Despite pandemic recovery and supply chain challenges, inflation is on the rise in the United States.
There has been an increase in the cost of everyday consumer items due to rising material and labor costs, energy prices, and interest rates. Inflation rose by 8.5% in March 2022, the highest rate since 1981, according to the Bureau of Labor Statistics.
At a time when prices are at their highest in decades, businesses and consumers alike must contend with diminishing buying power. Fast-rising inflation makes it more difficult for companies to plan and invest, and customer loyalty is waning.
A new answer is developing for firms that want to optimize their marketing efforts right now, and it may be surprising. Influencer marketing is unmatched in its ability to provide the flexible, targeted messages that customers react to—without breaking the bank on conventional media expenses.
More Economical Than Traditional Advertising
With long-term influencer ambassador collaborations, firms may profit from getting an up-front fee and locking it in, which is seldom acknowledged in the influencer marketing community. Using this method, marketers may ensure that the campaign’s expenditures do not escalate over time.
The cost of an influencer marketing campaign depends on various criteria, but the per-influencer fee may be justly reasonable for smaller-audience providers.
The engagement rate of an influencer often decreases as the number of their followers grows. Micro- and nano-influencers frequently have the most significant sway because of the intimate connections they’ve made with the people they’re trying to reach.
With a wide selection of topics and channels to choose from, the cost of influencer marketing varies greatly. Still, in general, it is far less costly than traditional advertising methods like TV or print.
You can better communicate with your brand by understanding your target audience.
For well-known businesses in price battles with store brands, maintaining customer awareness is crucial during this inflation time. Brands may use influencer marketing to reach a wide range of highly targeted audiences with the kind of customized, relevant content that appeals to today’s customers.
As opposed to conventional advertising, influencer campaigns may change their message at anytime. Influencer campaigns may be swiftly repurposed if a firm adjusts its marketing strategy due to pricing changes or supply concerns.
A variety of geo-targeted messages may be shared by influencers to reach audiences throughout the country, regionally, and even internationally.
Influencers may help companies bring price, customer emotion, trust, and convenience to life for their products. Influencer campaigns provide the following advantages, to name a few:
- Real-life tales and experiences resonate with the brand and connect with the audience.
- Accessible viewpoints and suggestions from “everyday” individuals.
- Credible subject matter experts (DIY, beauty, cuisine, parenting, health/fitness, technology, etc.) offer inspiration and recommendations.
- By using demography, location, hobbies, platform, and much more, it is possible to provide very customized messages.
Issues In Messaging And Solutions
Message influencers may be a valuable asset for businesses. It may be tough to spread information about price increases, yet avoiding them is not always an option (for example, subscriptions and contracts usually require notice of price hikes).
Influencers may help companies relay price change information in a way that is true and honest. When a price rise is announced, influencers may help explain the rationale behind it in a way that is understandable to the general public.
As an alternative, firms may work with influencers to tell their customers’ stories about why their prices aren’t going up now.
Be skeptical of companies that opt to address inflation in their marketing openly. Pandemic commercials become a thing of the past in early 2020, and typical inflation messaging is unlikely to resonate.
Instead, influencers provide authentic brand experiences that consumers can identify with. Today’s creators can be found on every social media platform imaginable, with a wide range of audiences and specialized interests, making it possible for companies of all types to work with them effectively.
Despite inflation, influencer marketing has several advantages over traditional advertising methods.
Influencer marketing is the go-to tactic for firms willing to expand globally. If you’re an organization that needs help with branding and marketing, Cooperative Computing’s branding and marketing solution will gladly help you to scale your business online.