fbpx

Whether you realize it or not, you’ve probably been exposed to influencer marketing on social media and even purchased from a specific brand based on the strategy. If you’ve seen a photo, video, or post from a well-known person on social media that prompted a particular purchase, that is influencer marketing.  

The Rise of Influencers on Social Media

Influencer marketing is the collaboration between a popular social media user and a brand to promote that brand’s products or services. The influencer in question might be popular on social media because they are famous for something else, such as an actor or singer. But most influencer marketing involves people who have obtained followers simply due to their online activities. 

Over the past 15 years, the influencer market has exploded. According to McKinsey, the influencer marketing economy was valued at $21.2 billion in 2023. A recent Influencer industry report by Insider Intelligence reveals that spending on influencer marketing in 2023 is increasing rapidly. But is it worth it? Consider these pros and cons of influencer marketing. 

Pros and Cons of Influencer Marketing

Pros

Most influencer marketing involves sponsored content, which means a popular social media personality will create a post for their followers that includes a mention of your brand or focus entirely on your products or services. Some ways influencer marketing can positively impact your business include:

1. Influencers Can Boost Your Engagement

Most businesses struggle with building some brand recognition on social media. An influencer who already has a large following can kickstart your brand recognition and engagement with just a few posts. 

2. You Get Instant Brand Trust

People follow influencers because they trust what they have to say. You can “borrow” some of that trust through influencer marketing. A well-done post tells a specific social media audience that yours is a brand worth checking out. 

3. Influencers Can Drive Traffic & Conversions

It is another strategy you can use to drive traffic to your website and get more sales. A percentage of the people seeing these posts will investigate further, and some will become your customers. 

Cons

While influencer marketing has the power to benefit many businesses, it isn’t without risk. A few of the potential cons of this type of marketing include:

1. Saturation and Follower Fatigue

As influencer marketing becomes more widespread, audiences may experience content saturation, leading to follower fatigue. Followers may become less responsive to sponsored content, making it harder for brands to capture and maintain audience attention through this marketing approach.

2. Dependency on Influencers

Brands relying heavily on influencers may face risks associated with the influencers’ personal actions or controversies. If an influencer falls out of public favor or engages in scandalous behavior, it can negatively impact the brand associated with them. Many influencers are facing a trending social action called “canceling” if their audience is unhappy with something the influencer says, does, or promotes. Brands they are partnered with face the chance of being “canceled” in the eyes of the public along with the influencers should this occur.

3. Authenticity Concerns

Influencers may face challenges in maintaining authenticity, as some may compromise their genuine opinions or endorsements for the sake of brand partnerships, potentially diminishing trust among their followers.

4. Unpredictable ROI

Measuring the return on investment (ROI) in influencer marketing can be challenging. It’s often difficult to precisely quantify the impact of influencer collaborations on sales or brand perception, making it challenging for businesses to assess the effectiveness of their campaigns.

Before you hop on board the trend of influencer marketing, consider whether it makes sense for your business practically, financially, and in relation to your long-term goals. Be sure you have taken into account the risks posed to your business in comparison to the potential benefits of this type of marketing.

Get Help With Your Social Media Marketing Strategy 

It’s important that you form partnerships with the right people. At visionPATH Marketing, we understand that a large portion of your audience is spending time on social media. We can help your business maximize its social media marketing strategy. Contact us today for more information about our services.