Posted: Jan 19, 2020
The truth is that sales data from top financial reports and real purchase results (scan data in the millions daily from IRI, Nielson, Gomberg) reveal that social media has a direct and far-reaching impact on human behavior. It is easy to track how many sales are derived from an influencer campaign. Anyone doubting the power of a coordinated social media and influencer campaign should check the national impact political influencers have and continue to have around the world.
Statistic: For every 1000 influencer impressions about an average of 285.00 US revenue is generated. There are endless ROI success stories (Wente, Rodney Strong, Budweiser, Gloria Ferrer, Dyson, whew…) Source: Nielsen
There are many types of influencers as you know: From those that would have you believe whatever they would have you believe regarding climate change; that the Pandemic is a fantasy, and that your brand of shoes is going to make you famous; to those who would present science facts (wear a mask,) and make factual generationally appropriate statements about CPG quality or lifestyle to promote purchases. Our current reality has forced all businesses to retool their sales and marketing strategy and up their digital game at least 10 years into the future.
Those who have tried to do business as usual are having significant detrimental results. Just in the restaurant marketplace alone, 110,000 businesses shuttered their establishments in 2020.
As you review your choices, it's time to realize that there are real classifications of influencers. Here is one according to IRI.
Diagram Source: IRI Worldwide.com
Enter the new consumer and the role of the influencer into the food and beverage category. We need to understand that the bills are being paid and jobs are being created by all those comfort commodity brands we are used to hearing about. Lifestyle is now tied to what are the new conventional sales channels (influencers, digital algorithms, on-line events, and more).
What playground you want to participate in is your choice.
That said, basic economic facts reveal that the luxury portfolios which require the full force of brand “popes” to create the sale are critically dependent on the bulk end of the marketplace. This is the nature of the “halo” effect. While many aspire to own that luxury bauble most will buy some value product related to that good or story just to have the feeling that they have consumed a piece of the real McCoy.
The VW beetle kept the financials strong to pave the way for its luxury cousins. A value pinot grigio keeps the lights on at the Chateaus around Tuscany.
Courtesy of the pandemic, the sheer amount of people, who can pay for the aspirational goods out there, has been critically decreased for many years to come (prices have come down and will continue to do so, that or volume will come down).
Sales conversions are the proof of an effective influencer strategy. Influencer campaigns require credible purveyors of the message with a trusted and significant group of followers. An advantage of the influencer impact is the fact the sales impact measurement is getting closer and closer to real-time vs. the many times half year time lines we follow to get results.
This IRI LINK will take you one of the most trusted purveyors of marketing and sales data and a webcast that should help you make quality decisions and realize that the world of influencer marketing is not fantasy and is having a significant impact on how the market is moving.
The sad thing about the internet, anyone can claim themselves as credible “influencing” authors and send a message which distorts the reality of the truth behind digital social structures. The facts are that the very fabric of our socio-economic and political structure is being rewritten by the digital societies.
I am wondering which has had a more significant impact on world economies; "opinion shot in the dark strategies" or those who have connected the technology and consumer behavior dots to save our economy by creating true outlets for goods and services? Obvious names come to mind: Bezos, Musk, Melinda Gates, the founders of Wine.com, Drizly, Instacart, Apple, etc.? The influencer is a lynchpin that laser focuses the consumer on products available on the lead digital sales platforms.
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