Wilma C. Inventor-Miranda l March 13, 2024 l Business Mirror
WHAT is an influencer? Or how do you define an influencer? There are so many definitions in the internet, but let me rephrase them and defined them in as simple terms as possible. Influencers are those that dominates social media. They have a specific expertise or skills or interesting story and have an audience who follows them consistently. They have a steady following of thousands or even million followers.
People trust what they say and reacts positively to their opinion. They are being seek out to endorse products or services because their endorsements are being bought not only by their followers but the public in general specifically those who are active in social media. And we know that people now use social media more than any forms of communication platform. According to datareportal.com, the Philippines was home to 86.75 million social media users in January 2024, equating to 73.4 percent of the total population.
Companies and their marketing departments have a growing interest in these social media celebrities because of their large influence and popular presence. According to forbes.com (3 Reasons why Influencer Marketing is Still a Thing) brands are budgeting larger chunks of their marketing dollars to social media and within that ad spend, a rise in allocation of such budget goes to the influencers or influencer marketing. And with very good reasons.
First, consumers can relate more to the influencers. Celebrities, movie stars or famous people can be beneficial in promoting your Company’s products because they are well-known. But as to authenticity where people can see the everyday lives of the influencers for years and know that it is not just a put-on to promote a product, they will likely follow and buy the product if they are looking one in the market. They can relate more than with those advertising models in the ads. Consumers are even more encouraged when these influencers reply to their comments. Second, influencers can yield better ROI. Influencers place direct links which can immediately translate to sales meaning faster return on investments. While your sales may go up when a celebrity shows your product in a print ad or TV, the effect may not be immediate and it is more difficult to tell by how much that particular ad had brought in to increase sales. And third, influencers forge more authentic connections with diverse audiences. People see their real lives with their families in their Facebook or Instagram stories and when they show a product they use for themselves or with their families, they know that they are really using it and not just for show.
I am also a follower of certain influencers. I subscribe to their channels and click likes to their posts because I want to encourage them to continue with their posts or vlogs or stories and I also learn a lot from them. I follow sermons and motivational speakers, too.
One thing I observe, influencers who stick to their niche and authentic are the most successful. Look at Heart Evangelista—she is a successful influencer because even during pandemic times when people shy away from the luxury items, she continues with her posts and vlogs. She is not swayed by public opinion and I can tell that she is truly a creative person—the dress she wears, the bag she carries and even the shoes are not just curated by some stylists (although stylists may also be involved) but we know that the ultimate decision comes from her. Her personality shows through everything she wears or carries. That is why brand products sees an effective marketer in her.
Influencers can be beneficial to brands but on the side of the influencers, while opportunities abound, challenges are not far behind. There is a growing saturation of the market and standing out as an influencer requires more than just beautiful posts or photos but a content “with substance”. It also takes time, dedication and strategic planning to build a loyal and engaged following. There is also a need for a healthy work-life balance while navigating issues such as transparency, authenticity, and integrity amidst the social media pressures.
But there is a bright future for influencers with emergence of new platforms and technologies. From immersive experiences to interactive content, the possibilities are endless. They have truly transformed and will continue to transform the social media landscape, revolutionizing the way products and services reach consumers and promote them. Social media will continue to be a force and will continue to evolve in reaching audiences for the years to come and influencers will remain a marketing and sales force at the forefront not only being trendsetters and tastemakers but influencing behaviors and values to come.
Those are endless possibilities but also coupled with great responsibilities for influencers to succeed. But who say success comes easy?
*** Wilma Miranda is the 2024 chairman of the Financial Executives Institute of the Philippines’s Ethics Committee, managing partner of Inventor, Miranda & Associates, CPAs, and member of the Board of Directors of KPS Outsourcing Inc. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror. Photo from Pinterest.