Influence Marketing is a great marketing strategy. The reason behind this is simple – since as far back as you can look, consumer behaviour has been heavily influenced by word-of-mouth, and influence marketing provides exactly that. What are the things to consider before using this form of strategy? What are the benefits? Some of them are mentioned below:
1.Third party evangelism
When you directly approach a consumer, they will not place their full faith in you, because you are part of the company and bound to reveal only good things about it. But when a third party – the influencers – vouch for you, it comes with a stamp of authenticity. This is because the immediate suspicion of blind advertising or gaining benefit is not prejudiced against the influencer. People tend to listen with more of an open mind when they believe the third party is independent. After all if the influencer thought that the company is worth it, there must be something in it that is driving him to say so.
2.Increase in credibility
Gaining credibility is not an overnight affair. A relationship has to be developed with a pool of people, they have to trust you, you have to show them that you are reliable. All of this requires a lot of time, and most importantly, a large budget. This becomes very difficult for small companies. So instead of trying to impress upon the large masses what you want to convey, impress the small group of influencers. They in turn will reach out to the people that trust them and will spread the word about you. The time and money spent in this process is comparatively very less.
Trying to reach each prospective consumer who may have a passive interest in what you do and what you offer is not only expensive, it is time-consuming. Even if you were willing to spend a lot and devote extra time to it, there is no knowing whether it will lead to favourable results in comparison to the amount of effort put in or not. The other option is to just reach out to the small group of people called the influencers. Once you have them with you, they can do the job of reaching out to large masses of people without you wasting substantial effort and resources.
4.Saving on expenses
Cost saving is a concern for every business alike. However it is especially an important deciding factor in the kind of marketing strategy involved for smaller companies. With the same content, influence marketing helps to reach a larger audience. Thus even on a small budget better results can be obtained. Not only can you cut costs in the marketing budget, you can be sure that more people will be reached out to in a more effective manner, with more of them likely to think favourably of the company than if a direct traditional approach was used.
5.Complementary marketing effort
Mostly various marketing strategies are used at once to get maximum mileage. Influence marketing is in fact in itself be used as an excellent marketing strategy, without depending on other strategies to go along with it. However when it is used in tandem with other marketing strategies, it only increases the benefit by amplifying their reach.