Posted | July 16th, 2018
Influencer Marketing: what’s all the fuss about?
The influencer marketing world shows no signs of slowing down and you can’t blame it when there have been so many success stories.
Like with anything, there is always good with bad. We have seen some prime examples of influencer marketing case studies that have gone wrong, take Pepsi and their collaboration with Kendal Jenner (sorry Pepsi, we still love your maximum taste). On the other hand, we’ve seen huge company growth through the use of influencer marketing for the Swedish watch brand, Daniel Wellington. The brand neglected all other marketing activities and went forward by using high-quality influencers to promote their products. In 12 months their social media presence increased by 31 per cent and earned over one hundred thousand mentions within the same year.
So why are brands turning to influencer marketing?
Apart from the black and white fact that people trust people, it also revolves around the updates to the Facebook algorithm and data protection issues, along with the new GDPR laws. This has forced many marketers to refine their marketing strategy and as a result, influencer marketing has been the preferred choice from the success rates.
Trust the statistics
On a monthly basis the term ‘influencer marketing’ will receive up to 21,000 searches online, an increase of 325 per cent in the last 5 years. That evidence shows that it has grown to be a hot topic.
In a survey of millennials asking what entertainment sources they can’t live without, YouTube came out top with 67 per cent, meanwhile, TV came in at 36 per cent behind Netflix and social media platforms like Instagram and Facebook. A report by Tubular Insights stated that 87 per cent of millennials are never without their smartphone and 92 per cent of them browse on other devices while watching TV programs!
Furthermore, a report from Variety claimed that TV consumption stood at 8.2 hours on average, while Netflix accounted for 8.8 hours and YouTube and other social media platforms made up 12.1 hours.
New research found that micro-influencers have 22.2 times more conversations on a weekly basis about recommendations on what to purchase compared to the average consumer.
So, let the influencer have more influence
Once you’ve established relationships with influencers, the content should come naturally. No one likes a fake opinion, a forced judgement, so provide the influencer with an authentic experience, a moment of awe that they won’t stop talking about.
Let the content creator have some of the power. At the end of the day, they know what their followers want to see and what they will engage with. Remember that it’s quality over quantity. The social media influencer may have a bigger audience than the other, but you should always select an influencer that is a better fit to the specific target audience, who shares the same ethics as the brand as they will ultimately help you get further.
We found by allowing our social influencers to have creative power on our Audible campaign, the content was better received, and we feel this was a big factor to why this campaign over-performed by 71.5 per cent on the estimated views as well as being 2.7 per cent higher on engagements than the industry average.
Getting a return on investment
It’s business at the end of the day, so being able to see the return of investment (ROI) is an important factor to most marketers. Using traditional methods of advertising such as magazine adverts or TV adverts can be difficult to track how truly successful it is.
Influencer marketing provides several options for tracking the ROI of the campaign. Firstly, affiliate links can be created, that provide a monitoring from the minute the campaign launches.
You can also utilise Google Analytics and set up an ‘event’ for your particular campaign to see how many click-throughs to your website from an influencers blog or social channel, giving you a reliable assessment of ROI on e-commerce sales.
Setting up unique promotional codes can allow you to track the impact of each social influencer. You may find that consumers will not make a purchase immediately upon seeing the influencer’s content, however, you will be able to track ‘down the line’ purchases from your influencer marketing campaign.
Lastly, you can rely on Instagram insights to show you story views, impressions and engagements over a period of time, however, you do have to rely on the social influencer to provide these.
Influencer marketing for 2018 and beyond
We are seeing now, more than ever, brands collaborating with Bloggers and Influencers in order to create a collection, which instantly sells out. When Lydia Elise Millen collaborated with Cult Beauty for her beauty box, costing £155 per box, the brand sold out all 10,000 pieces just on pre-order. The box still has a waitlist now for its re-release.
When InTheFrow (Victoria Magrath) collaborated on a collection with Strathberry, a designer handbag and accessories brand, her collection sold out within hours – quicker than Meghan Markle’s two bags that she was seen wearing on her first appearance as Prince Harry’s fiancé.
So, what does this tell us? It tells us, that influencers are very, very important to brand success and making your brand grow. When a blogger can sell out a collection quicker than the Princess of England, we know there’s something there to take seriously.
Brands must turn away from traditional advertising campaigns and shoots and rely on influencers. They are personable, they are commercial, and they are able to sell a product better than anybody you’ll ever meet. Who’s better to promote your product than an influencer who started their career based upon their love of products? Social media is all about digestible, bitesize images, which users can scroll past without a care in the world. The modern woman does not have time to sit down and read Vogue, google the brand, find the product, select her size, find out they only stock it in store… but she has time to like a picture on Instagram with a dress linked which takes her to the checkout and is at her office the next day.
The industry isn’t going anywhere any time soon. Influencers are gaining even more momentum the more, even with algorithm changes. IGTV just launching now gives content creators and influencers yet another platform – why would such a large amount of money be invested into a new platform if this industry was going away? Influencers have to keep it fresh, alive and fun – and more importantly, surprising. We’re seeing new ways to do this daily, and we’re going to keep seeing this for the foreseeable.
Need assistance with your influencer marketing campaign? Get in touch with us today.