Marketing has shifted to the digital realm laying more focus on influencer marketing. A lot of businesses have already realised this and are increasing their influencer marketing expenditures. However, a few are still sceptical about the technique. To help everyone separate fact from fiction and understand the concept better, we are here to debunk some of the most common myths that are doing rounds in the industry.
Myth - Influencer marketing is an awareness-only tactic
Busted - Many brands still associate influencer marketing with awareness-building tricks. However, according to data, eight out of every ten people make purchase decisions based on influencer recommendations. Therefore, it is clear that influencer marketing is an excellent tool for sales conversions.
Myth - Influencer marketing is unaffordable
Busted - While some influencers may charge a lot of money for their services, many influencers are willing to work on reasonable budgets. Additionally, there are ways to make influencer marketing more affordable. For example, brands can partner with micro-influencers with smaller followings but are more affordable. They can also use creative tactics to reduce influencer marketing costs, such as using barter systems or offering free products.
Myth - ROI from influencer marketing cannot be measured
Busted - Influencer marketing is measurable and trackable, just like any other marketing channel. Marketers can use analytics to measure the success of influencer campaigns in terms of reach, engagement, and conversions. It's crucial to track each campaign and measure its success to gauge the overall ROI of influencer marketing.
Myth - Influencer marketing is only for B2C brands
Busted: Influencer marketing is for more than just B2C brands. It is becoming increasingly popular among B2B brands looking to extend their reach and engage more potential customers. Influencer marketing can target a specific audience, create brand awareness and reach potential customers who may need to become more familiar with the brand. It can also drive leads and increase conversions, making it a great tool for B2B brands.
Myth - Influencers need a large following to be successful
Busted - While having a large following can be beneficial, influencers can be successful with a smaller following as well. It is important to note that having a large following can give an influencer more opportunities, such as through sponsored posts and product placements, but it is optional for success. Successful influencers can be successful with a smaller following if they have a strong connection with their followers and can engage them with relevant content.
Myth - Influencer marketing has no rules/guidelines
Busted: Influencer marketing is subject to several rules and regulations. The Indian government has put in place a set of guidelines for influencer marketing, which includes disclosures of any sponsored content, a clear indication of the commercial relationship between the influencer and brand, and a clear indication of any incentives given to the influencer for promoting a product or service. Additionally, influencers are required to adhere to the Indian Advertising Code, which sets out the rules for the content and disclosures of any sponsored posts.
Hope now you are clear about what is true and what is not.