The Growing Impact of Influencers in the Business World

The Growing Impact of Influencers in the Business World

The emergence of social media platforms has changed the way brands market themselves and influencers play a major role in this. Given that 3.6 billion people use social media and around 51% of Canadians follow influencers, brands are increasingly leveraging influencer marketing strategy to reach more people and build trust.

While traditional forms of marketing cater to the masses, influencers try to sway the opinions of particular groups of customers, by offering product information based on their personal use to gain the trust of their followers and to direct their buying choices. 

The growing impact of influencers has caught the attention of many brand owners. According to StarNgage, an influencer marketing platform, 65% of brands in Canada are diverting more money into influencer marketing and Advertising Standards Canada is assisting them with enhanced influencer guidelines. This includes disclosing paid endorsements and enhancing transparency in terms of paid marketing. 

Read on to discover how social media influencers are becoming a big part of the business sector. 

Impactful marketing 

The current market is heavily saturated and solely introducing your product no longer does the trick. Customers have become smarter as they now have access to unlimited information and want authenticity from a brand. 

Given that 71% of Canadians prefer purchasing products referred by social media, brands like Frye and Zayful are keen to get more influencers on board. Be it holiday brands like Booking.com or the popular make-up brand Sephora, everyone is trying to reach customers directly through established Canadian Instagram users. A strong influencer strategy is of immense value and most businesses realize this.  

Compared to big brands, influencers tend to be more relatable and this form of word-of-mouth marketing also feels less risky to customers. Access to authentic and full information helps people narrow down their choices and interacting with influencers is an added bonus. Social media influencer marketing has a concentrated reach where customer needs are met better than any other form of marketing. 

Bringing in business 

Influencer marketing has emerged as a profitable and strong medium of product promotion. The sector is booming with many new names and established social media influencers like Shay Mitchell and Gigi Gorgeous are already household names in Canada. Their combined wealth is in the millions of dollars and businesses find them to be a profitable addition to their marketing strategies. 

Revlon has already named Gigi Gorgeous as their brand ambassador to encourage more organic conversions and gain an edge over their competitors. Each company has its own approach towards influencer strategy, and while some brands go for big names, others use a different tactic. 

Canadian athletic apparel brand, Lululemon, engages local communities through smaller influencers. With the motto “Building an authentic relationship”, the company works with influencers who are inspiring and good storytellers. This helps create an impactful narrative, leads customers and makes them interested in company products.   

Tips for effective influence marketing

Influencer marketing has changed the way customers shop. Influencer outreach is tremendously impactful, and your business can make use of it, provided you take care of the following factors: 

Selecting influencers 

Getting relevant influencers on board is the first step. Brands generally choose between micro and macro-influencers where the former has at least 500 followers and the latter has 1 million followers. Some big names also hire celebrity influencers with more than 1 million followers. 

Engaging campaigns

Creating strong and impactful influencer marketing campaigns go a long way, as seen by Sun Peaks Ski Resort in British Columbia. Their campaign featured Callum Snape, an adventure Instagram influencer who posted stunning images and daily stories of the resort. The crux of this campaign was showcasing the resort as an “inside secret”, where you can escape the crowds and enjoy a stunning ski haven. 

Making connections

Connecting with like-minded people is important for both the brand and influencer. The Bumble dating app, with over 4 million users in Canada, has a Bumble Ambassador Program that offers influencer partnerships. Given that most in the business of influencer marketing are looking for professional success, Bumble gives them a leg- up. The company has also diversified into “Bumble Bizz” and “Bumble BFF” to network with a range of audiences and they largely credit micro-influencers for their success. 

The benefits of influencer marketing are many and it’s now a vital part of many business growth strategies. Being able to communicate through the right channels and with effective content is essential for a brand, so, if you’re looking to become an expert in this field, your first step is to select a good program. 

The Bachelor of Arts in Business Communication (BA) offered by University Canada West (UCW) will give you relevant theoretical and practical knowledge of media and communications. The program is offered on-campus and online and is a strong step towards forging a powerful career in this sector. Click on the link to learn more!  

Published on August 25, 2020.