We are considering influencer marketing so I would like to get your thoughts on it. Does it really work in driving product sales? I feel like a few years ago when it was new, the true influencers were authentic and really believed in the products they pushed. Nowadays, it feels like they are all "coin operated machines" willing to peddle anything on behalf of the highest bidder. Consumers are therefore less likely to trust them and buy products they endorse. Is this true? Have you had success with influencer marketing?
Data shows that influencer marketing has been quite effective. A recent study analyzed 450 influencers across 11 campaigns and found the influencer content to be significantly more effective than the control group, with 11 times more ROI compared to traditional advertising.
Here is what Adweek has to say about this study:
“What makes this study significant is its breadth,” said Irv Turner, vp of analytics and applied data sciences at Collective Bias. “We didn’t settle on a singular way of looking at influencer marketing’s impact nor on one particular use case. This study irrefutably proves influencer marketing drives results.”
Although influencer marketing has worked well for many companies doesn’t mean it’s easy and will solve all your marketing challenges. A quality plan and tracking your campaign effectively are important as well as working with the right influencer that has the appropriate audience for your product/service.
Although influencer marketing can appear unauthentic with so many influencers out there and growing daily, authenticity is important for the influencer’s success. This is because an influencer cannot be successful without an audience. The audience places a lot of trust in their influencer, thus influencers are careful about what they represent. They need to believe in the product themselves to effectively represent it to their audience.
1.Follow FTC Guidelines for Influencer Marketing (to avoid legal trouble)
2.Don’t Limit Your Influencer Marketing to Instagram
3.Start Using Influencer Marketing Tools
4.Measure Influencer Marketing ROI
5.Create Useful Content, Not Ads (so that you stand out)
6.A Larger Pool of Influencers to Work With
7.A Push for YouTube Influencers
8.Say Goodbye to Transactional Relationships
The last trend “say goodbye to transactional relationships” tells me that if you don’t want your influencers to behave like “coin operated machines” its important to not treat them that way. Instead of having a transactional relationship, show that you genuinely care about them by treating them like a partner. They are more likely to represent your brand with enthusiasm if you treat them well.
Considering that influencer marketing is growing as a career for many, now you have so many more influencers to choose from and find the best one for your brand!
Additionally, don’t subscribe to the myth that influencer marketing is a millennial strategy! It is also effective for the older generation. Americans 55 and up make up 41.6% of consumer spending.
Forbes says that “with a combined population that’s over 139 million and growing, Gen Xers and boomers are a thriving opportunity for marketers who are willing to think outside the millennial box.
Mr. Garcia and Ms. Kim are active on social media and persuaded Mr. Bolen to be. A year ago, performer Nicki Minaj attended the Oscar de la Renta show and posted about it on Instagram. Her posts helped place the brand among the top five for social impact during New York Fashion Week, according to fashion-analytics firm Launchmetrics, and triggered more than seven million interactions.
But liking social-media posts doesn’t necessarily lead to spending four figures on a dress. Robert Passikoff, founder and president of Brand Keys, which issues an annual index of clothing brands that consumers say they buy often, said younger shoppers don’t cite Oscar de la Renta. “There’s the reality of how much does this stuff cost,” Mr. Passikoff said. “But having said that, you do get a number of high-end brands that always show up on the list. Chanel always shows up on the list. Burberry shows up on the list.”
“We work with the finest fabrics in the world and we work with the most talented artisans or embroiderers and so all of that comes at a certain price,” Mr. Bolen said. “We want those who aspire to become affluent to know about us and know what we’re doing and love what we’re doing so that someday they’ll become our customers.”
As with anything in marketing (and life) it really depends. Influencer marketing success relies heavily on matching the right influencers for the brand. You have to do the tedious work of sorting through the options and finding influencers who have a good mix of content and aren't already over saturated on the paid posts.
You want to make sure their personal brand and voice are a good match for the product being endorsed. And also like anything else in marketing (and life): you get what you pay for. If you are trying to get great results with only trading product you are likely going to get far worse results than if you actually pay people.
The more influential a person is the more they are going to charge. Of course that is product dependent, I assume a high value product would work as payment in more cases. We have one client that has seen great success with using influencers to drive sales directly.
They are in the fitness products industry and they provide every influencer a unique URL to post so they can better track results. I don't have numbers in front of me directly, but it is core part of their marketing strategy and it works.
There are a bunch of third party tools you can use to improve the process. We've recently started using Revfluence (now AspireIQ) and like their identification and categorization features. It makes it much easier to find the right influencer for the client. Those tools all seem to have pretty hefty price tags, but I believe Facebook has provided a free tool to help with this (note, we haven't tried this yet):