Brand Marketers have been giving a lot of attention to the Influencer Marketing program in the last few years. This growth is due to the immense growth of social media marketing in the recent years. With the rise, people have started following certain creators and celebrity who have command over their followers. The brands tend to tap into that command of the celebrities and creators to convert it into sales. The strategy revolves around fielding influencers at a place where the brands themselves cannot field. Social media is a mysterious place where some have strong follower lists and they tend to rule the roost. Brands often have followers, but these followers are not dedicated and will not always buy products based on advertisements only. However, the followers of the influencers will buy products if those come on contents of the influencers.
This is exactly the reason why Influencer marketing programs have become a huge success recently. The fact that business for brands come above all has made this market brighter by the day.
Tentative Priorities stating Influencer Marketing in 2018
In 2018, the brands that have been experimenting with unpaid influencer campaigns might go towards transforming themselves. They will optimize their efficiency and will organize into more productive business force. Brian Solis from Altimeter published a research piece centering the current state of influencer marketing and how it might grow on to become a powerful marketing force. The report talks about priorities the organizations embracing influencer marketing are addressing currently. Given here are 5 such priorities which they need to address:
A Rigid Framework Financial Management for Influencer Marketing
Brands have been structuring their finances around campaigns such as their product launches or specific times of the year like Christmas, Summer Holidays, Super bowl, black Friday etc. with the rise of influencer marketing, the brands are revisiting their perceptive around budgeting. They tend to integrate high activity periods into longer-term programs and allowing for specific activities. The budgeting is also important in the case of influencers is that they require long-term commitments. They want an agreement to aggregate resources from different departments involving the process- PR, Social, multiple brands etc.
Collaboration Processes with New Organization and Influencers
For bringing the influencer marketing into fore, various departments have to minimalize their impact. There needs to internal processes to identify influencers throughout the organization and define specific service levels.
Who and How to Engage with Influencers in Influencer Marketing Programs
The companies also look to integrate the network of influencers with their customer data. They try to ensure that they manage this through the CRM program, customer service, on their website also. Also, the PR team must integrate themselves with the social teams organically to include the influencers easily. However, with more than 70% of organizations thinking of influencer relations as strategic, the practice is being increasingly integrated into global brand strategies. The practice of influencer marketing has now become global with big companies vying for micro-influencers.
Building collaboration between Influencer Marketing and Paid Media Advertisements
It is important to break silos and be comfortable in both Influencer marketing campaigns and paid media advertisements. Some smart companies have started building bridges between earned influencer activity and paid media to maximize the impact of their program. Sponsoring the content through paid support helps increase the reach of the target influencer content. Some companies even use one-to-one targeting possibilities on social platforms as well to target specific influencers. In the coming years, the big brands will start running experiments using programmatic advertising to target influencers.
Involving Procurement Teams
Many brands have the habit of bringing in star influencers and celebrities as brand ambassadors. But with reports of erratic pricing and increasingly significant investment level, the influencer agreements have come under heavy scanner from procurement departments looking to bring clarity on price drivers. Hence there is need to bring in procurement experts to focus on accessing detail data from potential intermediaries. They can also identify different transaction costs and pricing between campaigns or brands for the same influencer.
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