By Vijay Singh
Over the past two decades, e-commerce websites and social media have become an integral part of our lives – and an important way for brands to reach new audiences. Social marketing presents an important channel for brands to reach a younger audience. It capitalizes on products that have gone viral, and tends to be promoted by nano and micro-influencers on their social media platforms.
As more and more users join social media platforms like Facebook, YouTube, Instagram, Pinterest, Snapchat, and Twitter, many of them become content creators themselves, curating and creating their stories, photos, and videos for others to see.
This is how social media influencers are born and quickly attract the attention of marketers. A social media influencer is someone who has built a loyal following by creating their online content. Today, influencer marketing is more accessible and measurable than ever before, and more marketers find it effective in achieving their goals. There is no denying that effective marketing is profitable. The market grew from $ 1.7 billion in 2016 to $ 9.7 billion in 2020, according to Influencer Marketing Hub. In 2021, it rose to .8 13.8 billion, indicating steady growth. This year, the market is expected to expand into the 16.4 billion industry And it will keep growing.
Influential people are effective in persuading their audience because they are usually experts in certain subjects, which makes them a natural source of recommendation. If you sell a particular product, finding relevant social media influencers – Instagram bloggers, vloggers, TikTokers, or Facebook group administrators – is a great way to reach your audience.
More and more people are looking for product reviews online. Remember that 80% of people said they watched a YouTube video about a product of their choice at the beginning of the purchase process. Social media influencers tap into the interactive needs of key people, which encourages responses, often in the form of purchases. As such, influencers are a powerful means of communicating with potential customers and increasing customer acquisition rates.
It was found that 50% of the time spent on mobile devices was spent using social media apps in 2020, so it is important for businesses to include social media in their minimal channel strategy. More than a third of consumers are buying through social media and that number will continue to grow. According to Forbes, Gen Z and Millennials are more likely to be affected, with the latter 84% saying that user-generated content from strangers has some effect on how they spend their money. Social media has encouraged more than three-quarters of Impulse purchases Consumers acknowledge that ease of use has led them to make purchases they did not make.
By incorporating social commerce, brands can tap into the growing trend of one-click shopping and reach a new group of customers that they haven’t been able to before. They can also harness the power of social recommendation and start selling without an expensive advance investment in technology. Ultimately, they can provide an excellent experience in a convenient and cost-efficient manner. Consumers often look to social media for brand and product discovery but are traditionally less enthusiastic about shopping on social platforms. And while engagement with social commerce is on the rise, it has yet to be widely embraced.
The author is the CEO of Sony Entertainment Talent Ventures India (SETVI). Published opinions are personal.