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How Influencer Marketing Affects Purchasing Decisions

Host Jon Penland, 

Kristen Wiley is the Founder and CEO of tech-startup Statusphere, a multi-million dollar consumer-to-consumer marketing platform that helps digital audiences discover brands they love from people they trust. The idea came after spending years in influencer marketing, both as a brand and an influencer. Kristen noticed some of the common issues that are faced on both sides of the coin and sought to improve the experience. Influencer marketing is expected to grow to 16.4 million USD this year (source: Influencer Marketing) so tune in to see how your brand can successfully hop on board this important marketing channel.

Duration

30 minutes

Guest

Host

Episode Summary

Consumers are no longer attracted to flashy ads. Instead, they want to see the people behind the brand or hear about real-life experiences of collaborating with a brand or using their products. That’s why influencer marketing is so popular these days (and has been for the past decade). 

But, as customers’ habits change, they perceive brand ambassadors or macro-influencers as less trustworthy, and they are more likely to trust small or micro-influencers — people from their surroundings — when purchasing. 

It’s of the utmost importance for brands of all shapes and sizes and across various industries to focus on the quality and value an influencer could bring to their brand, rather than the number of followers they have.  

In this episode of Reverse Engineered, our host Jon Penland welcomes Kristen Wiley, CEO and Founder of Statusphere. Kristen and Jon discuss influencer marketing, how it has changed over the years, the challenges of running a company like Statusphere, and the success of the member-first approach.

Key Insights:

  • Customers rely on real-life experiences rather than ads when making a purchasing decision. Influencer marketing has grown in the past decade, and brands of all shapes and sizes partner with influencers to expand their customer base. However, trends change, and unlike a few years ago when companies looked for macro-influencers, today, they also focus on people with a smaller follower base. In addition, people are more likely to make a buying decision based on a recommendation by people they trust rather than ads. ”It’s become more normal to post something and tag the brand that you like and you resonate with. […] If you saw a buddy who you are in a running club with post about a pair of running shoes and talk about how great they are versus a professional athlete talk about how great they are, you’re going to believe your buddy more because you know him, you relate to him.”
  • Running a business comes with many challenges and unknowns, but put yourself out there and explore. Prior to collaborating with influencers, Kristen had a recipe-themed blog. As she says, it was one of the best decisions she made (thanks to a college professor who suggested it) because it allowed her to learn more about content marketing