It would be an understatement to say that the internet changed marketing. “Changed” is a small world. The internet Overhauled how firms approached advertisements forever. In the “Ye Olden Times” of the internet, advertising mainly consisted of intrusive pop-up ads and mail that would usually be sorted into your spam folder. After that advertisers began to attract customers by having their products shown in website banners or along the edges of webpages. This tactic still continues, however, and has been proven profitable, though to call it the new innovative thing would be going too far in this case. The main thing which has completely changed the way products are advertised is the rise of the “Social Media Influencers”.
If you have spent any considerable amount of time on the internet, you would know what “Influencer” means but for those who don’t need not worry. An Influencer is a social media personality who has enough of a following to influence and sway the opinions of the people on the internet. Their charisma, their position, their fame, all play a part in their influencing activities and commercial companies were quick to identify these traits and use them in advertisement campaigns. Influencer Marketing has become so ingrained with the internet that many simply do not notice that beyond the Instagram posts and Snapchat stories, there is a very elaborate marketing strategy going on. This is because unlike conventional celebrities, social media influencers have a much more active interaction with their fan base. Social Media influencers are considered to be from among the people, rather than living in mansions in Beverly Hills, and as such have a much greater influence on the tastes and preferences of the surfers of the web.
In the year 2019, the influencer marketing industry made around $8 billion and is estimated to increase to around $15 million by 2022. Hiring popular social media personalities to advertise and promote products, ranging from food to perfumes to videogames has become the new normal. The demographic which generally follows such influencers, such as the Kardashians are predominantly young adults, in their teens or twenties who are much more susceptible to the message of the influencers, with a middle-aged woman also being quite malleable. Brands have also shared that newer customers earned through influencer campaigns are often more loyal and profitable than those from other campaigns. This has led to a climate where influencers vie for brand deals and partnerships to not only promote the products but also themselves as they see themselves as brands.
This deal is not only profitable for big businesses but influencers themselves are getting a pretty good deal. Vox reported that influencers can make around $100,000 for only making a few posts promoting a product. The highest-paid influencer, Kylie Jenner, who herself is a makeup business owner makes more than $1 million per sponsored post. These staggering earnings are due to their vast amount of followers, who in some cases, show religious devotion to their social media stars. The influencer marketing landscape is now considered one of the most profitable marketing industries and new influencers are entering the scene daily, attracted to the huge profit potential. Overall things are looking up for this industry for sure.