Influencer marketing was worth $9.7bn in 2020 and is expected to grow to $15bn by 2022 globally. Half of marketers say that they’re spending more than 20% of their budget on influencer content. The cosmetic brand Estée Lauder announced in August 2019 that it was allocating more than 75% of its marketing spend to social media influencers and finding the investment “highly productive” highlighting how successful influencer marketing can really be when done correctly.
All Response Media viewpoint
The shift from single screen to multiple screens has transformed the way audiences consume content and as audiences have moved to new platforms, they’ve embraced new creators as trusted voices in their lives which enriches the value of influencer marketing. Facebook and Instagram have also adapted a sense of transparency and influencers must have the hashtag #ad on a post which could possibly impact sentiment in the future however this does provide a new approach to social advertising and it’s something that brands should consider as part of their media mix or at least as a test to see how successful it can be. While cosmetic brands are moving more of their spend to influencer marketing, here at ARM, we believe that a diverse media mix is key to long-term success rather than over-committing to one media channel.
The challenge that is improving over time for influencer campaigns is tracking and attribution, across Facebook and Instagram you can now use a swipe-up link and click-tracker URLs, in a lot of cases promo codes can also help attribute conversion which key for measuring success. This may be impacting the growth as more advertisers can see the full potential.
To pull off an effective influencer marketing campaign you need to work with the right social media influencers and consider relevance, reach, and resonance:
- A relevant influencer shares content relevant to your business and industry. They need to have an audience that aligns with your target audience.
- Reach is the number of people you could potentially reach through the influencer’s follower base, something that should be considered.
- Resonance is the potential level of engagement the influencer can create with an audience relevant to your brand.
If these 3 main components are well-thought-out this gives a first-time influencer campaign the best chance of succeeding. •
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