What seemed questionable at first, has now become a 1.7 billion dollar a year industry and is steadily growing. Influencer marketing has become a magnet for eager Instagram bloggers from fashion, travel, lifestyle and maternity niches. The barriers to entry are low, (all you need is a smartphone and WIFI) which allows for a greater pool of talent to choose from.
It’s easy to see why influencer marketing has its appeal. We are naturally hardwired to emulate and connect with others through storytelling and imagery. Advertisers have long known how to use traditional media to sell their products. Now into this digital age, what used to be celebrity endorsements is now repackaged as influencer marketing. Instagram bloggers are seen as more relatable and attainable in the eyes of their fans which relates to more buy-in when it comes to selling products.
A majority of millennials (84%) are receptive to influencers and rely on them to make purchasing decisions according to a study by Engel & Völkers. This subset of millennials known as HENRY’s (High Earners Not Rich Yet) are born between 1982 and 1999 and who make over $100,000 a year in household income.
When polled, 98% of HENRYs saidthey put their trust in social media and review websites before making apurchase. The most interesting thing is that 80% of them would consider hiringone as a real estate agent.
This could be an arena where developers and influencers can strategize; especially in the rental market where it can be easier to find tenants in cities like Toronto, Montreal, and Vancouver.
Let’s look at some facts when itcomes to influencer marketing:
Based on these stats, it’s easy to see why so many advertisers flock to influencer marketing. The cost of a sponsored post is exponentially smaller than a radio or television campaign and some may argue provides even better ROI. This market is expected to exceed 2.3 Billion dollars by 2025. That is a lot of hashtags.
The goal of influencer marketing isto use brand ambassadors to affect change consumer buying behavior in thesehighly engaging online subculture communities (Gen Z, Millennials, etc.). When is the last time you purchased a productfrom the recommendation of a friend? In the last week? This is the samebehaviour that is happening online, only now instead of a friend, it’s aninfluencer.
But before we dive head first. Whatare some key ways real estate developers/professionals can get in on theinfluencer game?
Here are 3 tips to point you in the right direction.
When working with influencers, it’s crucial that you keep an open mind and explore your options. Aligning your brand to the right influencer is crucial. They should be able to connect with your target audience in an authentic way that feels personal. Be sure to ask for a press/media kit whenever possible.
It may be tempting to be wowed by an influencers’ follower count but it may be more advantageous and cost-effective to work with smaller niche influencers. Why? These categories of influencers typically allow for more thoughtful engagement in tight-knit communities, where there is more room for two-way discussion. Another bonus? Micro influencers usually have cheaper rates.
This marketing channel has been growing exponentially over the years. This form of marketing engages users more than a static image and influences buyer decisions across the board. When creating content: think about ‘infotainment’. Creating a balance between entertainment and information engages your target customer and helps your brand stand out from the competition.
Real estate developers should take notice of non-traditional marketing in their efforts to connect with their target audience, especially Millennials who are expected to be the largest group of homeowners in the next 5-10 years.
Consumers are more knowledgeableand better equipped with online tools than previous generations. These toolsgive the confidence to shop around and carefully assess which project bestsuits their needs, lifestyle, and pocketbooks. Through frequent touch pointsand building and maintaining relationships, developers can create brand loyaltyfor years to come. It’s that simple.
Looking to get started? Contact L.A. Inc. on how to get the ball rolling on your influencer marketing campaign today.
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