Leveraging influencer marketing for business growth

Jul 06, 2023
Leveraging influencer marketing for business growth

Influencer marketing is a strategy that involves partnering with influential individuals or organisations to promote a brand, product, or service. These influencers have a substantial following and a strong presence on social media platforms or other online channels. Influencer marketing can be an effective tool for driving business-to-business (B2B) business growth for small and medium enterprises (SMEs) by leveraging the influence and credibility of these industry experts or thought leaders.

In recent years, influencer marketing has emerged as a powerful strategy to drive business growth. Here are some reasons why SMEs should consider influencer marketing for B2B business growth:

Increased brand visibility: Collaborating with relevant influencers helps SMEs gain exposure to a larger audience within their target market. By tapping into the influencer's network and leveraging their reach, you can increase brand awareness and attract potential customers who may not have been familiar with their offerings before. One of the primary advantages of influencer marketing is the ability to increase brand visibility and awareness among the target audience. For example, Mamaearth, an Indian SME offering toxin-free personal care products, collaborated with motherhood and lifestyle influencers to promote their products. Through the influencers' recommendations and reviews, Mamaearth gained significant visibility, leading to increased brand awareness and recognition.

Enhanced credibility and trust: Influencers have built a strong reputation and credibility within their niche. When they endorse a product or service, it can significantly boost the perceived trustworthiness of the brand in the eyes of their followers. This can be particularly valuable for SMEs that are looking to establish themselves as credible players in the B2B space. Trust plays a crucial role in business relationships, especially for SMEs looking to establish themselves in the market. Influencer marketing allows SMEs to leverage the trust and credibility already established by influencers. For instance, Tjori, an e-commerce platform specialising in ethnic fashion and lifestyle products, partnered with influential fashion bloggers and Instagrammers to showcase their products. By associating with trusted influencers, Tjori gained credibility and built trust with its target audience, leading to increased customer confidence and subsequent growth in sales.

Targeted audience engagement:
 Influencers have a deep understanding of their audience's preferences and interests. By partnering with the right influencers who align with their target market, SMEs can effectively reach and engage with their desired audience. This targeted approach helps drive meaningful conversations and interactions that can generate leads and conversions. Influencers have a deep understanding of their followers' preferences and interests. When you collaborate with influencers who align with their followers, you can effectively engage with your desired audience. For example, Fastrack, specialising in youth-oriented fashion accessories, partnered with popular Indian YouTubers who catered to a young and fashion-conscious audience. Through product reviews, unboxing videos, and style tips, Fastrack successfully engaged with its target audience, leading to increased brand engagement and product sales.

Content creation and storytelling: Influencers are skilled content creators who excel at telling stories and capturing the imagination of their followers. By collaborating with them, you can tap into their expertise in creating compelling stories that resonate with a common audience. This can be in the form of blog posts, videos, social media campaigns, or even live events, helping SMEs showcase their products or services in an engaging manner. Collaboration allows SMEs to tap into this expertise and benefit from high-quality content creation. For instance, Paperboat (an SME offering traditional Indian beverages) partnered with influential food bloggers and YouTubers to create recipe videos using their products. This collaboration resulted in engaging and visually appealing content that showcased the versatility and taste of Paperboat's beverages, thereby driving interest and conversions.

Cost-effectiveness: Compared to traditional advertising methods, influencer marketing often proves to be a cost-effective strategy for SMEs. Many influencers offer flexible collaboration options such as product reviews, sponsored content, or brand mentions, making them accessible to SMEs with limited marketing budgets. For the small real estate developers in Kerala, there are a few YouTube channels that offer coverage on commission after sale. This affordability allows SMEs to maximise their marketing efforts and reach a wider audience without incurring exorbitant costs.

Now, let's look at a couple of examples of good influencer marketing campaigns in the B2B space. HubSpot, a leading inbound marketing and sales software company, partnered with Gary Vaynerchuk, a renowned entrepreneur and marketing expert. Gary created videos and content on various marketing topics, sharing his insights and promoting HubSpot's tools. This collaboration allowed HubSpot to leverage Gary's expertise and vast following, driving awareness and interest in their products among B2B marketers.

Adobe, a multinational software company, teamed up with Jay Baer, a digital marketing strategist and author, to hold a series of webinars and workshops where Jay provided valuable insights for content marketing, social media, and customer experience. By associating with Jay, Adobe positioned itself as an authority in the industry and attracted B2B professionals looking to enhance their digital marketing efforts.

Sugar Cosmetics, an Indian SME specialising in make-up products, collaborated with beauty influencers to promote their new lipstick collection. Influencers created engaging content, including make-up tutorials, product reviews, and swatch videos, showcasing the range of shades and quality of the products. This campaign significantly increased brand visibility and drove sales.

Bewakoof.com, an online fashion brand, partnered with popular Indian YouTubers and influencers to create humorous and relatable content. Influencers wore Bewakoof.com's merchandise in their videos and shared funny anecdotes or skits related to the brand, resonating with their target audience. This collaboration resulted in increased brand awareness and a surge in website traffic.

These examples highlight how SMEs can benefit from influencer marketing in the marketplace. By identifying influential individuals who resonate with their target audience, you can leverage their reach, credibility, and content creation abilities to drive business growth.

Source: moneycontrol