Influencer Marketing One Of The Hottest Industries For Entrepreneurs
INC Magazine Features Influencer Marketing As One Of The Most Popular Industries For Millennial Entrepreneurs
A recent article featured on INC Magazines website named influencer marketing as one of the hottest industries for millennial entrepreneurs. Global brands are now looking at marketing a different way with relying on social media influencers to announce and feature their latest products.
INC Magazine said “Influencer marketing is indeed one of the hottest industries for launching a business in 2018, with such agencies bringing in more than $10 billion in 2017 revenue, according to market researcher IBISWorld.” And who better to serve this growing stable of socialites with media savvy than their 20-something peers?
Entrepreneurs under 30 are increasingly creating products and services for social-media influencers, from email marketing to user engagement metrics and other software. Take ConvertKit as an example: The 5-year old company launched by CEO Nathan Barry makes an email-marketing tool for professional creators, helping them to grow their audience across different social platforms while keeping their branding consistent. Mixpanel, an analytics startup valued at nearly $1 billion, measures user engagement for mobile and Web apps. While the company refused to disclose revenue to Inc., its funding numbers are known. The San Francisco-based company–shepherded by 29-year old founder and CEO Suhail Doshi–has a whopping $77 million in investment capital.
Why Social Media Influencers?
- Action and social mentions are driven more effectively by “power middle.” Mid-level influencers like bloggers have a smaller but more loyal audience and drive 16 times more engagement than paid media and “mega influencers.”
- Having influencers to discuss their brand experience is crucial. 88% of buyers consider online reviews “very influential” when making a purchase decision.
- Millennials represent an enormous segment of the purchasing population yet are drastically different from other verticals when it comes to how to market to them. They vet purchases and a brand’s story more than other buyers.
90% of consumers trust peer recommendations. Only 33% trust ads
- Thinking a step beyond buyer personas and developing influencer personas is a valuable way for marketers to be sure they are reaching the right influencers.
- The most effective influencer marketing strategies build and foster strong relationships with current network, happy consumers and new influencers who are active in relevant verticals.
- Since influencer marketing is about building strong relationships, a strategy that values a mutually beneficial relationship is key.
- Consumers want authenticity from the brands they interact with. When marketers equip influencers with an entire experience to share about a brand or product the posts are more engaging.
- Develop relationships with influencers before you need them. Relationship building takes time and once the connection is there, activating influencers becomes a lot more seamless and effective.
The Eight Three Eight Agency offers full scale Influencer Marketing services connecting your company or brand with some of social media’s most popular influencers and high traffic social media accounts. Let us connect your product with a designated influencer in your premier market.