The rising popularity and use of digital media have greatly influenced the marketing landscape in Singapore nowadays. In particular, businesses from every industry conceivable seem to be jumping on the bandwagon leverage on influencer marketing, with the objective of gaining credibility and new customers in the digital world. Just exactly what is influencer marketing, and how critical is in in marketing your brand or business?
What is Influencer Marketing?
As the name goes, influencer marketing is a form of digital marketing technique that leverages on the influence of opinion leaders; through this influential group, businesses hope to gain access to an even larger market through social media platforms, usually the fans or followers of these opinion leaders. According to Google Trend statistics, Instagram has overtaken Twitter in Singapore to become the second most popular social media network after Facebook. Understanding this fact is crucial in that Instagram is now one of the most influential social media platforms on which opinions are shared, perceptions are formed and decisions are made. Opinions and experiences channeled through social media platforms have an impact on how people choose and buy from their favourite brands. Ask any digital marketing agency within Singapore, and they will readily state Instagram as one of the leading social networks in setting the trends in influencer marketing.
The Sheer Power of Influencer Marketing in Singapore
Almost half of those between the ages of 16 and 24 in Singapore exhibit more trust in what their role models and peers say on social media platforms (such as Instragram) than what they hear and learn offline. The ability and ease for social media users to interact with each other on a common platform make it extremely effective for attracting a larger, more targeted market. Brands and businesses are now fully cognizant of the power of influencer marketing channels; in fact, this display of faith is well-substantiated with the following statistics:
- The number of internet users across Asia Pacific has grown by 12%
- In Singapore, there are more than 4.2 million smart phone users
- The country has a 86% smart phone penetration rate, which is among the highest in the world
- Over 63% of those who are connected to the internet in Singapore use Instagram on a regular basis
- Approximately 73% of Singaporean consumers depend on social media networks for information (reviews, comments, feedback et cetera) on which they base their purchasing decisions
- More than 74% of Singaporeans frequently use social media platforms
- Influencer marketing in Singapore provides a high return on investment (ROI): influencer marketing with Instagram generates, on average, a revenue of $6.85 per dollar spent on marketing
Any brand or business seeking to capitalize on influencer marketing to extend its reach and capture a wider segment of the market should start off by paying attention to the latest trends in influencer marketing. By achieving a better understanding of these trends, brands and businesses will be able to strategize their digital marketing campaigns more effectively. The following are the top trends that are expected to characterize and define influencer marketing in 2017.
High-quality and Relevant Content is Still Critical in Influencer Marketing
As with any other digital marketing tools, influencer marketing is a double-edged sword that may create a positive or negative impact on a brand of business. Hence, it is imperative that a diligent and well-thought-out approach is adopted prior to executing any campaign involving the use influencer marketing. While this should go without saying, there have been cases where some digital marketers make the mistake of either overusing influencers, or selecting influencers who are not relevant to their brands. The biggest mistake, however, is when a digital marketer uses content that is not relevant to their own target audience. Singaporean brands and businesses wishing to ride on the influencer marketing wave must focus on generating and posting content that is interactive and engaging; this content, of course, must also be shareable and relevant to their target audience. With this approach in mind, brands and businesses will gain a competitive edge over the rest of the market players, especially if they also invest in high-quality content.
Increased Focus on People-centric Marketing Strategies
While more are focusing on leveraging on the influencer marketing trend to expand their reach into their target markets, one must always keep in the mind the need to be people-centric in their marketing efforts. Being people-centric simply means that campaigns should focus on people and their needs, rather than a brand’s own products and services. For example, demonstrating how your products or services can be beneficial or add value to consumers’ lives will be infinitely more meaningful than showcasing how great your offerings are. Your offerings need to tie in with the wants and needs of people, and helping them understand their relevance to your target audience will increase the chances of a sale. Marketers must learn to incorporate a people-centric, needs-focus approach in their campaigns if they wish to benefit from the current wave of influencer marketing.
As long as the current trend of influencer marketing continues, average Singaporeans can be expected to rely more and more on influencers’ opinions to help them formulate most if not all of their purchasing decisions. A majority of young Singaporeans are currently active users of the internet to search for online reviews and recommendations (or cautionary messages) before they make any purchase. The savvy brand or business will readily recognize that utilizing influencers as part of attracting more online sales is a viable strategy, but those who wish to adopt this approach may not have a complete understanding nor possess sufficient capabilities to execute it properly. In this case, engaging the services of a professional online marketing agency in Singapore will be of great benefit, as it can assist in identifying the right influencer for your products and services. Furthermore, this agency can also measure and monitor the performance of your influencer marketing campaigns, to help further refine where necessary in order improve the effectiveness of your campaign.