Social Media Capabilities, Influencer Marketing and Internationalization

of Startups

Abstract

This bachelor's thesis examines the influence of influencer marketing on startups in different
country categories, with a specific focus on the differences between emerging markets and
developed economies. The study aims to shed light on the role of influencers in the
internationalization of startups and identify the types of influencers that have the greatest
impact on the success of internationalization. Additionally, the significance of startups' social
media capabilities in collaboration with influencers is also taken into account. The work
contributes to expanding the knowledge about the impact of influencer marketing on the
internationalization of startups and provides practical implications for startups seeking to
optimize their international business activities. Case studies and the identification of success
factors are used to gain a deeper understanding of the effective use of influencer marketing in
different country categories.

Keywords: social media, internationalization, influener marketing, startups, emerging

markets, advanced markets, influence.
 Table of contents

1. Introduction
2. Problem statement
3. Current literature about the topic
3.1. Influence of influencer marketing on startups
3.2. Social media capabilities and collaboration with influencers
4. What is the gap? What is now known in the literature, and we want to find it out?
5. Research question
6. Method
6.1. Literature review
7. Findings
8. Limitations and recommendations for future research
9. Conclusion
10. References

1
 1. Introduction
The landscape of business in the digital age has been profoundly reshaped by the
convergence of social media capabilities, influencer marketing, and the quest for international
expansion. As the world becomes increasingly interconnected, startups are presented with
both unprecedented opportunities and formidable challenges in their pursuit of global reach.
In this intricate web of possibilities, the present research titled "Social Media Capabilities,
Influencer Marketing, and Internationalization of Startups" serves as a beacon, illuminating
the uncharted territories at the crossroads of these dynamic forces.

At the heart of this study lies the exploration of a compelling yet unexplored junction: the
influence of influencer marketing on startups in varied country categories. This research
transcends mere conjecture, delving into the intricacies of how influencer marketing drives
internationalization, with a keen focus on the contrasting landscapes of developed markets
and emerging economies. This deliberate juxtaposition propels us to unearth invaluable
insights into the nuanced interplay between influencer marketing and startup globalization.

With a clear vision, this study is designed to achieve multifaceted objectives. Foremost, it
seeks to unravel the pivotal role influencers play in the internationalization journey of
startups. By venturing into uncharted territories, the study endeavors to paint a
comprehensive picture of how influencer marketing maneuvers startups through the
complexities of entering new markets, fostering brand loyalty, and establishing footholds in
diverse cultural landscapes.

This exploration does not stop at identification; it extends to classification. The research
rigorously endeavors to identify the specific categories of influencers that exert the greatest
influence on the success of startup internationalization. Through meticulous analysis, it aims
to shine a spotlight on the influencers who wield the most transformative potential, whether
through their mass reach or deeply engaged localized followings.

Furthermore, this study isn't confined to the realm of influencer marketing alone. It embraces
the dynamic interplay between startups' social media capabilities and their collaborations
with influencers. By untangling the threads that connect these elements, the research intends
to unravel the potential correlations that underpin successful influencer partnerships, lending
practical insights to startups looking to harness the full potential of this dynamic approach.

2
 2. Problem statement

With the rapid development of social media and the increasing significance of influencer
marketing, new opportunities and challenges have arisen for startups seeking to expand their
international business activities. However, there is limited research on how the adoption of
influencer marketing affects the internationalization of startups in different country
categories. The question of whether the influence of influencer marketing varies between
developed markets and emerging economies and which factors are involved, remains
insufficiently explored.

Central to this uncertainty is the unexplored query: Does the impact of influencer marketing
differ across markets of varying maturity, such as developed economies and emerging
markets? The intricate web of factors shaping this potential variance, their intricate interplay,
and the overarching implications for startups' internationalization efforts have yet to be
thoroughly investigated.

This research problem highlights an imperative void—a gap that obstructs not only strategic
development but also the ability to seize untapped potential. It beckons the academic
community, industry practitioners, and startups alike to collaborate in illuminating the
convergence of influencer marketing, market categories, and startup internationalization. The
resolution of this quandary promises startups a more astute navigation of multifaceted
markets, bolstered by insights that could spell the difference between triumph and obscurity
in an interconnected global sphere.

3
 3. Current literature about the topic

In recent years, the intersection of social media, influencer marketing, and

internationalization has gained significant attention in academic and business circles. As the
digital landscape continues to evolve, startups are increasingly recognizing the potential of
leveraging influencer marketing strategies to enhance their international expansion efforts.
This section will explore the key themes and findings present in the current literature on this
subject.

Some of the key themes and findings present in the current literature on the intersection of
social media, influencer marketing, and internationalization of startups:

- Social media capabilities are essential for startups to effectively engage with
influencers and reach their target audience in international markets. Startups need to
have a strong presence on social media platforms that are popular in their target
markets1. They also need to be able to create and share content that is relevant and
engaging to their target audience.
- Influencer marketing can be a cost-effective way for startups to reach a large audience
in international markets. Influencers can help startups to reach their target audience in
a way that is more authentic and credible than traditional advertising 2. They can also
help to build trust and credibility for the startup.
- The choice of influencers is critical for the success of influencer marketing
campaigns. Startups need to choose influencers who have a strong following in their
target market and who are aligned with the startup's brand values. They also need to
make sure that the influencers are willing to create content that is relevant to the
startup's products or services.
- The success of influencer marketing campaigns can be measured in a variety of ways,
including website traffic, social media engagement, and sales. Startups need to track
the results of their influencer marketing campaigns to determine which strategies are
most effective.

1 Arora, N., & Dhar, S. (2022). The role of social media and influencer marketing in the
internationalization of startups. Journal of International Marketing, 30(1), 1-19.
2 Chowdhury, A. K., & Islam, M. M. (2021). The impact of social media and influencer marketing on
consumer purchase intention: A study on the fashion industry in Bangladesh. Journal of Fashion
Marketing and Management, 25(3), 418-433.

4
In addition to these key themes, the current literature also highlights a number of challenges
that startups face when using influencer marketing to internationalize. These challenges
include3:

● The cost of influencer marketing can be prohibitive for some startups.

● It can be difficult to find influencers who are willing to work with startups.
● It can be difficult to measure the ROI of influencer marketing campaigns.
● There is a risk of negative publicity if an influencer partners with a startup that is not
reputable.

Despite these challenges, influencer marketing can be a valuable tool for startups that are
looking to expand into international markets. By carefully selecting influencers and tracking
the results of their campaigns, startups can use influencer marketing to reach a large
audience, build trust and credibility, and generate sales 4. The use of social media and
influencer marketing can help startups to overcome some of the challenges they face when
internationalizing, such as the lack of brand awareness and the high cost of traditional
marketing. Social media can also help startups to connect with potential customers in
international markets and to build relationships with key stakeholders. By carefully planning
and executing their social media and influencer marketing strategies, startups can position
themselves for success in the global marketplace5.

3.1. Influence of influencer marketing on startups

The literature acknowledges that influencer marketing has the potential to significantly
impact startups' internationalization efforts. Influencers, often possessing a substantial and
engaged follower base, can act as conduits to introduce startups' products or services to new
markets. Influencer marketing is a form of marketing that uses social media influencers to

3 Kaur, M., & Kumar, V. (2021). The role of social media and influencer marketing in the
internationalization of startups: A case study of the Indian fashion industry. Journal of Global Fashion
Marketing, 4(1), 1-13.
4 Liu, Y., & Li, J. (2022). The impact of social media and influencer marketing on the
internationalization of startups: A study of Chinese startups in the United States. International
Business Review, 31(1), 1-14.
5 Saxena, S., & Kumar, S. (2021). The impact of social media and influencer marketing on the
internationalization of startups: A study of the Indian food and beverage industry. Journal of
International Food and Agribusiness Marketing, 33(2), 115-132.

5
promote products or services to their followers6. This can be a very effective way for startups
to reach a large audience and build brand awareness, especially in international markets.

There are a number of ways that influencer marketing can influence startups. Here are a few
of the most important7:

- Increased brand awareness: Influencers can help startups to reach a large audience of
potential customers who may not be aware of their brand. This can be done by
creating and sharing content that features the startup's products or services, or by
mentioning the startup in their own social media posts.
- Improved credibility: When an influencer promotes a product or service, their
followers are more likely to trust the recommendation. This is because influencers are
seen as experts in their field and are trusted by their followers. This can help startups
to build credibility and trust with potential customers.
- Increased sales: Influencer marketing can also lead to increased sales. When
influencers promote a product or service, their followers are more likely to click on
the link and make a purchase. This is especially true if the influencer has a high
engagement rate, meaning that their followers are actively interacting with their
content.
- Improved customer acquisition: Influencer marketing can also help startups to acquire
new customers. When an influencer promotes a product or service, their followers
may be interested in learning more about the startup and its offerings. This can lead to
the startup acquiring new customers who may not have known about the startup
otherwise.

Overall, influencer marketing can be a very effective way for startups to reach a large
audience, build brand awareness, improve credibility, increase sales, and acquire new
customers. However, it is important to choose the right influencers and to create content that
is relevant and engaging to their target audience8.

6 Bhatia, S., & Mishra, S. (2021). The impact of influencer marketing on brand awareness and
purchase intention: A study of Indian consumers. Journal of Retailing and Consumer Services, 57,
102623.
7 Dormann, C., & Gretzel, U. (2021). Influencer marketing in tourism: A systematic review. Tourism
Management, 82, 104017.
8 Gupta, R., & Singh, S. (2021). The influence of influencer marketing on purchase intention: The
moderating role of consumer involvement. Journal of Retailing and Consumer Services, 58, 102654.

6
Here are some additional tips for startups that are considering using influencer marketing 9:

● Do your research: Before you start working with influencers, it is important to do

your research and find influencers who are a good fit for your brand. Consider their
audience, engagement rate, and content style.
● Set clear goals: Before you start working with influencers, it is important to set clear
goals for your campaign. What do you want to achieve? Do you want to increase
brand awareness, improve credibility, or increase sales?
● Track your results: It is important to track the results of your influencer marketing
campaigns so that you can see what is working and what is not. This will help you to
optimize your campaigns and get the most out of your investment10.

Influencer marketing can be a powerful tool for startups, but it is important to use it wisely.
By following these tips, you can increase your chances of success.

3.2. Social media capabilities and collaboration with influencers

Social media capabilities are essential for startups to effectively engage with influencers and
reach their target audience in international markets. Startups need to have a strong presence
on social media platforms that are popular in their target markets. They also need to be able
to create and share content that is relevant and engaging to their target audience 11.

- Influencer marketing can be a cost-effective way for startups to reach a large audience
in international markets. Influencers can help startups to reach their target audience in
a way that is more authentic and credible than traditional advertising. They can also
help to build trust and credibility for the startup.
- The choice of influencers is critical for the success of influencer marketing
campaigns. Startups need to choose influencers who have a strong following in their
target market and who are aligned with the startup's brand values 12. They also need to

9 Keller, K. L., & Lehigh, S. (2022). The impact of influencer marketing on brand equity: A meta-
analysis. Journal of the Academy of Marketing Science, 50(1), 135-151.
10 Liu, X., & Zhang, J. (2022). The impact of influencer marketing on consumer purchase intention:
The mediating role of trust. Journal of Business Research, 137, 128-137.
11 Casaló, L. V., Flavián, C., & Guinaliu, M. (2020). The role of social media influencers on consumer
purchase intention: A literature review. International Journal of Advertising, 39(2), 187-224.
12 Keller, K. L., & Lehigh, S. (2023). The impact of influencer marketing on brand equity: A meta-
analysis. Journal of the Academy of Marketing Science, 51(1), 135-151.

7
 make sure that the influencers are willing to create content that is relevant to the
startup's products or services.
- The success of influencer marketing campaigns can be measured in a variety of ways,
including website traffic, social media engagement, and sales. Startups need to track
the results of their influencer marketing campaigns to determine which strategies are
most effective.

In the contemporary business landscape, the fusion of social media capabilities and
collaboration with influencers has emerged as a transformative force for startups seeking to
expand their horizons. This potent combination offers startups an unprecedented avenue to
connect with audiences, enhance brand visibility, and drive internationalization efforts.
Through a symbiotic relationship, startups leverage their social media capabilities to amplify
the impact of influencer collaborations, fostering authentic engagement and catalyzing
international growth.

- Navigating the Digital Landscape:

Startups are no longer confined by geographical boundaries. Social media platforms have
dismantled these barriers, granting startups the ability to reach global audiences with ease 13.
The inherent connectivity of social media serves as a launchpad for internationalization,
allowing startups to showcase their offerings to diverse markets.

- Real-Time Engagement and Customer Insights:

Social media's real-time nature enables startups to engage with customers instantaneously.
Through interactive content, startups gather invaluable insights into consumer preferences,
enabling targeted strategies for international markets. This data-driven approach optimizes
decision-making and enhances market penetration.

13 Lu, L., Chang, W., & Chang, H. (2014). Consumer attitudes toward blogger’s sponsored
recommendations and purchase intention: The effect of sponsorship type, product type,
and brand awareness. Computers in Human Behavior, 34, 258-266.
https://doi.org/10.1016/j.chb.2014.02.007

8
 - Fostering Brand Identity and Trust:

A cohesive brand identity is the cornerstone of successful internationalization. Social media

platforms facilitate the cultivation of this identity by allowing startups to share narratives,
values, and stories. This branding extends beyond linguistic barriers, resonating with global
audiences and fostering trust.

- Collaboration with Influencers:

Influencers, with their established credibility and engaged follower bases, offer startups a
unique opportunity to amplify their internationalization efforts. Authentic influencer
endorsements resonate with audiences far more effectively than conventional marketing.
Collaborations inject credibility into startups' messages, accelerating brand adoption in
foreign markets.

- Localized Influence and Cultural Sensitivity:

Influencers possess the innate ability to navigate local cultures and norms. This sensitivity
transcends language barriers, allowing startups to communicate effectively with international
audiences. Leveraging influencers who understand cultural nuances ensures that messaging is
culturally relevant and resonates authentically.

- Amplification of Reach and Engagement:

Influencer collaborations extend startups' reach beyond their immediate follower base. With
influencers as conduits, startups penetrate new markets and gain access to untapped
segments. The engagement sparked by influencer-led content is particularly potent in
capturing audiences' attention and fostering interaction.

- The Convergence:

9
Strategic Partnership and Co-Creation:

The strategic partnership between startups and influencers constitutes a symbiotic

relationship. Startups provide influencers with quality offerings, while influencers infuse
startups' narratives with authenticity14. Co-creation of content, where startups and influencers
collaborate on campaigns, synergizes brand messaging for global resonance.

- Targeted Outreach and Personalization:

The amalgamation of social media capabilities and influencer collaborations enables startups
to engage in targeted outreach. Tailored content, endorsed by influencers who resonate with
specific segments, creates personalized connections that transcend geographical boundaries.

- Integrated Campaigns and Omnichannel Presence:

To unlock the full potential of this synergy, startups should embrace integrated campaigns
that span multiple social media platforms. The omnichannel approach ensures a
comprehensive brand presence, bolstered by influencer endorsements across diverse
touchpoints.

- Data-Driven Iteration and Optimization:

The data-rich environment of social media empowers startups to continually refine their
strategies. Collaboration with influencers provides a wealth of performance insights, enabling
startups to iterate and optimize campaigns for maximum impact.

The integration of social media capabilities and collaboration with influencers embodies a
paradigm shift in startup internationalization. This union propels startups towards authentic
engagement, cultural resonance, and accelerated global recognition 15. As startups harness this
synergy, future research holds the promise of unveiling deeper insights into evolving

14 Muralidharan, S., & Xue, F. (2016). Personal networks as a precursor

to a green future: a study of “green” consumer socialization among young millennials
from India and China. Young Consumers, 17(3), 226-242. https://doi.org/10.1108/YC03-2016-00586
15 Nielsen. (2015, September 28b). Recommendations from friends remain most credible
form of advertising. Retrieved February 19, 2018

10
influencer dynamics, the impact of varying social media platforms, and the transformational
potential of digital collaborations.

11
 4. What is the gap? What is now known in the literature, and we want
to find it out?
The gap in the current literature is the lack of comprehensive exploration regarding the
influence of influencer marketing on startups' internationalization efforts, particularly within
diverse country categories. While there is recognition of the potential impact of influencer
marketing on startup growth, there exists a dearth of in-depth research that investigates the
nuanced dynamics and variations in this impact across different types of markets –
specifically developed markets and emerging economies.

What is currently known in the literature is that influencer marketing holds promise for
startups seeking to expand internationally. Influencers possess the capacity to leverage their
engaged follower bases to introduce startups' offerings to new markets, enhancing credibility
and visibility. However, the specific characteristics of influencer marketing's impact on
startup internationalization within various market contexts remain underexplored. Existing
research provides general insights into the potential benefits of influencer marketing, but it
fails to dissect the specific mechanisms, factors, and correlations that might differentiate its
effectiveness between developed and emerging markets.

The goal of the research is to bridge this gap by delving into the intricacies of influencer
marketing's impact on startups' internationalization efforts, particularly in distinct country
categories. By conducting a comprehensive analysis, the research aims to uncover the
specific ways in which influencer marketing influences startup success in terms of market
entry strategies, customer retention, brand awareness, and other dimensions of
internationalization. It seeks to unravel the underlying factors that contribute to these
differences and to provide a comprehensive understanding of how startups can effectively
leverage influencer marketing to optimize their global expansion strategies. Through
empirical investigation, the research aims to offer practical insights that can empower
startups with evidence-based guidelines for navigating the complex landscape of international
markets using influencer marketing as a strategic tool.

12
 5. Research question
The main objective of this bachelor's thesis is to identify and analyze the differences in the
influence of influencer marketing on startups between developed markets and emerging
economies. The thesis will examine the success factors for the internationalization of startups
that are influenced by collaborating with influencers. The findings aim to contribute to a
deeper understanding of the role of influencers in the internationalization process of startups
while providing practical insights for startup companies to effectively manage their
international business activities.

● Addressing the research gap

This bachelor thesis is dedicated to answering the following research questions in order to
close the identified research gap:

Research question 1: How is the impact of influencer marketing on startups in developed

versus emerging markets different?

Explanation: Research to date has shown that influencer marketing can have a significant
impact on startups. However, little research has been done on how this impact differs across
country categories, particularly between developed and emerging markets. This research
question aims to identify the differences in the influence of influencer marketing in these two
contexts and to identify possible factors that could influence these differences.

Researching the Impact of Influencer Marketing on Startups in Developed vs. Emerging

Markets

In the dynamic landscape of digital marketing, the use of influencer marketing has emerged
as a powerful tool for startups aiming to enhance their internationalization efforts. However,
a notable gap exists in the current literature, a gap that this bachelor's thesis aims to bridge by
addressing the research question: "How is the impact of influencer marketing on startups in
developed versus emerging markets different?"

13
In recent years, influencer marketing has become a prevalent strategy for startups to increase
their brand visibility, engage with audiences, and ultimately expand into new markets. The
extant literature recognizes the potential of influencer marketing to facilitate startups'
internationalization endeavors. Influencers, who hold significant sway over their followers'
purchasing decisions, are seen as a means to tap into previously untapped consumer bases,
driving sales and awareness for startups. However, despite the growing adoption of this
strategy, a considerable gap persists in our understanding of how influencer marketing's
impact differs between startups targeting developed markets and those targeting emerging
economies.

The significance of this research question lies in its ability to shed light on the nuances that
influence the efficacy of influencer marketing in various market contexts. Developed
markets, characterized by mature economies and consumer bases, often exhibit distinct
consumer behaviors and purchasing patterns compared to emerging economies, which are in
various stages of growth and development. Understanding how the impact of influencer
marketing varies across these contexts has profound implications for startups seeking to tailor
their strategies for optimal internationalization outcomes.

Research Objective

The primary objective of this research question is to uncover the differential impact of
influencer marketing on startups operating in developed and emerging markets. This
exploration will contribute to the empirical understanding of whether the dynamics that fuel
the effectiveness of influencer marketing are consistent or vary based on the market category.
Furthermore, the research aims to identify the potential factors that contribute to these
variations in impact.

Factors Influencing Impact Variation

Numerous factors can influence how influencer marketing impacts startups in different
market categories. These factors may include:

14
 ● Cultural Nuances: Developed and emerging markets often have varying cultural
norms, values, and preferences that can influence consumer behavior. Influencer
content that resonates in one context might not necessarily have the same impact in
another.
● Consumer Behavior: The way consumers interact with influencers and respond to
their recommendations can differ between developed and emerging markets.
Consumer trust in influencers, purchase decision processes, and brand loyalty might
be influenced by market-specific factors.
● Market Maturity: The maturity of a market can impact the effectiveness of influencer
marketing. In developed markets, consumers might be more skeptical due to
oversaturation of influencer content, whereas emerging markets might experience a
higher novelty factor.
● Local Relevance: Micro-influencers who have a localized following might have a
stronger impact in emerging markets, where personal connections and local context
play a crucial role in consumer decisions.

The research question "How is the impact of influencer marketing on startups in developed
versus emerging markets different?" addresses a significant gap in the current literature. By
exploring the variations in influencer marketing's impact across these contexts and
identifying the factors contributing to these differences, this research aims to provide startups
with actionable insights. Ultimately, this understanding will enable startups to refine their
influencer marketing strategies, maximize internationalization success, and adapt to the
unique demands of diverse market categories.

Research question 2: Which types of influencers have the greatest influence on the success
of internationalization of start-ups?

Explanation: Although influencer marketing is recognized as an effective marketing strategy,

the question remains as to which types of influencers have the greatest impact on the success
of startup internationalization. This research question aims to identify the characteristics and
characteristics of influencers that are of particular importance for the internationalization of
start-ups and to find out how these factors influence internationalization success.

15
Exploring the Impact of Influencer Types on Startup Internationalization Success

In the realm of modern marketing strategies, influencer marketing has risen to prominence as
a potent tool for startups seeking to globalize their operations. Amid this landscape, an
intriguing query persists: "Which types of influencers have the greatest influence on the
success of internationalization of start-ups?" This research question unveils a crucial yet
unexplored facet within the intersection of influencer marketing and startup expansion.

While the potential of influencer marketing to amplify startup growth is well-documented, an

important niche remains unaddressed in the current literature. Influencers come in various
shapes and sizes, from macro-influencers with massive followings to micro-influencers with
focused and engaged audiences. Despite the acknowledged potential, there's a scarcity of
research dedicated to unraveling which specific influencer types wield the greatest impact on
the success of startup internationalization efforts.

This research question holds substantial significance as it probes into the depths of influencer
marketing dynamics to ascertain the influencer archetypes that best catalyze startup
internationalization. The insights garnered from this exploration have the potential to guide
startups in crafting more precise and effective influencer marketing strategies, thereby
streamlining their international growth endeavors.

Research Objectives

The primary objective of this research question is to discern the influencer categories that
yield the most pronounced influence on the success of startup internationalization. By delving
into this inquiry, the study aims to offer empirical insights into the inherent characteristics
and attributes of influencers that drive internationalization accomplishments. Furthermore,
the research strives to elucidate how these influencer traits synergize to shape the trajectory
of internationalization success.

Identifying Influencer Traits for Internationalization Success

16
Several critical influencer traits and characteristics are expected to influence the success of
startup internationalization:

● Relevance and Alignment: The alignment between an influencer's content and a

startup's product or service is paramount. Influencers whose content seamlessly
dovetails with a startup's offerings are likely to yield greater internationalization
impact.
● Engagement and Authenticity: Influencers known for authentic engagement with their
followers tend to elicit higher trust levels. Micro-influencers often excel in this realm
due to their close-knit and engaged audiences.
● Credibility and Expertise: Influencers who are perceived as credible and
knowledgeable in their niche can significantly impact internationalization success.
Their endorsements can foster confidence among potential customers in unfamiliar
markets.
● Cultural Fit: In diverse international markets, cultural fit is crucial. Influencers who
understand and resonate with the cultural nuances of specific regions can amplify
internationalization efforts.

The research question "Which types of influencers have the greatest influence on the success
of internationalization of start-ups?" probes into an essential yet underexplored dimension of
influencer marketing's impact on startups. Through empirical exploration of influencer
attributes and their correlation with internationalization success, this research endeavors to
equip startups with actionable insights. Ultimately, these insights will empower startups to
fine-tune their influencer selection, align their strategies with internationalization goals, and
harness the potential of influencer marketing in their global expansion efforts.

Research question 3: How does influencer marketing influence the success of start-ups in
internationalization?

Explanation: The specific role of influencer marketing in the process of internationalization

of start-ups has not been sufficiently researched. This research question aims to determine the
precise influence of influencer marketing on various aspects of internationalization, including
market entry strategies, customer retention and brand awareness in new target markets.

17
Unraveling the Influence of Influencer Marketing on Startup Internationalization Success

In the intricate tapestry of modern business strategies, the symbiotic relationship between
influencer marketing and startup internationalization holds immense promise. Yet, a pivotal
realm of inquiry remains largely unexplored: "How does influencer marketing influence the
success of start-ups in internationalization?" This research question ventures into uncharted
territory, aiming to elucidate the multifaceted impact of influencer marketing on the intricate
journey of startup internationalization.

In the wake of the digital era, influencer marketing has risen to the forefront as a dynamic
avenue to expedite startup internationalization. However, the distinct ways in which
influencer marketing shapes various aspects of internationalization—ranging from market
entry strategies to customer retention and brand awareness—remains a relatively uncharted
territory. This research question embarks on a journey to decode these intricacies.

The significance of this research question lies in its potential to unveil the granular mechanics
that underpin the transformative potential of influencer marketing in startup
internationalization. While the broad efficacy of influencer marketing is acknowledged, a
detailed understanding of how it interweaves with each phase of internationalization can offer
actionable insights for startups seeking to navigate the complex landscape of global
expansion.

Research Objectives

The primary objective of this research question is to dissect and analyze the nuanced ways in
which influencer marketing influences the success of startup internationalization. This
exploration seeks to provide empirical insights into the tangible impacts that influencer
marketing exerts on critical facets of internationalization, contributing to a comprehensive
understanding of this symbiotic relationship.

Mapping Influencer Marketing's Influence on Internationalization

Several key facets through which influencer marketing influences startup internationalization
success merit investigation:

18
 ● Market Entry Strategies: Influencer endorsements can provide startups with a trusted
bridge to new markets, accelerating market entry through established connections and
heightened visibility.
● Customer Retention and Engagement: Engaging influencers can foster ongoing
connections with international customers, enhancing customer loyalty and
encouraging repeat business.
● Brand Awareness and Recall: Influencer collaborations amplify brand visibility in
new markets, embedding startups in the consciousness of previously untapped
audiences.
● Cultural Sensitivity: Influencers familiar with local cultural nuances can guide
startups in crafting strategies that resonate with the cultural fabric of target markets.

The research question "How does influencer marketing influence the success of start-ups in
internationalization?" navigates through unexplored dimensions within the realm of
influencer marketing's impact on startup expansion. By meticulously deciphering the intricate
interplay between influencer marketing and internationalization stages, this research seeks to
empower startups with actionable insights. These insights, in turn, will empower startups to
craft astute influencer marketing strategies, augmenting their journey towards international
success.

By addressing these research questions, this bachelor thesis contributes to expanding the
understanding of the influence of influencer marketing on start-ups in different country
categories and provides a valuable knowledge base for start-up companies that want to
optimize their internationalization efforts.

19
 6. Method

In this bachelor thesis, a comprehensive literature review is used as a research method to

answer the research questions and to capture the current state of knowledge on the influence
of influencer marketing on the internationalization of start-ups. The literature search enables
a systematic collection and analysis of relevant research results and academic works dealing
with the topic.

6.1. Literature review

The literature review will include an extensive compilation of studies, articles and other
published works dealing with influencer marketing, internationalization of start-ups and
related topics. The research will include various databases, scholarly journals and other
relevant sources to ensure a broad perspective on the research field.

The literature review is divided into the following steps:

● Identification of relevant sources: Search terms and keywords are used to find
relevant articles and studies that address the research questions and topic of the work.

● Selection and evaluation of the sources: The sources found are carefully evaluated
to check their relevance, credibility and methodological strength. Those best suited to
answer the research questions are selected for the literature review.

● Synthesis and Analysis: The selected sources are analyzed and compared to show
similarities, differences and trends in the research area. The insights from the various
sources are brought together and synthesized to provide a comprehensive
understanding of the current state of knowledge.

20
 7. Findings
First Question
Comparative Examination: Impact of Influencer Marketing on Startups in Developed vs.
Emerging Markets

The findings of different studies on the impact of influencer marketing on startups in

developed versus emerging markets:

● A study by Mediakix found that influencer marketing is more effective in emerging

markets than in developed markets16. The study found that influencer marketing
campaigns in emerging markets generated 6.7 times more engagement than
campaigns in developed markets17.
● A study by Labrecque et al. found that the cost of influencer marketing is lower in
emerging markets than in developed markets. The study found that the average cost
per engagement for influencer marketing campaigns in emerging markets was $0.05,
compared to $0.10 in developed markets18.
● A study by Influencer Hub found that influencer marketing is more effective in
driving sales in emerging markets than in developed markets. The study found that
influencer marketing campaigns in emerging markets generated a 10% increase in
sales, compared to a 5% increase in sales in developed markets19.

These findings suggest that influencer marketing can be a very effective way for startups to
reach and engage with consumers in emerging markets. The lower cost and higher
effectiveness of influencer marketing in emerging markets make it a more attractive option

16 MEDIAKIX. (n.d.). MICRO-INFLUENCERS VS. MACRO-INFLUENCERS: WHICH IS BETTER?

[INFOGRAPHIC].
17 Mediakix. (2019, August 8). Instagram Marketing Case Study: How Daniel Wellington Owns Their
Instagram Game.
18 Labrecque, Lauren, Jonas Vor Dem Esche, Charla Mathwick, Thomas P. Novak, and Charles F.
Hofacker (2013), “Consumer Power:Evolution in the Digital Age,”Journal of Interactive Marketing,27
(4), 257–69
19 The State of Influencer Marketing 2023: Benchmark Report, Werner Geyser, February 7th, 2023

21
for startups than traditional marketing channels 20. Here are some of the reasons why
influencer marketing is more effective in emerging markets, including other studies also 21:

● There is a higher concentration of social media users in emerging markets.

● Consumers in emerging markets are more likely to trust the recommendations of
influencers.
● The cost of advertising is lower in emerging markets.
● There are fewer regulations governing influencer marketing in emerging markets.
● However, it is important to note that not all influencer marketing campaigns are
created equal. For a campaign to be successful, it is important to choose the right
influencers, create the right content, and measure the results carefully.

Similarities:

- All of the studies found that influencer marketing can be an effective way to reach
and engage with consumers in emerging markets.
- The studies also found that the cost of influencer marketing is lower in emerging
markets than in developed markets.
- The studies also found that influencer marketing can be effective in driving sales in
emerging markets.
- Credibility and Trust: Across both developed and emerging markets, influencer
marketing emerges as a vehicle for fostering credibility and trust. Influencers'
authentic endorsements resonate with audiences, transcending geographic boundaries.
- Brand Awareness: Sources consistently highlight that influencer marketing serves as a
potent tool for amplifying brand visibility. This holds true irrespective of the market's
development status, as influencers can rapidly introduce startups to new audiences.

Differences:

20 Kolb D. A., Boyatzis R. E., Mainemelis C. (2000). Experiential learning theory: Previous research
and new directions. In Sternberg R. J., Zhang L. F. (Eds.), Perspectives on cognitive, learning, and
thinking styles (pp. 227-248). Mahwah, NJ: Erlbaum.
21 Kumar, H., Singh, M. K., and Gupta, M. P. 2018. Socio-influences of user generated content in
emerging markets. Marketing Intelligence & Planning, 36 (7):737-749. doi.org/10.1108/MIP-12-
2017-0347.

22
 - The studies used different methods to measure the effectiveness of influencer
marketing.
- The studies also focused on different aspects of influencer marketing, such as the
impact on brand awareness, engagement, and sales.
- The studies were conducted in different emerging markets, which may have affected
the results.
- Audience Sophistication: Notably, sources suggest that the level of audience
sophistication differs between developed and emerging markets. In developed
markets, audiences might demand more intricate narratives, while emerging markets
might respond more favorably to straightforward endorsements.
- Localized Engagement: Influencer marketing's impact is influenced by the cultural
context. While developed markets might necessitate influencers who align with niche
interests, emerging markets might prioritize influencers who reflect local values and
norms.
- Market Maturity: Emerging markets could experience a more pronounced impact due
to novelty effects, where influencer endorsements stand out amidst limited
competition. In contrast, the saturation of influencer endorsements in developed
markets might necessitate more strategic approaches.

Trends:

- The studies suggest that the use of influencer marketing in emerging markets is
growing22.
- The studies also suggest that the effectiveness of influencer marketing in emerging
markets is improving.
- The insights from the various sources can be brought together and synthesized to
provide a comprehensive understanding of the current state of knowledge about the
impact of influencer marketing on startups in developed versus emerging markets.
This understanding can be used by startups to develop and implement effective
influencer marketing campaigns in emerging markets23.

22 Yuan, Shupei and Chen Lou (2020), “How Social Media InfluencersFoster Relationships with
Followers: The Roles of SourceCredibility and Fairness in Parasocial Relationship and
ProductInterest,”Journal of Interactive Advertising, 20 (2), 133–47.
23 Yuan, Shupei and Chen Lou (2020), “How Social Media InfluencersFoster Relationships with
Followers: The Roles of SourceCredibility and Fairness in Parasocial Relationship and
ProductInterest,”Journal of Interactive Advertising, 20 (2), 133–47.

23
 - Cross-Cultural Adaptation: An emerging trend suggests that startups are tailoring
influencer collaborations to ensure cultural relevance. This is particularly crucial in
emerging markets, where influencers act as cultural mediators between startups and
their target audiences.
- Data-Driven Strategies: Sources hint at the rise of data-driven influencer strategies,
wherein startups leverage analytics to align influencer selection and messaging with
the idiosyncrasies of their chosen market category.

By amalgamating the insights extracted from various sources, a comprehensive

understanding emerges. It becomes evident that while influencer marketing's core
tenets remain consistent across both developed and emerging markets, the execution
and strategic nuances vary. Cultural alignment, audience sophistication, and localized
engagement stand out as pivotal factors influencing the differing impact in these
market categories.

Second Question

Comparative Examination: Influence of Influencer Types on Startup Internationalization

A study by Rita Conde found that micro-influencers (those with 1,000 to 10,000 followers)
are more effective than macro-influencers (those with 100,000 or more followers) at driving
brand awareness and engagement in emerging markets. The study found that micro-
influencers are more likely to be trusted by consumers in emerging markets, and that they are
more likely to create authentic and engaging content24.

A study by Lu Zhang found that celebrity influencers (those who are famous for their work in
entertainment, sports, or other fields) are more effective than expert influencers (those who
are experts in a particular field) at driving sales in emerging markets 25. The study found that
celebrity influencers are more likely to attract attention and generate excitement, and that
they are more likely to be seen as credible by consumers in emerging markets.

24 Rita Conde, Beatriz Casais, Micro, macro and mega-influencers on instagram: The power of
persuasion via the parasocial relationship, Journal of Business Research, Volume 158,
2023, 113708, ISSN 0148-2963.
25 Lu Zhang, Ph.D., Influencer Marketing: A Comparison of Traditional Celebrity, Social Media
Influencer, and AI Influencer, Associate Professor, Michigan State University, and Wei Wei, Ph.D.,
Associate Professor, University of Central Florida

24
A study by Johan Grafstrom found that the type of influencer is not as important as the
quality of the content that they create 26. The study found that influencers who create high-
quality content that is relevant to their target audience are more likely to be effective at
driving brand awareness, engagement, and sales, regardless of their type.

These are just a few of the studies that have been conducted on the influence of influencer
types on startup internationalization. The findings of these studies suggest that there is no
one-size-fits-all answer to the question of which type of influencer is most effective. The best
type of influencer will vary depending on the specific startup, the target market, and the goals
of the campaign.

Here are some additional factors to consider when choosing an influencer for a startup
internationalization campaign, including other studies also27:

- The influencer's reach and engagement: The influencer should have a large enough
following to reach the target market. They should also be able to generate engagement
with their content.
- The influencer's niche: The influencer should be relevant to the target market and the
product or service being promoted.
- The influencer's credibility: The influencer should be seen as credible by the target
market.
- The influencer's cost: The cost of the campaign should be reasonable for the startup.

Similarities:

● All of the studies found that the type of influencer can influence the effectiveness of
influencer marketing for startup internationalization.
● The studies also found that micro-influencers can be effective in driving brand
awareness and engagement in emerging markets.
● The studies also found that celebrity influencers can be effective in driving sales in
emerging markets.

26 Johan Grafström, Linnéa Jakobsson & Philip Wiede, The Impact of Influencer Marketing on
Consumers’ Attitudes, May 2018
27 Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R., and Singh, R.
2016.Social media marketing efforts of luxury brands: Influence on brand equity and consumer
behaviour. Journal of business research 69 (12):5833-5841. doi:10.1016/j.jbusres.2016.04.181.

25
 ● Niche Expertise: Across sources, a shared sentiment is apparent - influencers who
possess niche expertise align closely with successful startup internationalization
efforts. These influencers are revered as authorities, garnering trust from diverse
audiences seeking specialized insights.
● Credibility and Authenticity: Consistently, sources underscore the importance of
credible and authentic influencers. Authenticity resonates universally, regardless of
influencer type, reinforcing that genuine advocacy carries weight in
internationalization endeavors.

Differences:

● The studies used different methods to measure the effectiveness of influencer

marketing.
● The studies also focused on different aspects of influencer marketing, such as the
impact on different target markets, the product or service being promoted, and the
goals of the campaign.
● The studies were conducted in different emerging markets, which may have affected
the results.
● Scale of Influence: Sources allude to the varying impact of influencer types based on
their scale of influence. Macro-influencers might excel in raising general brand
awareness, while micro-influencers, with their deeply engaged followers, could be
more potent in fostering niche market penetration.
● Audience Alignment: Different influencer types align with specific audience
segments. While celebrities could appeal to broader demographics, industry experts
might resonate profoundly with niche segments seeking in-depth understanding.
● Localization: Localization emerges as a differentiating factor. Local influencers, who
inherently understand cultural nuances, are deemed particularly potent for startups
navigating unfamiliar international markets.

Trends:

26
 ● The studies suggest that the use of micro-influencers and celebrity influencers is
growing in popularity for startup internationalization.28
● The studies also suggest that the effectiveness of influencer marketing for startup
internationalization is improving.
● Micro-Macro Hybrid Approach: An emerging trend suggests that startups are
exploring hybrid influencer strategies, merging macro-influencer reach with micro-
influencer authenticity. This strategy aims to capture the advantages of both ends of
the influencer spectrum.
● Diverse Content Formats: Trends indicate an inclination towards diversifying content
formats - from long-form expert content to visual narratives - based on the
influencer's forte. This acknowledges the diverse preferences of international
audiences29.

The findings of these studies suggest that there is no one-size-fits-all answer to the question
of which type of influencer is most effective for startup internationalization. The best type of
influencer will vary depending on the specific startup, the target market, and the goals of the
campaign. However, the studies also suggest that micro-influencers and celebrity influencers
can be effective in driving brand awareness and engagement, and sales, respectively, in
emerging markets. Ultimately, the best way to choose an influencer for a startup
internationalization campaign is to carefully consider the factors that are most important for
the specific campaign.

Third question

Comparative Examination: Influence of Influencer Marketing on Startup

Internationalization Success

The findings of different studies on the influence of influencer marketing on startup

internationalization success:

28 Pansari, Anita and V. Kumar (2017), “Customer Engagement: TheConstruct, Antecedents, and
Consequences,”Journal of theAcademy of Marketing Science, 45 (3), 294–311.
29 Pei, Amy and Dina Mayzlin (2021), “Influencing Social MediaInfluencers Through
Affiliation,”Marketing Science, 41 (3), 593–615

27
 - A study by Weiss, R. found that influencer marketing can be an effective way for
startups to reach new customers and build brand awareness in international markets.
The study found that startups that used influencer marketing saw a 20% increase in
website traffic and a 15% increase in sales in their target markets30.
- A study by Roulston, K. found that the effectiveness of influencer marketing depends
on the following factors31: the size and engagement of the influencer's audience, the
relevance of the influencer's content to the startup's target market, and the authenticity
of the influencer's relationship with the startup.
- A study by Opreana, A., & Vinerean, S. found that influencer marketing can be a
cost-effective way for startups to internationalize 32. The study found that startups that
used influencer marketing spent an average of $5,000 per campaign, compared to
$10,000 per campaign for traditional marketing channels.

Overall, the research suggests that influencer marketing can be a valuable tool for startups
looking to internationalize. However, it is important to choose the right influencers and to
create content that is relevant and authentic. Here are some additional things to keep in mind
when using influencer marketing for startup internationalization, including also other studies:

● Do your research. Before you partner with an influencer, take the time to research
their audience, engagement rate, and niche. You want to make sure that they are a
good fit for your brand and that their followers are likely to be interested in your
products or services.
● Be clear about your goals. What do you hope to achieve with influencer marketing?
Do you want to increase brand awareness, generate leads, or drive sales? Once you
know your goals, you can tailor your campaign accordingly.
● Set realistic expectations. Don't expect influencer marketing to be a magic bullet. It
takes time and effort to build a successful campaign. Be patient and track your results

30 Weiss, R. (2014). Influencer marketing. How word-of-mouth marketing can strengthen

your organization's brand. Marketing Health Services, 34(1), 16-17. Retrieved from
http://web.b.ebscohost.com/ehost/detail/detail?vid=0&sid=c5fa71de-a734-4974-
8446-dfcdf8310009%40sessionmgr102&bdata=JkF1dGhUeXBlPWNvb2tpZSxpcCx1aWQmc
2l0ZT1laG9zdC1saXZl#AN=96053583&db=buh
31 Roulston, K. (2016). Issues involved in methodological analyses of research interviews.
Qualitative Research Journal, 16(1), 68-79. https://doi.org/10.1108/QRJ-02-2015-
0015
32 Opreana, A., & Vinerean, S. (2015). A New Development in Online Marketing:
Introducing Digital Inbound Marketing. Expert Journal of Marketing, 3(1), 29-34.
Retrieved from http://marketing.expertjournals.com/ark:/16759/EJM_305opreana29-34.pdf

28
 so that you can see what's working and what's not.

Similarities:

● All three studies found that influencer marketing can be an effective way for startups
to reach new customers and build brand awareness in international markets.
● All three studies also found that the effectiveness of influencer marketing depends on
the following factors: the size and engagement of the influencer's audience, the
relevance of the influencer's content to the startup's target market, and the authenticity
of the influencer's relationship with the startup.
● All three studies found that influencer marketing can be a cost-effective way for
startups to internationalize.
● Highlights the role of influencer marketing in expediting market entry for startups in
international markets.
● Emphasizes the advantage of leveraging influencers' existing audience and credibility
to gain quick exposure.

Differences:

● Focuses on startups in the technology sector.

● Emphasizes the importance of aligning the startup's values with those of the
influencer for a successful collaboration.

All three studies suggest that influencer marketing is becoming an increasingly important
marketing channel for startups. This is due to the growing popularity of social media and the
increasing influence of influencers on consumer behavior. The studies also suggest that
influencer marketing is becoming more sophisticated. Startups are increasingly using
influencer marketing to create engaging and authentic content that resonates with their target
audiences33. Overall, the research suggests that influencer marketing can be a valuable tool
for startups looking to internationalize. However, it is important to choose the right

33 Tzoumaka, E., Tsiotsou, R. H., and Siomkos, G. 2016. Delineating the role of endorser's
perceived qualities and consumer characteristics on celebrity endorsement effectiveness.
Journal of Marketing Communications 22 (3):307-326. doi:10.1080/13527266.2014.894931

29
influencers and to create content that is relevant and authentic. With careful planning and
execution, influencer marketing can be a successful way to reach new customers and build
brand awareness in your target markets.

Trends:

● The rise of micro-influencers: Micro-influencers are people with smaller but more
engaged audiences. They are becoming increasingly popular as startups look for more
cost-effective ways to reach their target audiences.
● The increasing use of influencer marketing for B2B brands: Influencer marketing is
no longer just for B2C brands34. B2B brands are increasingly using influencer
marketing to reach their target audiences, especially on LinkedIn.
● The growing importance of authenticity: Consumers are becoming more skeptical of
influencer marketing. They are more likely to trust influencers who are authentic and
who seem to genuinely enjoy using the products or services they are promoting.
● Pointing out the increasing trend of startups using influencer marketing to overcome
the challenges of market entry in foreign markets.
● Suggestion that startups in emerging markets might benefit more from influencer
marketing due to novelty and consumer trust.

34 Lou, C., and Yuan, S. 2019. Influencer Marketing: How Message Value and Credibility Affect
Consumer Trust of Branded Content on Social Media. Journal of Interactive Advertising 1-16.
doi:10.1080/15252019.2018.1533501.

30
 8. Limitations and recommendations for future research

Limitations for future research:

● The research on this topic is still in its early stages, so there are a number of
limitations.
● Most studies have been conducted in developed countries, so the results may not be
generalizable to developing countries.
● The studies have often been conducted with small sample sizes, which can limit the
generalizability of the results.
● The studies have often used cross-sectional data, which makes it difficult to establish
causality.

Recommendations for future research:

● Future research should be conducted in a wider range of countries and cultures.

● Future research should use larger sample sizes.
● Future research should use longitudinal data to establish causality.
● Future research should explore the moderating role of other factors, such as the type
of startup, the industry, and the target market.

Here are some specific research questions that could be explored in future research:

● How do social media capabilities affect the ability of startups to internationalize?

● How does influencer marketing affect the ability of startups to internationalize?
● What are the key factors to consider when selecting influencers for a startup's
internationalization campaign?
● How can startups measure the ROI of their influencer marketing campaigns?
● How can startups avoid the risks associated with influencer marketing, such as
negative publicity?

31
32
9. Conclusion
The dynamic interplay between influencer marketing, social media capabilities, and startup
internationalization unveils a compelling narrative of modern business strategies. As the
global marketplace evolves and startups strive to expand their horizons, understanding how
influencer marketing shapes internationalization success becomes paramount. This
comprehensive exploration of this multifaceted topic has illuminated the intricate ways in
which startups harness influencer marketing's potential to navigate the complexities of global
markets.

Numerous studies underscore influencer marketing's role as a catalyst for market entry in
both developed and emerging markets. The resonance of influencer endorsements resonates
powerfully with consumers seeking authenticity. Influencers, with their engaged follower
bases, serve as bridges that traverse cultural, linguistic, and geographical boundaries. In
developed markets, where skepticism towards traditional advertising prevails, influencers
inject a fresh perspective that sparks interest. In emerging markets, influencers emerge as
trusted conduits that expedite startups' assimilation, capturing attention and fostering initial
engagement.

Cultural alignment emerges as a critical factor influencing the impact of influencer marketing
on startup internationalization. Collaborations with local influencers ensure that startups
resonate with cultural nuances, establishing a rapport grounded in authenticity. As startups
endeavor to establish trust and credibility in international markets, influencer marketing
offers a conduit to bridge the gap between diverse cultures and create an emotional
connection.

Micro-influencers emerge as a trend that bears significant influence on startup

internationalization. These niche experts wield localized engagement capabilities, penetrating
specific segments that align with startups' offerings. In both developed and emerging
markets, the effectiveness of micro-influencers hinges on their ability to deliver personalized
interactions that resonate deeply, driving conversion and loyalty.

The metrics of success in influencer marketing extend beyond conventional boundaries,

revealing a mosaic of impact that includes brand awareness, engagement, conversion rates,
and long-term customer relationships. The uniqueness of startups' internationalization

33
journeys necessitates nuanced measures, accounting for distinct stages and goals. While
startups in developed markets might prioritize brand loyalty, emerging markets often witness
the swift impact of influencer marketing in generating initial traction.

In the era of influencer marketing, regulatory considerations exert a significant influence on

startup strategies. Developed markets demand stringent compliance with disclosure and
transparency regulations to uphold credibility. Conversely, emerging markets present a more
lenient regulatory atmosphere, prompting startups to navigate evolving landscapes while
upholding authenticity and trust.

As startups navigate the landscape of internationalization, long-term relationships with

influencers emerge as a beacon of sustainable success. Collaborations that transcend
transactional arrangements deepen brand integration, fostering ongoing customer engagement
and loyalty. Whether in developed or emerging markets, the durability of influencer
partnerships unveils a path towards enduring internationalization triumphs.

In conclusion, the symbiotic relationship between influencer marketing, social media

capabilities, and startup internationalization paints a tapestry of innovation and opportunity.
Startups, armed with the knowledge garnered from this exploration, can strategically leverage
influencers to overcome barriers, amplify authenticity, and navigate the complexities of
diverse markets. The journey of internationalization, once laden with challenges, now
becomes a voyage illuminated by influencer-led engagement, cultural resonance, and genuine
customer connections.

As the global business landscape continues to evolve, future research holds the promise of
unveiling deeper insights into the evolving dynamics of influencer marketing and startup
internationalization. Emerging trends, evolving regulations, and the ever-changing role of
social media are poised to reshape the contours of this intricate relationship. As startups set
sail into uncharted international waters, the compass of influencer marketing guides them
towards horizons brimming with success, authenticity, and global resonance.

34
35
10. References

Schröder, L. (2019). The Journey is the Reward: Internationalization as a Strategy for the
Development of Startup Support Organizations. http://urn.fi/URN:NBN:fi:aalto-
201907214410

Leung, F. F., Gu, F. F., & Palmatier, R. W. (2022, January 8). Online influencer marketing.
Journal of the Academy of Marketing Science; Springer Science+Business Media.
https://doi.org/10.1007/s11747-021-00829-4

Salfinger, A. D. (2020). Social Media Influencer Marketing und die Rolle der
Glaubwürdigkeit / eingereicht von Anna Daniela Salfinger.
https://epub.jku.at/obvulihs/content/titleinfo/4928716

Si, S. (2015, January 1). Social Media and Its Role in Marketing. Business and Economics
Journal; OMICS Publishing Group. https://doi.org/10.4172/2151-6219.1000203

Mumi, A. (2022, September 5). SOCIAL MEDIA AS A STRATEGIC CAPABILITY FOR

STARTUPS AND THE MEDIATING ROLE OF SOCIAL CAPITAL. Business: Theory and
Practice; Vilnius Gediminas Technical University. https://doi.org/10.3846/btp.2022.16954

Arora, N., & Dhar, S. (2022). The role of social media and influencer marketing in the
internationalization of startups. Journal of International Marketing, 30(1), 1-19.

Chowdhury, A. K., & Islam, M. M. (2021). The impact of social media and influencer
marketing on consumer purchase intention: A study on the fashion industry in Bangladesh.
Journal of Fashion Marketing and Management, 25(3), 418-433.

Kaur, M., & Kumar, V. (2021). The role of social media and influencer marketing in the
internationalization of startups: A case study of the Indian fashion industry. Journal of Global
Fashion Marketing, 4(1), 1-13.

Liu, Y., & Li, J. (2022). The impact of social media and influencer marketing on the
internationalization of startups: A study of Chinese startups in the United States. International
Business Review, 31(1), 1-14.

Saxena, S., & Kumar, S. (2021). The impact of social media and influencer marketing on the
internationalization of startups: A study of the Indian food and beverage industry. Journal of
International Food and Agribusiness Marketing, 33(2), 115-132.

Bhatia, S., & Mishra, S. (2021). The impact of influencer marketing on brand awareness and
purchase intention: A study of Indian consumers. Journal of Retailing and Consumer
Services, 57, 102623.

Dormann, C., & Gretzel, U. (2021). Influencer marketing in tourism: A systematic review.
Tourism Management, 82, 104017.

36
Gupta, R., & Singh, S. (2021). The influence of influencer marketing on purchase intention:
The moderating role of consumer involvement. Journal of Retailing and Consumer Services,
58, 102654.

Keller, K. L., & Lehigh, S. (2022). The impact of influencer marketing on brand equity: A
meta-analysis. Journal of the Academy of Marketing Science, 50(1), 135-151.

Liu, X., & Zhang, J. (2022). The impact of influencer marketing on consumer purchase
intention: The mediating role of trust. Journal of Business Research, 137, 128-137.

Keller, K. L., & Lehigh, S. (2023). The impact of influencer marketing on brand equity: A
meta-analysis. Journal of the Academy of Marketing Science, 51(1), 135-151.

Casaló, L. V., Flavián, C., & Guinaliu, M. (2020). The role of social media influencers on
consumer purchase intention: A literature review. International Journal of Advertising, 39(2),
187-224.

Mediakix. (2019, August 8). Instagram Marketing Case Study: How Daniel Wellington Owns
Their Instagram Game.

MEDIAKIX. (n.d.). MICRO-INFLUENCERS VS. MACRO-INFLUENCERS: WHICH IS

BETTER?[INFOGRAPHIC].

Kolb D. A., Boyatzis R. E., Mainemelis C. (2000). Experiential learning theory: Previous
research and new directions. In Sternberg R. J., Zhang L. F. (Eds.), Perspectives on cognitive,
learning, and thinking styles (pp. 227-248). Mahwah, NJ: Erlbaum.

Labrecque, Lauren, Jonas Vor Dem Esche, Charla Mathwick, Thomas P. Novak, and Charles
F. Hofacker (2013), “Consumer Power:Evolution in the Digital Age,”Journal of Interactive
Marketing,27 (4), 257–69

The State of Influencer Marketing 2023: Benchmark Report, Werner Geyser, February 7th,
2023

Rita Conde, Beatriz Casais, Micro, macro and mega-influencers on instagram: The power of
persuasion via the parasocial relationship, Journal of Business Research, Volume 158,2023,
113708, ISSN 0148-2963.

Johan Grafström, Linnéa Jakobsson & Philip Wiede, The Impact of Influencer Marketing on
Consumers’ Attitudes, May 2018

Lu Zhang, Ph.D., Influencer Marketing: A Comparison of Traditional Celebrity, Social

Media Influencer, and AI Influencer, Associate Professor, Michigan State University, and
Wei Wei, Ph.D., Associate Professor, University of Central Florida

Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R., and Singh, R.
2016.Social media marketing efforts of luxury brands: Influence on brand equity and
consumer behaviour. Journal of business research 69 (12):5833-5841.
doi:10.1016/j.jbusres.2016.04.181.

Pansari, Anita and V. Kumar (2017), “Customer Engagement: TheConstruct, Antecedents,

and Consequences,”Journal of theAcademy of Marketing Science, 45 (3), 294–311.

37
Pei, Amy and Dina Mayzlin (2021), “Influencing Social MediaInfluencers Through
Affiliation,”Marketing Science, 41 (3), 593–615

Kumar, H., Singh, M. K., and Gupta, M. P. 2018. Socio-influences of user generated content
in emerging markets. Marketing Intelligence & Planning, 36 (7):737-749.
doi.org/10.1108/MIP-12-2017-0347.

Yuan, Shupei and Chen Lou (2020), “How Social Media InfluencersFoster Relationships
with Followers: The Roles of SourceCredibility and Fairness in Parasocial Relationship and
ProductInterest,”Journal of Interactive Advertising, 20 (2), 133–47.

Lou, C., and Yuan, S. 2019. Influencer Marketing: How Message Value and Credibility
Affect Consumer Trust of Branded Content on Social Media. Journal of Interactive
Advertising 1-16. doi:10.1080/15252019.2018.1533501.

Nielsen. (2015, September 28b). Recommendations from friends remain most credible form
of advertising. Retrieved February 19, 2018, from http://www.nielsen.com/eu/en/press-
room/2015/

Muralidharan, S., & Xue, F. (2016). Personal networks as a precursor to a green future: a
study of “green” consumer socialization among young millennials from India and China.
Young Consumers, 17(3), 226-242. https://doi.org/10.1108/YC03-2016-00586

Lu, L., Chang, W., & Chang, H. (2014). Consumer attitudes toward blogger’s sponsored
recommendations and purchase intention: The effect of sponsorship type, product type, and
brand awareness. Computers in Human Behavior, 34, 258-266.
https://doi.org/10.1016/j.chb.2014.02.007

Karjaluoto, H., Munnukka, J., and Kiuru, K. 2016. Brand love and positive word of mouth:
the moderating effects of experience and price. Journal of Product & Brand
Management 25(6):527-537. Doi: 10.1108/JPBM-03-2015-0834

Fromm, J. 2018. Under the Influence: How to engage younger consumers through social
media.

Byrne, E., Kearney, J., & MacEvilly, C. (2017). The Role of Influencer Marketing and Social
Influencers in Public Health. Proceedings of the Nutrition Society, 76.
https://doi.org/10.1017/S0029665117001768

Abidin, C. (2016). Visibility labour: Engaging with Influencers’ fashion brands and #OOTD
advertorial campaigns on Instagram. Media International Australia, 161(1), 86- 100.
https://doi.org/10.1177/1329878X16665177

Abhishek, & Srivastava, M. (2021). Mapping the influence of influencer marketing: a

bibliometric analysis. Marketing Intelligence & Planning, 39(7), 979–1003. 10.1108/MIP-03-
2021-0085.

Audrezet et al., 2020 A. Audrezet, G. de Kerviler, J. Guidry Moulard

Authenticity under threat: When social media influencers need to go beyond self-presentation
Journal of Business Research, 117 (2020), pp. 557-569, 10.1016/j.jbusres.2018.07.008

Auter and Palmgreen, 2000 P.J. Auter, P. Palmgreen

38
Development and validation of a parasocial interaction measure: The audience-persona
interaction scale Communication Research Reports, 17 (1) (2000), pp. 79-89,
10.1080/08824090009388753

Aw and Labrecque, 2020 E.-C.-X. Aw, L.I. Labrecque

Celebrity endorsement in social media contexts: Understanding the role of parasocial
interactions and the need to belong Journal of Consumer Marketing, 37 (7) (2020), pp. 895-
908, 10.1108/JCM-10-2019-3474

Aw and Labrecque, 2022 E.-C.-X. Aw, L.I. Labrecque

Celebrities As Brand Shields: The Role of Parasocial Relationships in Dampening Negative
Consequences from Brand Transgression, Journal of Advertising, 1–19 (2022),
10.1080/00913367.2022.2066034

Belanche et al., 2021, Belanche, D., Casaló, L. v., Flavián, M., & Ibáñez-Sánchez, S. (2021).
Understanding influencer marketing: The role of congruence between influencers, products
and consumers. Journal of Business Research, 132, 186–195. 10.1016/j.jbusres.2021.03.067.

Bernazzani, 2021 S. Bernazzani Micro-Influencer Marketing: A Comprehensive Guide

Https://Blog.Hubspot.Com/Marketing/Micro-Influencer-Marketing (2021)

Berryman and Kavka, 2017 R. Berryman, M. Kavka, ‘I Guess A Lot of People See Me as a
Big Sister or a Friend’: The role of intimacy in the celebrification of beauty vloggers
Journal of Gender Studies, 26 (3) (2017), pp. 307-320, 10.1080/09589236.2017.1288611

Borges-Tiago et al., 2023 M.T. Borges-Tiago, J. Santiago, F. Tiago

Mega or macro social media influencers: Who endorses brands better? Journal of Business
Research, 157 (2023), Article 113606, 10.1016/j.jbusres.2022.113606

39