Influencer marketing has become somewhat of a buzzword over the past few years. The rise of social media in the past decade has given individuals the ability to use these platforms as a method to cultivating large digital audiences. In doing so, they have created a new and viable stream for marketing.
At its core, influencer marketing is a form of social media marketing in which a specific individual endorses a company’s product, service, or mission, in an effort to have their audience engage with the company’s brand, product, or service.
The influencer market is currently estimated to be worth $10 billion, with projections to continue to climb in value. That all sounds great, but what makes influencer marketing worthy of your ad money? Two answers.
- Large portions of the American population use social media on a daily basis. According to the Pew Research Center:
- 69 percent use Facebook
- 37 percent use Instagram
- 22 percent use Twitter
- Between 80 to 90 percent of online advertising is viewed for one second or less. Furthermore, 40 percent of ad revenue is estimated to be lost to adblocking on sites that target millennials.
These two factors give pause to consider the use of influencer marketing, as businesses need new ways at attracting and keeping the attention of potential buyers. With more consumers using social media for both entertainment and education, advertising on these platforms can yield positive results for companies looking to arrive at the consumer’s doorstep. In fact, over 71 percent of marketers say the quality of customers and traffic from influencer marketing is better than other sources.
“Influencer marketing may sound new because of social media’s popularity but it’s actually one of the oldest forms of advertising. Leveraging a well-known or trusted persona with a brand has become more personal over time thanks to social channels like YouTube, Twitter, Facebook, and Instagram.
If you are considering influencer marketing for your cannabis products, identify the most unique individuals with a defined audience that closely matches your ideal customer, thoroughly explain what they can and cannot say about your product(s), and make sure that their influence and reach is tracked by at least one or two metrics (Likes, Shares, Swipes, Promo Codes Used).”
- Holly Ozanne, Elevato Marketing Link Building and PR Specialist
Why the Cannabis Industry Should Team Up With Influencers
As a cannabis-related company, you’re probably aware that advertising your product or service has limitations. Most paid media outlets are off-limits, or highly dilute the ability to effectively message your product or service. Instead, organic methods have proven to provide the best ROI in the early years of the recreational cannabis boom. While all cannabis-related companies should be running an active SEO campaign, adding high-quality content to their social media channels, sending out regular consumer emails, and more — in 2020 they need to explore the use of influencer marketing.
Influencers have spent time building a unique brand and developing an active audience for their respective social media page(s). Therefore, cannabis businesses should take time in finding an influencer that best aligns with their mission, and who has cultivated an audience that would best respond to their product or service. Deciding to partner with the influencer with the largest audience doesn’t guarantee the best results. Homework is necessary.
While influencer marketing acts more like an organic campaign, taking time for messaging and branding to take effect, it does allow for cannabis companies to directly tap into engaged audiences right away. Additionally, it is important for cannabis companies to weigh all their options and view influencers and audience types from all social media platforms, even as Instagram and Youtube have shown to be the most effective to date.
Ultimately, advertising is about what works and what doesn’t. Influencer marketing has exemplified what effective marketing can produce, and for the most part, at a fair price point. Influencer marketing can help cannabis companies in these areas:
- Increase website traffic
- Multiply the size of a social media audience
- Increase the number of social media engagements
- Promote the use of your products or services
- Improve brand awareness
Influencer marketing is all about having access to the right audience and having the influencer advocate with the right messaging. When this is done properly cannabis companies can see large audiences become motivated to interact with their product or service.
Need Help With Influencer Marketing?
Elevato Marketing is a full-service digital agency specializing in cannabis advertising. With a team of experienced professionals, we are ready to help connect your products with the right clients. Contact us to see how together we can benefit your business!