Social media has been providing companies with the opportunity to tell stories in their own voice and in ways that feel natural and authentic to their brand’s values and identity for some time. It is only now that influencer marketing is beginning to reach maturity and some are starting to question whether it is still a valuable strategy for businesses to pursue as part of their overall approach to the digital sphere.
Industry data indicates the outlook for influencer marketing is strong, so let’s take a closer look at what the industry landscape might look like as we move throughout 2020 and explore why partnering with influencer marketing companies in London might be a key strategic decision for your brand this year.
A brief introduction to influencer marketing
In a similar vein to word-of-mouth marketing, influencer marketing is a method of promoting products and/or services through individuals who have built a strong, credible and influential image online. From social media influencers to figures with expertise in a particular field, online influencers now come in many different forms and can have either very large or smaller, more engaged followings.
The value of online influencers
Consumers are bombarded with advertising messages every day, which means they have become increasingly sceptical and much savvier when it comes to identifying overt marketing ploys. We are all more inclined to trust opinions and recommendations from family members, friends or public figures we admire, which is where influencers can provide tangible value for brands and advertisers.
The forecast for influencer marketing
There have been many vocal critics of influencer marketing; however, the statistics reveal a much more positive picture than these opinions suggest. In 2018, research found that more than 85 per cent of marketers integrated influencer marketing into their outreach strategy; of this group, more than 90 per cent found it to be an effective practice that generated positive outcomes.
The continuation of this trend largely depends on the future growth of social media platforms. Instagram is the current leading influencer marketing platform and forecasts predict that the platform will reach more than 112 million users in the US alone in 2020. Social media platforms are going to maintain a strong presence for the foreseeable future, which means that advertisers failing to use these popular channels are almost certainly missing opportunities to drive reach, growth and revenue for their brands.
The beginning of a new decade is the perfect time to look at the social landscape and explore what the future of this space looks like. Analysts are forecasting that by 2022, the influencer marketing industry will be worth more than $15bn (£11.55bn). This is a considerable rise from the $8bn it was valued at in 2019 and illustrates that investing in this powerful marketing channel in the correct ways can still generate positive results.