Why Consumer Influencers are the Next Big Thing 1 - Why Consumer Influencers are the Next Big Thing

Why Consumer Influencers are the Next Big Thing

With the proliferation of Social Media as a primary medium for companies’ branding and engaging their consumer base digitally, the lines between Social Commerce and Social Platforms as a marketing channel are constantly blurred. With millions of digital content churned out daily, today’s consumers are choosing their product purchases based on reliable sources of information, as opposed to glitzy celebrity endorsements. Penetration of smartphones and reduction in data costs have also impacted the purchasing behaviour of consumers – they are relying on interactive content and certified product reviews to make informed purchase decisions. This paves the way for the emergence of ‘consumer influencers’, your relatable everyday folk that review products for the masses, in a manner that resonates and influences purchasing decisions of their fellow consumers.

 

 

Consumer Influencers and the Existing Social Media Platforms

The existing social media platforms are limiting in regards to advertising opportunities. It is mostly businesses are only allowed to monetize content, through their ads based on cost per clicks. This form of marketing lacks emotional engagement between brands and consumers, which is crucial to promote brand loyalty and in investment in the long run. What brands and advertisers failed to pick up upon is the huge potential that consumer influencers present. Because these approachable figures choose to create video content on their own accord (without a brand deal), their personal opinions hold more authenticity and communicating brand value is effective. Such content can be in the form of product unboxing, product review or creative promotional content, engaging consumers visually while generating sales for brands.

 

However, when such content is restricted by the social platforms, be it due to higher advertisement placement fees or lack of owned content by brands, the full potential that Consumer Influencers hold can never be realised.

 

 

Emerging Consumer Purchasing Behaviour

Social Commerce has added new complexities to the continuous decision-making journey of consumers. Consumers are seeking more information, reviews, and recommendations from trusted parties to make their purchase decisions. This has led to videos shared by Word-of-Mouth becoming a core part of their decision-making process. Such shift towards a traditional manner of reaching their target audience has compelled today’s brands to find efficient ways of utilizing touch points of advertising to market brand value, as well as cater to consumers’ needs and wants.

 

 

Role of Consumer Influencers – Why They Could Be the Next Wave in Digital Marketing

Videos have become an essential part of our interconnected and tech-savvy society. This medium is increasingly being adopted by brands to convey their message visually, seeking to positively impact the brand impression that consumers form. A picture paints a thousand words; hence, the power of visual content is able to create a personal connection with consumers that far exceeds written content. Stimulating visual content exceeds expectations to break down the barriers and create a new customer base. Given the fact that only a mere 20% of target audience read written content, marketers are increasingly relying on targeting the remaining 80% with storylines and visual content that illustrate the brand’s values. A recent study shows an average user spending roughly 16 minutes and 49 seconds watching ads. With video traffic on the uptick, it is expected to cover almost 82% of all Consumer Internet traffic by 2020. That’s a significant domination with a rise of 26% CAGR.

 

As the world’s first Blockchain-powered Social Commerce platform, FANFARE had identified its potential and aims to capitalize on the potential of consumer influencers. FANFARE innovatively weaves consumers, consumer influencers (as content creators) and brands in a closed-loop ecosystem. Consumer influences are rewarded adequately for creating content, while brands are able to engage with such consumers directly through monetizing these Shoppable Videos. These Shoppable Videos allow for users to buy a product after watching the video, and be directed to the brand’s site. Users also bare rewarded with FAN Tokens after watching videos on the app, which can be later used to redeem things from Fanfare eStore.

 

FANFARE seeks to revolutionize the current system of physical and online shopping, with the dynamicity of instant Shoppable Videos underscoring a “personalized” shopping experience – from Consumer Influencer to fellow consumers directly! With an intuitive platform like FANFARE surfacing the market, Consumer influencers are carving out their unique niche within the marketing industry. As consumers align their trust with the influencers’ lifestyle choices and personal values, brands would have to start balancing both celebrity endorsements and consumer influencers who have the power to keep its audience engaged with creative content, as well as their authentic appeal.

 

 

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