Influencer marketing has grown a lot in the past couple of years. I've witnessed this change and closely observed how the evolution impacts marketing strategies. And I've also observed a change in the perception of influencer marketing even among marketers who were once skeptical about it. This change in perception is mainly fueled by the growing awareness of the actual benefits of influencer marketing. I've talked about how influencer marketing helps attract a new audience and win their trust. And I've also explained how influencers can drive engagement and boost conversions. Several studies such as Linqia's have proven these benefits. Another valuable benefit of influencer marketing is in lead generation and that's what I'm going to discuss in today's post. Lead generation involves creating customer interest in a product or service and initiating enquiries about it. Influencers can effectively do this because of a number of reasons. According to Think with Google, 70% of teenaged users on YouTube relate better to YouTube creators than to traditional celebrities. And four out of every 10 millennial YouTube users say that their favorite creator has a better understanding of them than their friends do. These numbers prove that influencers have a good understanding of their audience and they are relatable. So they know how to create content about a product or service in a way that would resonate with their audience. Instead of a celebrity posing with a product, the audience is more likely to be motivated by seeing an influencer using the product, reviewing it, showcasing how it can be used, etc. In fact, six out of 10 YouTube subscribers would even follow a creator's advice regarding what to buy over the recommendation of a celebrity. This proves just how powerful an influencer's content and opinion can be. Not only do they generate interest in a product or service, they can also influence people's decisions about said product or service and compel them to take action. The Collective Bias team also conducted a study using Data Science on the impact of influencers. This study showed that influencer marketing content was able to drive more product trials for a certain rice brand. With influencers promoting coupons for the product, the coupon redemption rate increased to 44.5% when previously their redemption rate stood at only 15%. In the same study, influencers were also shown to increase engagement in the form of foot traffic.
Throughout 2017, influencer marketing grew significantly. Although a comparatively new form of marketing, influencer marketing enables brands to increase awareness, and reach new audiences through influencers communicating with their followers across social media platforms. SaaS had a major impact on the way companies consume cloud services. This ebook looks at how the as a service trend is spreading and transforming IT jobs. By using highly targeted influencers, 63 percent of marketers increased their budgets for 2017 and over a third of marketers spent up $5,000 on influencer marketing.
While changes in the banking industry are happening virtually every day, there may be no area of financial services where change is happening faster than in the marketing function. From new technologies to new channels and strategies, bank and credit union marketers must be both agile and willing to embrace change. As a result, it is important to review what will likely occur over the next year. Improving the marketing communications process -- from the consumer's perspective -- drives growth, loyalty and profitability. Managing the marketing process without taking advantage of the technology tools available is a recipe for failure.
Digital marketing has become the largest media channel by spend for the first time, a development that will challenge marketers, platforms and agencies to step up with truly engaging experiences tailored for customers and different delivery mechanisms or risk frittering away their investment. Following a year fraught with scandals and broken trust, marketers will buckle down in 2017 and do the hard work required to improve metrics and business relationships while focusing on creating engagements that are not intrusive, but rather personalized, contextual and enriching. Without these steps, consumers are likely to increasingly turn to ad blockers and premium ad-free services. "In 2017, digital will become the single largest media investment channel, passing television for the first time," Scott Symonds, managing director of media at AKQA, told Marketing Dive. "This will be a symbolic turning point for a trend that has been building for years and will make it that much more obvious to all marketers that digital is no longer just a test or an innovation budget.