27 Sep The Enduring Power of Influencers
Although there have been rumours about the decline in influencer marketing impact, the latest data from Canvas8 tells a different story. Brands aren’t just continuing their partnerships with influencers; they are experiencing impressive results.
A recent study from CreatorIQ has further highlighted this trend, showing that 67% of businesses are choosing to boost their investments in influencer marketing.
Brands are carefully reorganising their marketing budgets and a significant 76% of those increasing their investment in influencer marketing are doing so by shifting resources from other marketing channels. This move shows just how much some brands value their partnerships with influencers. It sends a strong message that influencers have a significant impact that should not be underestimated, even if it means temporarily setting aside other established marketing strategies.
As per the CreatorIQ survey, an impressive 61% of companies directly linked their sales to content produced by influencers and shared on various social media platforms. Brands are also seeing significant increases in measured engagement, conversion rates and impressions; these are essential metrics that highlight the ongoing importance of influencer marketing.
However, the cost of living crisis has directly and quickly led to consumers becoming more and more cautious about their purchasing decisions. It’s no longer just about collaborating with influencers who have a large following; it’s about partnering with those who can genuinely connect with an audience and build trust. Authenticity is now the most valuable currency in influencer marketing. Brands that recognise this shift are embracing user-generated content, paving the way for a trust based economy.
Insights from EnTribe show that 86% of people have more faith in brands that include content created by users rather than via influencers. It’s intriguing that in a world where a significant 62% admit to never having bought a product promoted by an influencer, this trend highlights the fine line between aspiration and relatability.
The success stories in CreatorIQ’s study showcase the undeniable value that influencers can bring. However, with the changing preferences of consumers, it’s perhaps time to rethink how to approach influencer strategies. Going forward, it’s all about carefully choosing influencers who truly embody authenticity and who can craft stories that resonate on a deeper level, going beyond the superficial glamour you often encounter on many social media platforms.
In our opinion, the issue of influencers is more black and white than shades of grey. As always, some influencers do a great job of achieving the commercial goals set out by the brands they work for. This approach often works better for bigger brands with deeper pockets. For start-ups and SMEs, we think it is best to talk in terms of ambassadors rather than influencers. All user generated content is influential to some degree. It is just that a lot of it is unpaid from nano-influencers and micro-influencers who don’t get paid to promote a product or a brand, they just like to do so. They may not have many followers, or much reach, but their point of view is trusted, respected and admired by those who they engage with.
Brands that tap into the power of authentic relationships guided by data-driven insights are well-placed to successfully navigate this changing environment successfully. As long as influencers can adapt to shifting consumer expectations while staying true to who they are, brands will continue to invest heavily in their reach and the rewards will naturally follow. We recommend that you think brand ambassador rather than social influencer. Do the people who represent you represent the values, views and vows of your brand? Are their characters and personalities aligned with the character and personality of your organisation? Do you have a common purpose (this is why a good purpose should always be about more than just profit)?
At Abacus Marketing, we’re here to help you craft a successful influencer marketing strategy that connects reputable brand ambassadors with each of your target audience segments, in order to build trust and drive action. For more information, please don’t hesitate to contact our MD, Stephen Taylor-Brown at firstname.lastname@example.org. We offer a free, no-obligation one hour consultation to all potential clients to discuss whatever the biggest commercial challenges you face and to outline ways in which you can overcome them from a marketing perspective.