Scrolling through your social media platforms? Do a quick count of how many social media influencers you are following at present. Recently compiled statistics show that 28% of consumers in the United States follow at least one influencer on YouTube.
Now take a count of how many of these influencers you actually engage with. That is, how many of them you interact with on social media platforms and if you have purchased the products they promote. Between February and March of this year, 33% of consumers belonging to Gen-Z purchased products marketed by an influencer.
Interesting, isn’t it? This is the new age of marketing. Where virtual and digital campaigns will overtake the conventional forms of marketing such as Above-the-Line (ABL) and Below-the-Line (BTL) marketing that were so popular not too long ago.
The reason that influencer marketing is taking off in a big way now is that studies show that 50% of millennials feel that influencer recommendations are authentic. On the flipside, only 38% of the same age category trust celebrity product recommendations.
Given that in the United States, in 2022 spending on influencer marketing increased from $ 3.69 billion to $ 4.14 billion, getting this marketing strategy right is beyond important.
Avoid the pitfalls
One big worry in opting for influencer marketing campaigns is how to choose the correct influencers. Taking on unbranded influencers who boast a large following can sometimes be too hard on the wallet. Well-known influencers and celebrity influencers can also charge a great deal of money simply because they are popular and spending all of your money on one marketing campaign does not make sound sense. So, be on the lookout for micro influencers who possess a few thousand followers. Generally, their charges will fit your budget and they can also successfully reach the audience you are targeting.
Forbes recommends that Marketing Departments draw up clear goals for their brand before reaching out to influencers in order to make the right fit. In doing so, you should be able to bring in influencers who have demonstrated a loyalty to your brand in how they have engaged with previous marketing campaigns and also through the use of your company’s products. Moreover, set realistic goals and do not expect instantaneous results. Give your influencer campaign time to cook and let the ingredients slowly seep in before you take it off the fire and toss it in the bin.
Furthermore, only paying attention to influencers’ follower numbers is a huge mistake. Influencers can have the numbers but if follower engagement rates are low, then your marketing campaign will fall short.
Another area where things can take a negative turn for a company is in how it engages with the influencer. If you provide them with the content they must work with and not allow them to promote your product using their own creativity and know-how, your campaign could be adversely affected. To mitigate this Forbes suggests personalizing your message when approaching potential influencers of your brand, and pointing out what you like about their content. This shows them that you value their brand and creativity as well.
And then, the Holy Grail of influencer marketing- avoid controversy at whatever cost. There may be influencers out there who have been embroiled in disputes and litigation. The last thing you want is for your target audience to lose faith in your brand because you partnered with such people. Do your research thoroughly into influencer backgrounds before you start reaching out to them.
Another area that should be on your preliminary agenda is planning your marketing strategy. Social media influencers and their content alone will not be the sole deciders of how to get your brand to where it needs to go. Study your brand’s performance and find out which areas need more attention and direct your influencer to focus more on these particular areas. For example, if you’re selling beauty products to high-end customers but find that many of them prefer organic beauty products, target your all-natural beauty products specifically at them through your influencer.
For this, you’ll obviously need to choose the right social media platforms according to your target demographic. If your target audience is older women, there will simply be no point in choosing an influencer who dominates TikTok. Facebook would be your best bet in this instance, or perhaps YouTube.
And finally, stay on top of where the campaign is going. Follow the data and make adjustments as you see fit – it’s your responsibility to do so. Artificial Intelligence (AI) tools have various methods of tracking data from influencer campaigns. Use one of these to monitor the effectiveness of your campaign.
Influencer rights
Don’t gamble with these. Your influencer’s content is their own, so draw up the proper legal agreements before you take their content and use it as your company’s own. While requesting their permission to use their content on company e-flyers and so forth will mean an additional charge, it will still be less than the legal fees you accrue if they sue you for copyright violation. Keep everything transparent and honest.
The old, the new and the breakthroughs
You may be able to avoid many of the above-mentioned problems by using virtual influencers generated by AI. While this area of influencer marketing is very popular at the moment, it also has its downsides such as a lack of authenticity, etc. However, the benefits are significant as well, such as lower costs, no copyright issues, being able to direct the content the way you want, and avoiding human controversies, among others.
Therefore, while influencer marketing may be quite a few years old and still expanding its reach, real breakthroughs are slowly coming in through AI and virtual influencer marketing. Marketers who are keeping up with the times should be on board with these new technologies to avoid being left behind in the world of digital marketing. 2023 is looking good for influencer marketing; what does the future hold? Only the gods of technology know.
(Anouk De Silva)