A successful promotional campaign today should include Influencer Marketing as a strategy, but it’s important brands don’t get too locked into the details of how these partnerships should play out. Companies need to use influencers to sell products and services to a larger target audience, but there are some changes coming to the model that are as much caused by influencers’ need for more money as they are by consumers’ motivation for purchasing. What does this mean for the future of Influencer Marketing?
Right now, the state of Influencer Marketing can be looked at in terms of the statistics surrounding the strategy. An extraordinary 73% of marketers report allocating a budget for Influencer Marketing. It’s a fact that 71% of buyers are more likely to make a purchase based on a reference they came across on social media. Subscribers on YouTube trust the opinions of influencers more than they trust traditional celebrities.
This moment is a perfect one to take the Influencer Marketing ride everyone else seems to be taking. But the inevitable twists and turns that lie down the road mean brands have to hang on and be flexible.
A Shift to Long-Term Partnerships
When influencers become confident they can sell a product or service, and when brands take note of influencers’ significant impact on buyers, loyalty often comes into question. We’re seeing more influencers jump from brand to brand, looking for the biggest payout.
Companies are getting wiser and locking influencers into big-dollar, long-term contracts with no-complete clauses, in hopes of gaining exclusivity.
It used to be the norm that a brand would have relationships with 1 or 2 influencers, each with more than 1 million followers. The emerging trend today is to have partnerships with 20 to 30 micro-influencers who have smaller, but highly engaged, followers. This change in Influencer Marketing strategy had to take place, as brands were looking to capture the same talent in typically small pools.
With only a limited amount of influencers to go around in sometimes-huge industries like travel, it makes sense to tap into the ocean of micro-influencers who still have pull over target buyers and who are thrilled to make connections for a lot less cash.
Authentic Partnerships to Build Brand Trust
Because the consumer is getting more savvy and capable of learning the truth behind a brand, it’s unwise for companies and influencers to mislead about their affection for each other. Authenticity, or lack thereof, is evident when looking at social media profiles and other online content.
Choosing influencers who truly have an interest in your company, what it sells and what it stands for, is the best route to go looking forward. In that same regard, influencers should be working with brands that represent the lifestyle and values they’re communicating with their followers. Ultimately, buyers will be able sniff out any hint of pay-to-play deals, and a lack of authenticity will make for nothing but sour relationships.
Whether you’re new to Influencer Marketing or want to stay on top of the changes that are sure to come to the strategy, Galileo Tech Media can steer you toward the best path for success. Contact us and let’s talk about the future of Influencer Marketing as it directly relates to your brand’s business goals.