Influencer Marketing: Reaching out to Millennials

Influencer marketing is a perfect amalgamation of traditional celebrity endorsement and modern-day social media, content-driven marketing techniques.

Innovation and Technology
 — 
3
 Min read
 — 
April 6, 2022

The rise of social media has opened up new channels for brands to connect with consumers directly and organically. Influencer marketing is one such channel that has witnessed a splendid upward trajectory over the past few years.

A report by Influencer Marketing Hub stated that this market grew from $1.7 billion in 2016 to $9.7 billion in 2020. In 2021, it soared to $13.8 billion, indicating steady growth and in 2022, the market is estimated to expand to a whopping $16.4 billion industry.

Who is an influencer?

Influencers are individuals with a steady number of social media followers. They are considered experts in their chosen niche and have the power to affect the purchasing decisions of their followers. Their endorsements carry considerable significance because of their authority, knowledge, position, and relationship with their audience. These endorsements help brands expand their reach and generate leads. Even during the pandemic, when the global economy was hit, the influencer market grew rapidly.

What is influencer marketing?

Influencer marketing is not a new concept. It is a perfect amalgamation of traditional celebrity endorsement and modern-day social media, content-driven marketing techniques. Earlier, when people thought of influencer marketing, they imagined a popular celebrity posing on a billboard or acting in a TV commercial. However, now, if you know how to leverage the power of social media- you can be an influencer.

Influencer marketing is a relationship between a brand and an influencer, where the influencer promotes the brand on his/her social media platforms. Celebrity endorsements and influencer marketing, however, differ at one point - influencers are trusted figures within a niche community who possess knowledge or experience about what they are advertising, which may or may not be the case with celebrities.

Influencer marketing and Millennials

Social media is the prime element in the daily life of Millennials, hence, influencers have become trusted sources of inspiration and information for them. In fact, 91% of millennials report that they trust online reviews as much as they trust recommendations from friends and family.

Millennials- 23% of today’s population, are changing the entire face of marketing, and brands are adapting to these changes everyday. As per a study conducted by the McCarthy Group, 84% of millennials stated that they do not like traditional marketing and don’t trust it. Millennials no more prefer watching traditional TV, they either opt for online video platforms or videos over-the-top (OTT) platforms. A study by Defy revealed that 85% of their Millennial respondents regularly watch YouTube, making it the most-viewed platform for videos.

In fact, the study also showed that Millennials do not mind watching ads to support their favourite online personalities. The generation spends a major part of the day on various platforms to discover what brands are promoting and if their favourite influencer is supporting it or not.

Today, brands know that Millennials will purchase based upon their ‘feelings’ about a company, not on the hard sell of a product. Adweek published a study in which 57% of Millennials stated they are willing to view sponsored content from a brand as long as it includes authentic, entertaining personalities.

These online personalities, in fact, have become the major part of a larger marketing strategy- influencer marketing. Advertising through these influencers also allows brands to promote through someone that a niche community watches, engages with and trusts on a daily basis.

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