How Brands Can Combat Inflation With Influencer Marketing
Inflation in the nation, as determined by the Consumer Price Index (CPI), surged to 7.41% in September 2022 from 7% a month earlier. Energy, materials, labor, and interest are all rising, driving the price of basic consumer items. The Bureau of Labor Statistics reports that in March 2022, inflation increased by 8.5%, which is the highest rate since 1981.
During the biggest cost-of-living crisis in decades, businesses and consumers are struggling with the problem of declining purchasing power. As quickly growing inflation makes investment and planning decisions more challenging, consumer loyalty is under increasing pressure.
Source: Think With Google
A surprising answer is emerging for companies wishing to increase their marketing reach. Nothing rivals the efficiency of influencer marketing when it comes to the kind of flexible, targeted content customers respond to—without spending astronomical amounts on traditional media.
Marketers look to influencers’ content as the magic bullet for business success. Over time, influencers’ influence and reach have increased. Brands use influencers to try to connect with their target audience.
In India, influencer marketing will be worth 9 billion rupees in 2022, predicts Statista. According to the report, the industry’s growth is anticipated to pick up momentum in the upcoming years and reach Rs. 22 billion in 2025, with a CAGR of 25% between 2021 and 2025. Influencer marketing is one of the marketing disciplines that has developed into one of the most important tools for the brand to battle inflation through time.
Why Tackle Inflation With Influencer Marketing?
Influencer marketing is a modern and highly successful form of advertising. It is one of the best ways to raise your website’s visibility. The approach might take advantage of the market leader’s large following and solid brand reputation to expand its reach. The brand may engage with its target audience while also building trust and brand awareness by working with a reliable influencer.
It is among the more affordable choices for brands. Based on the goals and CTA of the campaign, brands can choose how much money to spend on an influencer-related activity. One survey found that 66% of customers discontinue doing business with a brand that betrays their trust.
By promoting a brand, influencers can improve customer loyalty. They increase brand recognition and support the business’s ethos, which helps the brand over time in terms of ROI and customer retention. Influencer marketing is a proactive strategy the business can employ to fight inflation, and when done right, it will strengthen the brand.
Influencer marketing builds evergreen sales chances to reach millions of online consumers while raising brand awareness. Read: 8 Proven Influencer Marketing Strategies To Boost Sales
Here are five strategies that brands can utilise to their advantage when doing influencer marketing:
1. Economically Favorable- The marketing industry has developed over the past few decades. One of the most frequent arguments among marketers arises from the industry’s evolution and the dominance of new technology. The business’s budget is directly impacted by traditional non-internet-based advertising channels, including newspapers, billboards, SMS, phoning, direct selling, or brochures and leaflets.
However, you may save a lot of money with the influencer marketing brand during inflation, and influencers typically charge a flat rate for each post created. Even posting something for the cost of a product or service might be possible. Influencers can also be paid through promotional codes and affiliate links that generate straight commissions.
2. Better Brand Communication With The Target Audience- Maintaining consumer outreach is essential during this inflationary period, perhaps, especially for name brands competing against store brands on pricing. Influencer marketing enables brands to interact with a range of extremely focused groups using the individualised, pertinent messaging that today’s customers respond to.
By employing the individualised, pertinent information to which today’s customers respond, influencer marketing enables marketers to reach a broad range of specialised audiences. They may change the narrative by contacting geo-targeted customers with a range of information because their marketing is unlike traditional marketing. Influencer marketing enables a makeover to reach customers as a result.
3. Marketing with fresh content- Even though marketers tend to be imaginative people, it can occasionally be challenging to understand the target audience’s perspective. In addition, it is simple to fall into a rut and become afraid to try new things, even when they are important. There is no denying the significance of a brand voice.
In no way. But even within those limitations, there is freedom. Particularly influencers produce content for your brand without any effort on your behalf. The content is usually created in the influencer’s distinctive manner, giving their audience a fresh perspective on your company. It never gets old to reach out to local, regional, and national audiences with various custom content.
4. Partnership With The Right Influencers- Influencers can help brands accomplish some of their more challenging communication objectives. The problem of price increases is well-known and occasionally unavoidable. By collaborating with the appropriate influencers, a brand may communicate information on pricing changes genuinely and honestly. Influencers can help create a convincing argument for audiences to comprehend the underlying reasons for a price increase.
5. Efficient Strategy For The Future- Brands are looking to broaden their marketing reach as we move into a new era. Influencer marketing is, therefore, the most successful strategy available. Influencer marketing has become the most reliable method of product promotion due to the changing environment. Additionally, they help the brand by increasing customer loyalty and brand recognition. In conclusion, influencer marketing has several benefits over other forms of marketing, especially as inflation affects brands and consumers.
Today’s creators cover every possible social media platform, have a wide range of audiences, and have specialised interests, making them a tremendous resource for companies of all kinds looking to partner with them. To get the best out of influencer marketing, Try providing relatable real-world brand experiences. Influencer marketing offers many advantages over old-fashioned, expensive advertising strategies as inflation continues to impact both brands and consumers.
Being one of the top influencer marketing agencies, Vavo Digital is aware of influencers’ enormous influence over their audience for brands in every sector. We assist you in forming partnerships with these influencers so that they may effectively communicate your brand’s message.
Looking for more information on influencer marketing and how it may benefit your brand? Send us an email at email@example.com, and we’ll get back to you as soon as possible!