The team at Relatable recently put out a report on the state of influencer marketing for 2019. They partnered up with 350 brands and agencies to source comprehensive data and insights to help hone in on the current situation.
This study showed that influencer marketing is not about earned media and shipping out free products anymore, it is now about working with the right and relevant influential individual that can help companies reach their target audience. Although, 95% of respondents believe that influencer marketing is an effective form of marketing, 24% of them have zero experience with influencer marketing in their company and 8 out of 10 brands will have a dedicated influencer marketing budget in 2019.
Marketing teams are tending to launch monthly and quarterly campaigns, combined with an always-on program, while about 1 in 4 are limiting their executions to when they’re launching new products. 82% of respondents stated that their company is currently advertising on Facebook and 7 out of 10 marketers agree that their Facebook Ads are getting increasingly more expensive and harder to optimize. 76% of marketing teams are operating their influencer marketing manually, without any tools, and although there is no lack of platforms, tools, and technologies available for those who are looking to take their influencer marketing to the next level, many are still not leveraging them.
Half of the marketing teams think finding influencers to participate is a very big challenge. They also fear a lack of control on message and need to make sure that the influencer’s creation(s) will resonate with their audience and will authentically connect with new and existing consumers. On top of this, 75% of marketing teams are concerned about fraud and bots that mess with results.
Awareness and consideration were the most common marketing objectives when running an influencer marketing campaign with only 50% being sales. Fewer and fewer brands are using follower growth as a KPI, which is good to see. There is a clear opportunity to combine influencer marketing efforts and content marketing budgets to increase return on advertising dollars.
With 80% of brands allocating a budget to influencer marketing and nearly 1 out of 4 lacking the necessary experience to manage these campaigns, there is a real need for education and support. Influencers should not be in a silo and most likely not run by your PR firm. Your social media manager should project manage the relationships and either grind it out manually or, if the budget permits, they should leverage tools or 3rd party agencies to help do some of the heavy lifting.
Lately, I have been having a lot of conversations with Founders and Marketing Directors about social media and I find that there are a lot of blanket statements being thrown around that are built on very soft foundations. It is so important to really understand the value or opportunity each social network can provide and then map that against your product or offering. You also need to take into account current usage and tools and trends on each, to make sure you are approaching it the right way, for right now. Sircle Media issues a general roadmap for our clients that is revisited each quarter, but each brand needs to take that a bit deeper for their own business.
We suggest a quarterly re-assessment for brands that reviews the current state of the union on their top platforms and takes into account the most pressing needs for that brand in the immediate future. For example, if a brand just landed their first big order with a major retailer, the most important thing for the company at that moment is likely supporting velocity so they can help ensure that (even more) important second order. If this is the case you might need to:
1- Run hyper-local and super targeted Ads to underwrite the relationship and potentially drive foot traffic.
2- DM local influencers on Instagram and try and get them to engage with you and perhaps even pay them to go to the store and hype the shelf space.
3- Create content that specifically highlights the relationship (your logo and their’s) and then boost that content or run them as Ads at fans of said retailer and your competitors.
When the company needs to triage and be narrowly focused on a top priority like this, you have to have a smart plan of attack in place to improve your chances of winning. You don’t want to be stuck in the mud, with edits and debates over general lifestyle photography when your most pressing need deserves more attention. You also don’t want to be single platform reliant, as I think many Brand Managers are with Instagram right now. You need to have a holistic plan of attack and not dismiss any platform or component of a platform without research and thinking.
You need to have a current game plan built upon what is in front of you and not be so romantic or so set in stone about what did or did not work before. Social platforms and how best to use them are constantly evolving and it is imperative you are evolving with it. Think about what you want to happen and then reverse engineer from there.
You don’t necessarily want a certain amount of Instagram followers. You want a retailer to shelve your product and you think that your Instagram count is a necessary step to get there. I will admit that for a long time it was, but nowadays you have more savvy buyers and some realize that your follower count is not the only measure of your influence. If you are smart about using FB/IG Ads and influencers the way you should in q1 2019, then you are actually accomplishing what your follower count used to imply. You are proving that you are able to support the retail relationship with awareness and attention that benefits you both.
That is playing the current social game the right way…right now!