Entrepreneurial growth involves strategies aimed at growing and expanding a brand, business, or organization. It is achieved through increasing the quality, quantity, and turnover of products and services. Innovation, business development, radical enlargement, and customer acquisition are examples of methods used to achieve this type of growth. Hard work and taking risks are critical traits of entrepreneurs willing to grow their business and achieve their goals.
Entrepreneurial growth is necessary for the survival of a business, and social media influencing can help in achieving this goal. Social media influencing is the ability to influence the decisions and thought patterns of others within the social media community. The more significant the influence, the more appealing it is to individuals or companies that want to promote ideas or sell products. Brands and companies can use influencers to increase brand awareness, customer engagement, and sales. Social media influencer marketing has continued to grow as an effective way of advertising and keeping the audience engaged to generate a profit. This article will focus on social media influencing as an essential tool for entrepreneurial growth.
What is Social Media Influencing?
Social media influencing refers to the ability of an individual to affect the choices and beliefs of others within an online social community. Companies can take advantage of this influence to stimulate growth. The social media marketing industry is worth an estimated $5 billion, and over 3.7 billion people use social media today. Entrepreneurs can either increase their social media influence or hire established and trustworthy influencers to help them achieve their goals.
How to Measure Social Media Influence
The magnitude of a person’s or company’s social network can help estimate the influence of a person or company. For example, Instagram followers, Tiktok followers, Facebook friends, or Twitter followers can be used to gauge influence. However, a more thorough analysis is required to determine how influential someone is and the level of trust and relationship they have with their followers. Tools like Klout can give a score between 1- 100 based on an individual’s online activity. However, industry experts have questioned the validity of this tool as it does not consider all types of online activity.
Who are Social Media Influencers?
Social media influencers are users with credibility in a certain niche or content type who have access to a large audience or subscribers. An influencer has a significant following and has the power to spark a conversation or inspire a change in behavior or choice. Companies often hire social media influencers to expand their reach, become more relatable, and endorse their products or services. Social media influencers come in different forms like celebrity influencers, consumer influencers, micro-influencers, and content creators.
Types of Social Media Influencers include:
- Celebrity influencers: These are individuals who have gained their following through their celebrity status. They often attract particular demographics and target audiences, and companies can hire them to endorse their products to their fans.
- Consumer influencers: These are individuals who have gained popularity due to their personality and relatability. Their audience considers them real and often take their advice regarding products and services.
- Micro-influencers: These are individuals who have gained a following and substantial topical authority through their knowledge in a specific area. They may require products or services before reviewing them and recommending them to their audience.
- Content creators: They include professional bloggers, photographers, and vloggers, among others. They develop content that readers find interesting and keep up with regularly. Companies can sponsor their content or send their products to be reviewed by content creators.
When choosing influencers, companies consider the relevance of the influencer’s message to their brand, trustworthiness among their followers, and reach or follower count. This approach is useful for brands and businesses interested in utilizing social media influencing to achieve their goals.