Influencer marking is most definitely would have heard a lot in recent years, particularly in the e-commerce industry, but it’s not exactly the new kid on the block. In fact, influencer marketing has been utilised for over a decade. Although when it was first established, the space was limited to just celebrities and dedicated bloggers. Now, this type of marketing needs to be approached with much more understanding and caution.
If you’ve taken the time to look into influencer marketing, you may have been presented with a whole lot of conflicting information. Of course, this does you no favours when you’re deciding whether or not it’s a suitable channel to be considered in your outreach strategy. But we’re here to help you understand…
We’ll start with the facts and figures
The cost of using social influencers to promote your brand or product can vary a lot. Pricing varies based on your brand, product and industry. As a general rule of thumb, low-level influencers might charge around £100 per post with Kim Kardashian charging around £750,000 at the opposite end of the spectrum.
According to Adweek, the industry is set to reach $10 billion in worth by 2020, with platforms such as Instagram, YouTube and TikTok playing home to thousands of established influencers from all over the globe. That’s not all when it comes to impressive stats. At the end of 2018, Mediakix completed a survey to marketers to find that:
- 89% of those surveyed found ROI from influencer marketing was comparable or better than other networks.
- 65% plan on increasing their influencer marketing budgets for 2019.
So, it’s safe to say, if you’re not yet using or at least considering influencer marketing for your brand, you probably should be. With that said, as we mentioned before, the influencer marketing world is a complicated place.
Let’s look a little deeper
While there’s no denying the stats and ROI’s can be impressive, there’s also a darker side to influencers. Following a whole lot of PR blunders within the industry over the years, it’s understandable why some brands may not be too keen on the concept. With giant companies such a Sony and Disney subjected to potential damage to their brand at the hands of influencers like Logan Paul and PewDiePie, it can seem like a huge risk. When you’re putting your brands’ reputation in the hands of influencers, you need to be able to trust them. Thankfully, in recent years, necessary steps have been put in place to ensure that this type of marketing is transparent, with rules and regulations clearly set out for both brands and influencers.
Where to start?
From the off, it’s imperative that you have a solid strategy in order to guarantee ROI. For example, it’s worth considering which platform is best to suited to your target audience. Whether or not you want a micro influencer or a celebrity and the kind of budget you’re working with. That’s just the first step. Once you’re ready to get started, you’ll need to spend time researching and vetting influencers before implementing and carefully monitoring your campaign from start to finish.
We believe that the secret to a successful campaign is authenticity and transparency throughout as you select influencers that are truly suited to your brand and its values opposed to basing your campaign on figures and followings. This is particularly important as consumers have grown to be a lot savvier over the years. Nowadays, many consumers are likely able to spot inauthentic collaborations a mile off.
To summarise, we believe that the next year is set to be a defining one for influencer marketing. Brands need trusted collaborations more than ever to compete. Thanks to savvy brands, increased regulations and trusted vetting platforms, creating a successful campaign is somewhat easier than it was just 12 months ago.
Is it straight forward? Not exactly. Can it be fruitful? Absolutely. Will it work wonders for your brand? If done correctly, most definitely! If it’s all a little too much for you to take on, why not lets us grow your brand through influencer marketing for you? Get in touch to see how we can help. Affiliate marketing goes hand in hand with the use of influencers, find out why here.