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from endorsements to brand collaborations, ET BrandEquity

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from endorsements to brand collaborations, ET BrandEquity


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The rapid growth and popularity of social media marketing has been accompanied by an increasing number of people endorsing different brands, products, and services online, to their large follower bases. This unique form of advertising would come to be known by the term influencer marketing. Today, influencer marketing is almost omnipresent in the advertising space, with brands vying for the attention of the large pool of consumers that these influencers have amassed.

Over the years, influencer marketing has been on a continuous upward trajectory, now being valued at over $21 billion dollars, according to the State of Influencer Marketing 2023 Benchmark Report. Moreover, data from the IMH State of Influencer Marketing Report has uncovered that more than 82% marketers have a dedicated budget for influencer marketing, with more brands looking to increase their spends over time.

Simply put, an influencer is someone characterized by a large follower base that enjoys a fan following from their audience. This gives them the power to influence people via the power of advocacy, i.e., if the influencer endorses something, their followers would follow suit too. This is achieved via a closer-knit rapport that influencers have with their fanbase, which sets them apart from celebrities/ personalities in this regard.

Here, followers see their influencers as regular human beings just like them, and find a sense of reliability with them. This sense of being grounded, to facilitate communication that is more human-like is something that brands struggle with even today, and why they look to influencer marketing as a solution to this conundrum. Building a connection that feels more personal is an important step for brands to succeed in today’s day and age, even more so with the industry saturation that has come as a result of many competitors.

Influencers themselves are real-life consumers of the products and services that brands build. They are an authentic reflection of the same things that consumers go through on a day-to-day basis. This leads to a feeling of transparency between followers and influencers. Collaborating with them thus creates a sense of trust with newer groups of consumers who are already familiar with the influencer they are following.

Influencer marketing has caused major disruptions in the marketing industry by introducing a level of authenticity and transparency that is unparalleled to other forms of traditional marketing. This leads to customers engaging with the influencers’ content directly, creating a two-way communication in the brand’s marketing.

As a spillover effect, it has encouraged many more people to become influencers in their own right. Now, the landscape is filled with micro influencers, each collaborating with brands both small and big. This has further led to a segregation in the types of influencers, namely micro and nano influencers.

Micro influencers that are influencers with a following of 10,000 to 100,000 followers often create content corresponding to a particular niche, such as fitness, or food, as examples. Their larger reach naturally means that brands would have to invest more on collaborating with these influencers.

Nano influencers, as the name implies, come with a smaller follower base, usually less than 10,000 followers. In spite of their reduced reach, this group is considered to be more authentic in nature given that the content they post is a lot closer to what regular consumers who aren’t influencers would post. This is because they have just started out and are amassing a following in their initial stages. Collaborating with nano influencers also incurs lower costs for brands.

One of the biggest reasons why influencer marketing is so successful for brands is because it builds social proof. This refers to a psychological phenomenon wherein people look to others to help them make decisions, especially when they may be uncertain, unfamiliar, or simply unable to decide how to go about a purchase. Here, customers tend to conform to the actions of the people they see around them, especially if they are deemed to be credible.

When it comes to marketing, social proof is an excellent way of influencing potential customers by visually guiding them to make a purchase of a particular product or service. Because the product or service in question is seen as favourable to the influencer, their followers can then know that it would give them the same experience as well. The end result of this is customers feeling confident to make a purchase, because the influencer that they adore has experienced the same.

At present, brands benefit from including influencers in their affiliate marketing programmes. With their large following, influencers are able to put brands right in front of consumers, across social media platforms. This unique partnership between influencer and affiliate marketing involves influencers promoting products via affiliate links. When consumers make purchases via these links, the influencer makes a commission or percentage of the sale.

In recent years, influencer commerce, a new phenomenon, has taken the centre stage in influencer marketing efforts. This is a sub-genre of e-commerce that is characterized by selling products in collaboration with influencers. It enables brands to sell their products to consumers via influencers’ social media channels, thereby allowing for very direct purchases.

As time goes by, influencer marketing will only continue to be heavily leveraged to help customers feel closer to the brands they buy from or subscribe to. One of the biggest trends that is already visible is brands collaborating with influencers that have smaller follower bases. This is to help build that sense of connection with audience groups across a larger pool of influencers, while also managing their allocated marketing budgets better.

Moreover, brands have increasingly been looking to build longer relationships with influencers, which comes as a stark contrast to how influencer partnerships would usually be a short/ one time act. With technology continuously evolving at a breakneck pace, geographical borders will continue to be irrelevant, as brands reach out to influencers on a global level. This will also positively impact the overall reach by introducing their products and services to audiences far across the world.

With every new development and technology, and every impact it has on influencer marketing, brands must always remember one thing – that influencers are themselves customers who face the same problems as people do in their regular lives. This should encourage brands to create strategies that are more collaborative in nature, rather than ones that make influencers emulate celebrities in the way they endorse brands.

ASCI’s new disclosure guidelines: what it means for finance and healthcare influencer marketing

According to ASCI’s new rules, content creators will have to prominently display their qualifications alongside the content they create.

  • Published On Sep 16, 2023 at 08:30 AM IST

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Invest in Yourself with a Lifetime of StackSkills Courses for $29.97

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September 8, 2024

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Invest in Yourself with a Lifetime of StackSkills Courses for $29.97

Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

As a busy professional, finding time to invest in your education can be challenging. But what if you had lifetime access to an online learning platform that lets you learn whenever and wherever you want? That’s exactly what StackSkills offers—and right now, you can get lifetime access for just $29.97 (reg. $600).

StackSkills is an intuitive, user-friendly platform that’s perfect for anyone looking to enhance their skills without committing to a rigid schedule. Whether you’re a parent returning to the workforce, a business owner looking to gain new skills, or simply someone looking to keep up with ever-evolving industries, StackSkills provides the tools and flexibility you need to stay ahead.

With instant access to a pre-selected library of more than 1,000 courses—with new courses added monthly—there’s something for everyone. The platform’s range of beginner to advanced courses covers professional topics like IT, development, graphic design, finance, business, marketing, and more.

There are even personal growth topics like mindful meditation. And with more than 350 of the web’s top instructors, you’ll be learning from some of the best in the business.

One of the greatest advantages of StackSkills is the flexibility it offers. Instead of being tied to a specific time or place, you can access the platform from anywhere and learn at your own pace. Whether you have 15 minutes during your lunch break or a few hours on the weekend, StackSkills is designed to fit seamlessly into your busy life.

Consider a business owner looking to improve their finance skills to better manage their company’s growth. They can browse the available finance courses, find what suits their needs, and immediately start building the expertise necessary to take their business to the next level. And with course certifications, they can demonstrate their newly acquired skills to clients and stakeholders.

Whether you’re starting from scratch or looking to take your knowledge to the next level, StackSkills has something for everyone.

Get lifetime access to all of StackSkills courses for just $29.97 (reg. $600) through September 29.

StackSocial prices subject to change.

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Best US Cities to Start a Business, Entrepreneurship: Report

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2 days ago

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September 7, 2024

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Best US Cities to Start a Business, Entrepreneurship: Report

What city is best for starting your business? While several factors should play into a decision, a new report from fintech company SumUp has identified the top 10 for entrepreneurship based on tax data, the number of millionaires in the city, and even Google searches.

New York topped the list because of the opportunities it offers across industries, from tech to fashion, and its 4% sales tax, which was the lowest of the group. New Yorkers also frequently Google “how to get rich” and “how to make it in business,” the study found. The city also offers access to over 30 WeWork coworking locations, the most of all the cities in the report, which theoretically could help startup employees collaborate.

Related: Worried About AI Stealing Your Job? A New Report Calls These 10 Careers ‘AI-Proof’

Chicago came in at No. 2, with SumUp researchers highlighting its 120,500 millionaires and high interest in entrepreneurship through tracked Google searches. They also found that Chicago stood out for finance startups.

Rounding out the top three was Miami, “where the weather is warm and taxes are low,” according to the study. Travel, tourism, and commerce startups thrive in this city, which has 0% personal income and capital gains tax.

Related: These Are the Top 15 Jobs With the Highest Entry-Level Pay

Here’s a complete list of the top ten cities for entrepreneurship, according to the report.

1. New York

Number of millionaires: 349,500

Personal income tax – highest income: 10.90%

Sales tax: 4.00%

2. Chicago

Number of millionaires: 120,500

Personal income tax – highest income: 4.95%

Sales tax: 6.25%

3. Miami

Number of millionaires: 35,300

Personal income tax – highest income: 0.00%

Sales tax: 6.00%

4. Los Angeles

Number of millionaires: 212,100

Personal income tax – highest income: 13.30%

Sales tax: 9.50%

5. Dallas

Number of millionaires: 68,600

Personal income tax – highest income: 0.00%

Sales tax: 6.25%

6. Austin

Number of millionaires: 32,700

Personal income tax – highest income: 0.00%

Sales tax: 6.25%

7. Houston

Number of millionaires: 90,900

Personal income tax – highest income: 0.00%

Sales tax: 6.25%

8. Seattle

Number of millionaires: 54,200

Personal income tax – highest income: 0.00%

Sales tax: 6.50%

9. Washington

Number of millionaires: 28,300

Personal income tax – highest income: 10.75%

Sales tax: 6.00%

10. Boston

Number of millionaires: 42,900

Personal income tax – highest income: 9.00%

Sales tax: 6.25%

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What Is Founder Mode and Why Is It Better Than Manager Mode?

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3 days ago

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September 6, 2024

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What Is Founder Mode and Why Is It Better Than Manager Mode?

Paul Graham, the founder of famed startup accelerator Y Combinator, coined a new term this week that has taken over social media: founder mode.

In an article released on September 1 and publicized on X over Labor Day weekend, Graham separates “founder mode” from the traditional “manager mode” route by noting key differences in management styles and organizational structure. Graham’s X post has over 21 million views at press time.

Related: How to Start a Multi-Million Dollar Company, According to an IBM Engineer Turned Founder

Founder mode means that the CEO interacts with employees across the organization, not just their direct reports. The startup, even as it grows into a large company, is less hierarchical; the CEO could do “skip-level” meetings with employees, for example. Graham gave the real-world example of Steve Jobs running an annual retreat for who he thought were the 100 most important people at Apple — regardless of where they were on the corporate ladder.

Manager mode, meanwhile, is less hands-on and involves more delegation to other people. Founders can grow companies and run them effectively without switching to manager mode, Graham stated.

“Hire good people and give them room to do their jobs,” Graham wrote. “Sounds great when it’s described that way, doesn’t it? Except in practice, judging from the report of founder after founder, what this often turns out to mean is: hire professional fakers and let them drive the company into the ground.”

Related: How to Start Your Dream Business This Weekend, According to a Tech CEO Worth $36 Million

Graham gave the example of Airbnb CEO Brian Chesky, who tried to follow conventional “manager mode” wisdom to hire good people and let them do their jobs.

“The results were disastrous,” Graham wrote.

Chesky had to pivot to a different “founder mode” style of management and explained in an interview last year that founders have multiple advantages over managers: They have owned every part of the process of building a company, from start to finish; They have built the company up, so they can rebuild it; and they have permission to rebrand the company or make major changes.

In the past few days since Graham released his essay, the social media world has begun exploring what it means in humorous and insightful ways. One post drew a comparison between micromanaging and founder mode.

Other posts from women founders addressed the question: Can women be in founder mode too?

Chesky wrote on X earlier this week that women founders had been reaching out to him since Graham released the essay about how they can’t run their companies in founder mode the same way men can.

“This needs to change,” he wrote.



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