The demand for influencers is increasing exponentially and brands will have to carve an important place for them in their marketing plan
The COVID-19 pandemic has forced marketers to pivot their marketing strategy. A TechCrunch report recently said that Facebook and Instagram witnessed a 40% spike mid-March owing to the pandemic. This suggests the usage level will also increase further during the recession. The pandemic has also given brands an opportunity to reach out to consumers with authenticity and affinity, thanks to the popularity of influencers. Going forward, focusing on influencers might be the most practical move that will benefit brands during a recession.
Though marketers have to stretch their budgets even when the market conditions are favorable, this stress has to be higher especially during a recession or slowdown. The result could actually add value to the content visibility. According to experts, influencer-generated assets perform the same or better as compared to own branded content. Therefore, it is essential to create cost-efficient content that produces better results. Influencer content is not only cost-efficient but it outperforms other content when it comes to social ads.
Consumers relate to influencers they can trust for buying decisions, especially in times of uncertainty. In fact, several studies have shown that consumers trust their favorite influencers as much as their friends and family. In some cases, marketers can leverage influencers not only to grow awareness but also to change consumers’ product perceptions. They need to rethink the tools they use to impact consumer opinion and product consideration. Influencer content such as short-form videos, listicles, etc. provide consumers the value they need while retaining consumers’ attention for a longer time than the average social ad.
During an economic slowdown, consumers tend to buy familiar products. Therefore, it a challenge for the marketing team to launch a new brand or build equity in an existing brand with a reduced budget. It is important to establish a long-term brand and influencer relationship, especially during a recession. Implementing influencer marketing into the marketing mix allows brands to garner audiences from the influencers, thereby increasing their trust in the brand. According to experts, influencer marketing campaigns can generate up to 11 times more ROI than banner advertising. Finally, in addition to the financial benefits, influencers drive traffic to brands’ social media accounts.
Brands need to be more human when communicating with their consumers and hence, now is the time to connect with influencers.