In the last decade, advertising has shifted, and marketing strategies have become much more personal. Influencer marketing is a significant catalyst for this change.
Most beauty and fashion brands have successfully picked up influencer marketing. Now, many of you probably started to wonder, what is influencer marketing? Will it work for home furnishing brands? How do I track results?
So, let's dive in!
What is Influencer Marketing?Influencer marketing is a form of advertising that uses individuals on social media to endorse or feature products in their posts. In the past, only celebrities like Kelly Wearstler (@kellywearstler 1.7M) could be considered an "influencer". However, this is no longer the case. Any person with as few as 3,000 followers could also be considered an influencer by today's metrics.
Depending on the goals you have for your influencer marketing campaign, you will need to partner with various influencers to reach your campaign goals. At Giden, we have divided influencers into two major categories: Inspirational Influeners and Aspirational Influencers. Here are the characteristics of both and what type of results you should expect from them.
Inspirational InfluencersInspirational Influencers often have an aesthetically pleasing feed. Many people follow them to get design inspiration from their work. They often don't interact much with their followers, and they don't jump on stories to guide their followers through their everyday design journey. These influencers could be @designer#1, @designer#2, and @designer#3. Their follower counts range could range from 5K to 150K+. The reason to work with inspirational influencers is to raise brand awareness and potentially license stellar photography from their projects.
Aspirational InfluencersIn comparison, Aspirational Influencers are much more outgoing. They love interacting with their followers and are often more vocal and active in sharing their project progress and lifestyle updates through story and feed content. They pride themselves on being transparent and authentic. These influencers could be @designer#1, @designer#2, and @designer#3. Because their connection to their followers is much more personal and interactive, brands aiming to increase direct sales and brand awareness would better work with aspirational influencers. The best way to know if they are the right partner is through their engagement rate. On average, influencers with followers count between 10K and 100K and a 2% engagement rate are good metrics to start your search.
In the past, influencer marketing has been dismissed as appealing solely to the younger generation, but stats and research shows this is no longer the case. Now, 49% of consumers say they use influencer recommendations for purchasing advice. On the business side, it's easy to see this in action. On average, $1 spent on influencer marketing yields $6.50 in revenue. Compared to other forms of ads, influencer marketing will give you the best bang for your bucks!
You will be behind the game if you have not considered incorporating influencer marketing into your marketing strategy. Giden is here to help you get started. If you are thinking about it, check out our blog of The five steps influencer marketing strategy you will need for your next product launch.