Since they settled in, social media have shaken the market, and brought a new consumption paradigm: nowadays, consumers are using social networks to search for product referrals, and buy them online, and brands are using it to engage with their audiences.
Considering the fact that in Latin America the number of digital buyers is expected to reach 155.5 million, and that in 2015 the second most popular content categories was social media, with 168.8 million unique visitors, then it’s relevant to understand how and why the influencer phenomena can be worked out into an advantage to your business.
In a region such as Latin America where the internet penetration rate is growing each year, it’s easier to understand the potential of influencers to reach audiences by approaching some statistics on social media networks in the leading countries:
As for the most used social networks, while the population of the above countries generally prefer Facebook, Instagram, and YouTube (growth rate is increasing in LATAM and worldwide), brands continue to prefer engaging on Facebook (76%) and Instagram (20%). Social networks gain more and more relevance as consumers spend more time using them, either being entertained, chatting with friends, searching for reviews, or following their idols and opinion makers.
Ever since people have chosen public figures as opinion makers, from political leaders to sports, fashion, movies, or music celebrities. One of the major shifts is that social media has brought people closer to their idols, allowing real, authentic, and immediate interaction.
Today’s consumers, especially Millennials and Generation Z, support their purchasing decisions in influencers’ choices. Therefore, it´s important for brands to invest both in social media marketing and influencer marketing.
The other big shift is related to who the consumers are electing as opinion makers, and despite the fact that celebrities continue to have a large audience, the fact is that there are other influencers whose opinion is increasingly valued: bloggers, trendsetters, YouTubers, and eSports gamers.
Given the growth’s potential foreseen for the Latin American main markets concerning e-commerce and social networks, there is no doubt that brands need to position themselves with influencers in order to reach and engage their target and convert visitors into clients. According to marketing experts, having an influencer marketing strategy will increase your brand awareness (86%), allow your brand to reach the target and a new audience (74%), improve your brand advocacy (69%), increase sales conversion (46%), and manage your brand reputation (11%).
It’s advisable for merchants to establish partnerships with local influencers as they have an engagement with the audience that brands want to reach. A partnership with payment aggregators such as BoaCompra can also bridge the gap between companies and the LATAM emerging markets by giving them access to local payment options and thus increasing your customers’ reach and conversion.
Get in touch with us to learn how BoaCompra can help your company expand to this promising market: