Instagram is now an important part of our lives and so are these Influencers, keeping us up to date on the latest trends and affecting our buying decisions. But how did these Influencers come into the picture? Let’s find out.
Over the past few years, the Internet has turned our world upside down and we’re loving it.
One such new addition has been our beloved Instagram (without which our lives seem incomplete now). Did you ever realize how a simple photo-sharing app turned into a million-dollar company? Not just that but we’re sure you’ve heard the term “Instagram Influencer Marketing”, a more than $2 billion industry today.
The evolution of Influencer Marketing on Social Media has been massive since its inception. Influencers now sit at the top of every marketing plan. Although that sounds like something fresh, it’s been there even before Social Media existed. From Queens and Popes endorsing medicine for common people to celebrities over our televisions, it has always existed.
Surely, you’re wondering what blew the Instagram Influencer Marketing industry to the status it has today. Keep reading.
How Instagram opened new gates for Businesses?
It all started with Mark Zuckerberg acquiring Instagram in 2012. While Instagram wasn’t generating any substantial revenue, Facebook (now Meta) took a chance. By the year 2015, the app was generating a revenue of $276 million.
Going forward as the digital world revolutionized and so did Instagram users, it saw the bigger picture. It specialized its website for business purposes. Brands understood they had a fantastic marketing opportunity on their hands. This was a new and easy opportunity to connect with their consumers.
On Instagram, however, simply having a company page and aggressive marketing will not do. If you flood your followers with ads, they will quickly lose interest in you. As a result, firms had to come up with new ideas. This is how they came up with the idea of using Instagram Influencer Marketing.
How has Instagram become a preferred Influencer Marketing platform?
Influencers are Individuals who have amassed a huge following of admirers who value their views. Some of these influencers have a million or more followers and are well-known for the tales they share or their overall work.
It’s a fresh way to reach out to a new and unknown audience. Since the time the word Influencer Marketing has been tossed around, we’ve just seen it go upwards. With a large population present on these social media platforms, brands make full use of them.
Instagram, according to Pew Research Center, is the second most popular social networking platform behind Facebook. When you consider that 75% of consumers take action after seeing a sponsored post and 60% use the platform to discover new products, you’ve got yourself a winner.
According to Bloglovin’s research, Instagram isn’t just people’s choice but is the most preferred choice for Influencers, too. 59% of Influencers believe that it works better in engaging their followers.
What are the trends that changed the face of Instagram?
Trends that changed the face of Influencer Marketing?
Influencer marketing on Instagram has become more popular as prices have plummeted since the early days. As a result of considerable changes in the last few years, Facebook and Instagram have emerged as the most popular platforms for influencer marketing.
Here are a few trends in Influencer Marketing on Instagram –
The emergence of Micro-Influencers
Earlier, celebrity status was something brands considered while working with Influencers. For a mini-campaign or a single post, high-profile influencers would charge a premium fee. However, this pattern shifted. Brands started focusing on working with Influencers who are responsive to their brand’s voice rather than Influencers with thousands and millions of followers.
Micro-Influencers are Influencers having followers under 100,000 but have a deep connection and are trusted by their followers. As a result, when they endorse a company, their fans have the same level of trust in them as they would in a friend.
When using micro-influencers rather than several influencers for a single post, the return on investment is also higher. Campaigns utilizing Micro-Influencers have been shown to create 60 percent greater engagement rates and 22 times higher weekly conversions.
Brands learned that to truly leverage the potential of influencer marketing, they must hand over control. Restricting creators with limited creative freedom is so 2019. Influencers are being given more freedom by brands, who are allowing them to generate their own content in sponsored posts. This makes the posts authentic and trustworthy. The audience will connect with an influencer’s post, far more than a brand’s, therefore an original post written by the Influencer will have a greater engagement rate.
The era of Key Performance Metrics (KPIs)
Before, an influencer’s number of followers was a major component in determining whether or not a campaign would be successful. That, however, is no longer the conclusion of the story. After all, the number of followers on social media may now be fiddled.
Brands, however, sought KPIs for this. What are KPIs? A set of quantifiable targets to be achieved by the brand like impressions, clicks, likes, or comments. Brands are now setting clear objectives for influencer campaigns.
Introduction of Instagram Stories
And who can not know the rise of the famous Instagram Stories that have become part of our regular lives now? The use of stories has tripled as soon as it was introduced and became a medium of choice by brands. Influencer Marketing and Instagram stories are used to empower Influencers to share the brand’s message with their followers.
The emergence of Influencers industry on Instagram has come a long way but nonetheless, it’s at its peak now. An efficient time for brands to invest in it.