Over the past months, you have probably heard arguments that Influencers are becoming ‘too much’ and that an invisible Influencer Marketing bubble is about to burst anytime soon.
The question though is, is it?
Well, unless your company doesn’t sell a product or service to humans, Influencer Marketing isn’t going anywhere, anytime soon.
Way before Instagram was launched with perfectly curated social media feeds becoming synonymous with high achieving content creators – and many decades before companies partnered with digital celebrities to tap into their social spheres with branded content – movie stars, top models and footballers were using their own names and acquired audiences to endorse products in paid collaborations. People didn’t have any idea about algorithms or ‘likes’, but from the moment the audience could recognize the person fronting a campaign – instead of simply a random person playing a character – the ‘influencer’ factor was switched on.
The main reason influencer marketing has been questioned lately is due to its transparency, authenticity, and the quality of influencers chosen to help push a campaign – something that has more to do with the capacity of in-house marketers and agencies to select the right brand ambassadors rather than with the efficiency of influencer marketing as a valuable tool.
It hasn’t stopped brands and agencies from heavily investing in content creators, though. In fact, Influencer marketing has continued to grow over the last few years, shifting from a respectable $1.7 billion industry in 2016 to an astonishing $6.5 – 8 billion segments in 2019, as reported by the American Influencer Council and Business Insider, respectively.
The statistics surrounding the booming influencer industry probably explains why 8 out of 10 marketing teams have a dedicated budget for influencer marketing this year, as per the 2019 State of Influencer Marketing Report, a global study conducted by Relatable.
Here are the five key reasons that back their decision.
It is scalable
Influencer Marketing is easily adaptable to almost any budget size or region. A recent report by Influencer Marketing Hub, an established Influencer marketing resource for brands and agencies, revealed that 57% of marketers believe that influencer marketing is a scalable tactic in their marketing ecosystem because if a brand wants to create a bigger campaign and target different regions they can alter their approach accordingly. For example, they would need to mainly focus on working with a greater number of influencers with larger followings, as long as they remain relevant to the company’s niche.
It has a higher Return On Investment (ROI)
Because in-house marketers and all agencies need to justify the money spent on any campaign, the so-called ROI (return on investment) remains at the forefront of the minds of most marketing professionals in 2019. However, a 2019 survey of marketers by Mediakix, an influencer marketing agency, shows that 89% of in-house marketers believe that the ROI from influencer marketing is comparable to, or better than, other marketing channels.
It can help to keep the conversation always on
A long time ago, when customers had a preferred outlet to get their daily dose of entertainment and information, it was easy to plan a campaign, target the platforms where your audience would most likely be hanging around and simply sit and wait for the results to come in. That technique no longer applies to any sector, with one-off campaigns becoming a risk too high to bet marketing budgets on. Due to their low costs, as well as their flexibility, “always on” influencer marketing campaigns have proved an effective way of keeping brand values and key messages in constant motion, leveraging long-term brand ambassador partnerships to keep a continuous and fresh stream of branded content.
It is a popular B2C tool
A study by inbound web marketing analytics and optimization agency Blue Corona found that, from over 800 marketing professionals and brand representatives surveyed, 69% of marketing professionals focus their influencer marketing campaigns on the B2C sector, with Instagram and Facebook leading the choices of most used social media channels for campaigns.
Reach new audiences
Besides helping to spread the news about a new campaign through word-of-mouth, sparking conversations about your product or brand amongst fans, Influencer Marketing campaigns also offer brands the opportunity to tap into the new audiences of content creators. Although some products are much more specific than others and one size doesn’t fit all, reaching a new audience beyond a company’s own social media channels will, at least, increase brand awareness.