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.