Under the Influence of Influencers
As personalized television and ad-free viewing capabilities have disrupted the paid marketing world, companies have struggled to develop strategies where they could reach similar segmented audiences. Word-of-mouth advertising has always been an asset in capturing the attention of certain audience types, but influencer traffic is booming more than ever as consumers look to peers for recommendations and reviews.
Since 2017 influencer marketing has grown over three times its size. Businesses are repurposing their digital advertising spend and seeing value in reaching audiences at a more personal level. If done right, influencers can add a lot of reliability to your brand. From a Market Invention standpoint, this is key. However, a lot of marketers do not understand how quickly advertising dollars can dwindle using this medium.
At Merit, each market invention project’s goals are different and with that, each marketing medium has its own goals. Audience reach, impressions, and viewer engagement are all key statistics in measuring ROI relative to influencer traffic. These attributes can be correlated into high-level goals like viewer sentiment (engagement:impressions) and conversions.
Successful Market Invention needs demand generation like influencers to set a tone amongst new market audiences and establish new brands in their market. Public relations and content are your best assets when tackling an influencer segment. If you’re interested in Market Invention and utilizing influencers in a complete demand generation strategy, continue reading here.