Influencer marketing- it’s everywhere these days; From Instagram to YouTube to TikTok, there’s a new celebrity being born every day, and they’re all influencing what we wear, eat, and do. With the rise of this marketing strategy, it’s no surprise that many brands are choosing to work with influencers to promote their products and services; But what does influencer marketing mean, and is it as beneficial as it seems? In this blog post, with some insights from Bloc, we’ll dive into the world of influencer marketing and the benefits and pitfalls involved, so you can navigate this tricky landscape with ease.
The Pros
Let’s start with the benefits; First, Influencer marketing can be a powerful tool for brands to reach their target market more effectively. It has been proven that consumers are more likely to trust the opinion of an influencer than a brand leading to better conversion rates. Influencer marketing is also a great way to increase brand awareness. By working with influencers who have a large following, brands can reach out to a wider audience and make their brand more visible. Influencer marketing can also help with creating more authentic content. By partnering with influencers who align with a brand’s values, they can create content that feels more genuine and resonates with the target audience.
The Pitfalls
Despite the benefits of influencer marketing, we cannot overlook its downsides. Authenticity is one of the biggest problems with influencer marketing. With the rise of fake followers, engagement, and influencer fraud, identifying genuine influencers has become increasingly difficult. This means that brands must be keen to ascertain that the influencers they collaborate with have an authentic following and a high engagement rate. Another possible issue is a loss of control over the brand’s image. In essence, the brand is entrusting someone else with its reputation when collaborating with an influencer. Choosing an influencer who aligns with the brand’s values and messaging is crucial to guarantee that the brand is being promoted in the best possible light.
Ethical Concerns
Let’s look into some of the ethical concerns surrounding influencer marketing. As much as we love seeing our favorite social media stars promoting products, it can sometimes be hard to tell if they truly believe in what they’re endorsing or if they’re simply being paid to do so. This lack of transparency can leave followers feeling deceived and annoyed. Plus, there’s a big debate around whether or not influencers should be required to disclose when they’re being paid for their posts.
It’s a tricky landscape to navigate, but hopefully, with more transparency and honesty, we can continue to enjoy the fun and engaging content that influencers provide without feeling like we’re being duped. Businesses are also getting creative to mitigate some of these concerns; CJ Digital, a restaurant marketing agency, took up the challenge of creating a code of ethics for influencer marketing. But, is it enough? There are still plenty of questions to be answered and lots of grey areas. One thing is for sure though, the influencer marketing landscape is going to need more than just a pinch of ethical thinking to make it a fair playground.
Proper metrics and ROI tracking
As the great business guru Peter Drucker once said, “What gets measured gets managed.” When it comes to influencer marketing, this couldn’t be more true. Properly tracking metrics and return on investment (ROI) is crucial to getting the most out of your influencer partnerships. When it comes to influencer marketing, tracking ROI can be tricky, but it’s not impossible. It all comes down to using the right metrics to measure success. Don’t worry, though. You don’t have to be an Excel wizard to excel at ROI tracking.
While vanity metrics like likes and follower counts might make you feel good, they don’t necessarily translate to actual business results. Instead, focus on metrics that matter, like engagement rates, website traffic, and conversions. By keeping track of ROI, you can maximize the value of your influencer marketing campaigns and make sure they’re benefiting your business. Take Brick and bourbon, for example. This restaurant in Minneapolis was struggling to bring in crowds until they started tracking their influencers’ ROI. Once they started to use social listening and analytics tools, they were able to see what content resonated with their audience and adjust their influencer strategy accordingly. And the strategy paid off big time!
Influencer marketing can be a valuable tool for brands to reach their target markets effectively; However, like any marketing strategy, there are both benefits and pitfalls involved. That’s why brands must do their research before working with an influencer to ensure that they have a genuine following, share their messaging, and align with their values. It’s also important for brands to track the success of their campaigns and properly measure their ROI. As long as brands navigate this tricky landscape with caution and care, they can reap the rewards of influencer marketing.
