to promote their products. However, we are now experiencing what is known as the "Influencer Revolution" through social media. This trend has emerged fairly recently, with regular people gaining popularity and influence on platforms such as Instagram or TikTok.
Yet, both influencer and traditional marketing come with advantages and disadvantages, and choosing the one that suits your company can prove to be difficult. So, let’s see what which one can bring to the table.
Traditional Marketing
Don’t fix anything that is not broken. This applies to traditional marketing. It has the advantage of swiftly reaching a large audience. Just think about television commercials - people are still watching TV! A lot of them too. And let’s face it, traditional advertising is more simple to follow, as you can see how many people have seen or interacted with their commercials, and you’ll have the statistics ready. This applies to billboards as well.
But on the other hand, there are significant downsides. It is pretty costly, so not all businesses afford to undergo a prolonged advertising campaign. Here, corporations have the higher ground. Even more so, conventional marketing is also less focused, with companies unsure whether their message is reaching the intended demographic. So, you will not be able to determine if your content reaches the right audience.
Let’s say your product is yoga pants. And you chose traditional advertising to prompt your product. However, you will not be able to know if the people that are watching TV when your commercial airs, are the right audience. So, even if your product is seen by a large number of people, they will not necessarily interact with your product and order the yoga pants.
And let’s be honest - people have grown tired of commercials. You see a commercial on TV, and you change the program.
Influencer Marketing
So, if you’re looking to build meaningful relationships with customers, influencer marketing may be the right fit for you.
This is because influencers have a lot of leverage over their audiences, and they may as well help your business gain trust and reputation. Who doesn’t want this, right?
Influencer marketing can also get less expensive than traditional marketing, believe it or not. While some influencers charge more for their services, you can find the ones that are prepared to endorse your brand for products or mutual exposure. Partnering up with the right influencers is the key to success in advertising.
And, let’s think again about the product presented before, the yoga pants. With influencer marketing, you can find the right audience that is interested in your product. Let’s say you will partner with a fitness influencer, and the majority of her followers will want to see an honest review about your product, and maybe try it out. So, it reaches the right audience that will engage with your brand.
Moreover, according to research, 84% of consumers are affected by recommendations from influencers before making a purchase. As opposed to 16% from traditional marketing like TV or billboards. Major brands like Coca-Cola, Dior, and YSL, adopted this strategy in their overall marketing plans. This trend is further emphasized by the fact that companies worldwide are now dedicating separate portions of their marketing budgets specifically to influencer marketing initiatives.
Influencer marketing, however, is not without its difficulties.
One of the most significant concerns is the lack of authenticity. Some influencers advocate products they do not use or do not believe in them. This can undermine influencers’ trust in their followers, resulting in unfavorable PR for the brand as well!
So, which one is better?
Before choosing the right path for your brand, it's essential to carefully consider your business requirements. This will help you determine whether an influencer or traditional approach is more suitable for you. If you opt for the influencer path, exercise caution and conduct thorough research to ensure that the influencer is a good fit for your brand and has a reliable following.
When reaching out to your preferred influencer, it's crucial to be upfront about your objectives and strive to establish a mutually beneficial relationship. This is the key to successful influencer marketing! Nevertheless, if traditional marketing is still yielding results for your business, there's no harm in sticking with it. You need not alter your strategy solely based on new trends since you're aware that they are often fleeting.
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