Our current culture is one that is constantly advancing and evolving. Marketing is no exception. Indeed, digital marketing in our modern age is beginning to look significantly different than it has in years past. This is due to the advent of influencer marketing. This type of marketing relies on digitally famous individuals who are paid to promote brands or products on social media platforms. This is a kind of symbiotic relationship, as the influencer gains money from brands while these brands gain exposure and consumer engagement. As more and more brands are using influencer marketing to boost sales, there are several principles that they must implement in order to maximize the benefits of influencer marketing.
The power and effectiveness of influencer marketing is hard to deny. In the current cultural climate, both Centennials and Millennials actively follow digital celebrities and consider them to be authorities on brands and products. It is no wonder that in such a digitally-dominated world, people are more likely to trust and respond to marketing from digital celebrities rather than other famous individuals. Digital influencers are also perceived to be more authentic because consumers regard digital celebrities as being more accessible and down-to-earth than other types of famous personalities. Consequently, influencer marketing is an incredibly powerful driving force in the evolution of brand marketing.
Another factor to bear in mind when considering influencer marketing is to remember that most brands are already taking advantage of this effective marketing strategy. It is no longer enough for brands to just now start using influencer marketing because in the current marketplace, the majority of brands are already doing that. In order to be successful, brands need something more. In essence, they need to stand out. In order to differentiate themselves in the marketplace, brands need to discover new, innovative strategies to distinguish themselves from competing brands who are already using influencer marketing.
While the prevalence of influencer marketing is certain, the quantifiable effectiveness is less discernable. Brands have now changed their ways of determining how effective their marketing is by basing the success of influencer marketing on engagement rather than just ROI. For many brands today, engagement with digital celebrities and consumers is a measureable, accurate tool in determining the value of influencer marketing. While supplementing ROI with engagement when determining the effectiveness of marketing strategies may seem like a new, potentially daunting, concept, for most brands, a high level of engagement results in a high ROI.
While influencer marketing has completely revolutionized the marketing world, brands are now looking for the next big innovation within influencer marketing. Many brands seem to have found such innovation in the micro-influencer. A micro-influencer describes a Millennial individual who has several thousand social media followers and receives active engagement from these followers. The female demographic of these micro-influencers is especially concerned with researching and promoting beauty products, fashion, and fitness. These micro-influencers, while not yet being digital celebrities, are nevertheless very powerful influencers and may actually be the future of influencer marketing.
While the general consensus remains that influencer marketing is a very effective and successful marketing strategy, there could be a resulting strategy that may increase brand engagement even more. For most brands, it seems that transforming influencer posts into programmatic ads could be the best way to maximize the effectiveness of influencer marketing. This could also be a way that brands can differentiate themselves from other competing brands already using influencer marketing because brands will be able to take the actual influencer posts and repurpose them to be used in another marketing angle.
As with any new marketing strategy, influencer marketing is not without its issues. One of the biggest problems with influencer marketing is transparency. The Federal Trade Commission has recently sent out dozens of letters to marketers and influencers urging them to maintain transparency when engaging in influencer marketing. This need for transparency is also important for Centennial consumers, who view authenticity and transparency as a determining factor when deciding which brand to engage with. Consequently, maintaining transparency will secure for brands the approval of legal entities as well as the loyalty from consumers.
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Reference & Future Reading
Insights and research data provided by YPulse. Click here to read more from YPulse: https://www.ypulse.com/post/view/6-things-we-know-about-influencer-marketing