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Effects of influencer marketing on consumer buying behaviour/purchasing decision

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There's a reason why the topic of trust keeps arising while discussing influencer marketing today. People now realise that celebrities are paid to endorse products they may not even be interested in, and that advertising often deceive. People who have developed a following around their passions are far more inclined to only promote products they have carefully screened as they will lose their following otherwise.

Due to this, their audience has faith in them. To provide evidence for this claim, Crowdtap conducted a study in 2015 and discovered that the "primary strategy for screening brand collaborations is by determining which possibilities are most relevant for their consumers. And it doesn't end there. Twitter and Annalect discovered that when exposed to promotional content from influencers, Twitter users' purchase intent increased by 5.2 times, and 49% of individuals claim to rely on influencers' recommendations when making judgments about what to buy. Influencer marketing is becoming more popular in part due to ad blocking technology. People not only want to hear from influencers, but they also avoid advertisements.

Influencers on social media tap on fundamental human wants for interaction, which typically lead to buying action. As a result, influencer marketing can be a formidable tool for connecting with prospective clients and raising customer acquisition rates. You can more effectively determine how to target the appropriate influencers for your digital outreach activities by adhering to psychological principles and knowing how influencers fall within that scope.

Impact of Influencer marketing on the global economy
Influencer marketing is not a novel idea. Celebrities have been influencing a lot of consumers for a long time. This sector refers to a type of marketing where advertisers and businesses invest in chosen influencers to produce or advertise their branded content to both the influencers' own following and to the target audience of advertisers. Word-of-mouth marketing has been found to have a global influence on between 20 and 50% of all purchasing decisions. This goes well beyond recommendations from friends and family and into the world of online influencers in the dynamic world of social networking.

A fundamental need for personal connection still exists even as social media platforms develop. The emergence of social networking has considerably increased these vital ties. This is where influencers come into play. Influencer marketing is projected to have a market size of $13.8 billion in 2021, up from a meagre $1.7 billion when this website first launched in 2016. Additionally, this is anticipated to increase by another 19% to $16.4 billion in 2022.

Evolution of brand storytelling
The demand for a good story remains unchanged despite the expansion of digital media, the dispersion of attention, and the changes in how people read, consume, and engage with content across various platforms. According to WARC's 2020 Health of Creativity report, storytelling was the third most popular creative strategy in more than a quarter (26%) of the award-winning campaigns examined.

Therefore, the core of our work is developing captivating and interactive stories that, regardless of the channel or media, bring experiences to life. Always put the story first; engagement methods and delivery methods should be secondary. But the full potential of developing genuinely effective brand experiences can be attained in the specifics of how they interact. On new platforms, the skills and techniques of storytelling are just as important as they were when our ancestors first discovered the ability of a good story to capture an audience's attention. These skills and techniques are used to bring brands, launches, concepts, and journeys to life.

Storytelling is still a crucial communication technique and a key component of creative strategies, even as brand tales change to suit the changing requirements of today's consumers and to reflect the state of the world. Anybody interested in sharing brand stories will find the new ways which may be used as a great advantage for brands.

Influencer Marketing drives RoI
One of the finest ways for brands to connect with their target audience is through influencer marketing. Influencer marketing is positioned to become a $15 billion sector by 2022, making it both the present and the future of brand marketing, according to data forecasting.

A brand can earn $6.50 for every $1 invested in influencer marketing. As a result, your ROI may be as high as 650%. The return on your investment is substantial. Thousands of people, including those in your target market, can be reached via influencers. Your sales will rise as the number of views/viewers does as well.

Influencers are crucial for increasing sales. It was discovered that 40% of respondents made an online purchase after seeing an influencer utilise the product. Influencer marketing stands out best in terms of ROI when compared to other digital marketing strategies. Comparing influencer marketing to other digital media, the ROI is 11 times higher.

Future of Influencer marketing
Influencers are like the cash of today's marketing. Their engagement essentially guarantees thousands of viewers or listeners due to their immense cultural and consumer influence. In fact, there have been 1500% more Google searches for "influencer marketing" during the past three years. This demonstrates how influencer marketing has a bright future.

According to a report by Influencer Marketing Hub, 63% of marketers want to raise their budget for influencer marketing this year. Influencer marketing is successful in the eyes of 92% of marketers who employ it. Nearly everyone wants to try their hand at influencer marketing to sell their products, from luxury firms to mom-and-pop shops.

If influencers embrace innovative technology, it will have a significant impact on the future of influencer marketing. The future of influencer marketing will be greatly influenced by technological developments such as virtual reality, augmented reality, and artificial intelligence. Brands should therefore lead the way in ensuring that they adopt these technologies. By allowing customers to interact with social media influencers, VR and AR help to enhance the customer experience.