The rise of social media has created a world of possibilities within the marketing world. For the visionary marketer, this is an environment which is being exploited to it’s full potential. The shift to social media platforms, has pushed consumers to copy fellow consumers, to make their purchasing decision. Instead of looking at conventional adverts, websites and shopping windows, the younger consumers are looking into their favourite consumer influencers, over the various platforms, including YouTube, Instagram and Pinterest, amongst others. This creates a world of possibilities, which opens up new channels for brands to directly involve their consumers, amplifying their message.
So why are marketers looking into influencer marketing? The main reason being, that it is powerful! It can drive marketing up to a scale, which cannot be done, with any other marketing strategy. Studies by McKinsey, have shown how word of mouth marketing and retention rates are higher, with this type of strategy. The social aspect of this type of marketing, also allows the brand to be built with the customers, rather than at them. It provides a ripple effect within the marketing community, as it allows further consumers to also share their purchases, just like their favourite social media personalities. This makes it all the more interesting than the more conventional adverts, which most consumers are nowadays fed-up of. This creates big profits with very small effort, turning this type of marketing into a very powerful arbitrage, of which we will be seeing more of.
Denise De Gaetano, is a data scientist, science communicator and entrepreneur by profession.