It’s become something of a hot topic for 2018, and is an integral part of any marketing strategy in the digital age.
Yes, we?re talking influencer marketing.
With the ?Influencer Marketing 2020? report published this week finding that 61% of consumers aged 18-34 have been swayed in their decision-making by digital influencers, it seems the power of the social media star is here to stay, changing the digital marketing landscape and shifting the focus from more traditional celebrity endorsement tactics. Increasingly, though, there has been a growing backlash against the so-called ?unreality? of social media, with Instagram influencers in particular being accused of posting heavily staged photos promoting projects in exchange for cash.
So, what exactly does the future of influencer marketing look like?
Importance of Authenticity in a Campaign
Well, firstly 70% of marketers say authenticity and transparency are the keys to successful influencer marketing campaign, in other words the audience must believe that the endorsement is genuine and that their favourite bloggers truly believe in the product. Without this trust, using an endorsement from a social media influence can actually have the opposite of the desired effect – not only will it damage the brand of the person in question, it can also destroy perceptions of the product as a reputable brand.
The Rise of the Micro-Influencer
With this in mind, it is perhaps unsurprising that marketing professionals are increasing seeking out smaller social media influencers to ensure maximum ROI. Often referred to as ‘micro-influencers’, these figures typically have less than 100,000 followers, but this can be an advantage in the battle for authenticity. Micro-influencers are often perceived as more trustworthy due to their closer relationship with their audience, meaning an endorsement can often offer a higher sales yield than those with higher follower counts.
Marketing professionals should be careful to distinguish between influence and popularity – just because an individual has a higher number of followers does not necessarily mean that their relationship with the consumer or engagement levels on their posts are more likely to generate tangible sales increases.
Product Placement?
As the backlash around Scarlett Dixon’s (aka Scarlett London) promotional Instagram post for Listerine demonstrates, the pressure is currently on for social media influencers to clearly signpost when a product has been ‘gifted’ to them, or they’ve been paid to promote it. The Advertising Standards Agency (ASA) recently published more stringent regulations to enforce this.
There is debate surrounding the disparity between the rules for influencers promoting a product, and those for traditional product placement slots in TV shows. There has been no amendment of product placement regulations since they were introduced in 2011, and a recent survey by TRP Research revealed that only 27% of the UK public have ever noticed product placement in a UK TV show.
There have recently been calls for product placement rules to be updated to bring them into line with those imposed on social media influencers. After all, isn’t endorsements from high profile online figures simply the 2018 equivalent of product placement?
Like it or loathe it, with bloggers and social media influencers striking the kind of personal relationship with the consumer that the classic celebrity endorsement can only dream of, influencer marketing appears to be here to stay. The ‘normality’ of the blogger compared to their celebrity counterpart is appealing, and as such a product endorsement often carries more weight (and translates to a higher ROI). Leave an influencer strategy out of your marketing plans at your peril.
