Influencer Marketing, Is It Worth The Spend ?
The usage and spending on Influencer marketing as a medium to promote has increased drastically , According to India Influence Report by Zetmo, 92% Marketers will at least run one Influencer campaign in 2018 and 62% Marketers will increase their spends on this channel.
And the rise of it is expected to boom with the increase in usage of social channels such as Facebook, Instagram which contribute heavily to this medium. Instagram is one of the most popular social networking platform and major channel for influencer campaigns. According to Statisa the current users on Instagram worldwide are around 1 billion monthly active users, up from 800 million in September 2017. And the user base is expected to increase more with the internet penetration in various markets.
So who is an Influencer ?
According to Star Gage the influencer landscape can be broke down into Micro, Macro, Mega-Influencers. The classification of them can classified on basis of follower rate, celebrity, expertise in certain industry or domain such as Chefs, Fitness Trainers or being from a certain customer target such as Single Mom’s, Social activist, Natives and many more.
The main aim of the influencer campaigns is to create awareness about a product launch, brand reach or part of viral content or contest as such. These are communicated through content such as stories, photos, videos, viral videos, giveaways, contest and many more. Although this predominantly contributes to creating awareness for the brand this can’t be taken as a medium of tool to contribute heavily to sales channel as users might like the content due to its presentation or unique as such but there isn’t an metric which can define a like, comment or share to be a lead.
This make the acceptance for Influencer marketing as a medium to work on a bit mixed in the industry as although posts such as pictures, videos, stories get likes, shares, comments and this would increase traction of the user profile to show the numbers He/She can deliver. But for the brand apart from the impression, it wouldn’t lead to any conversion or any business volumes as such. Further many influencer aren’t bound like brand ambassadors for a stipulated time to work with a brand category or clause not to work with competing brand this is mostly seen in the case of micro influencer who sometime end up endorsing various and their products leaving no brand loyalty leaving the users in lurch.
Certain Companies have been trying to work on the model of conversion models via coupon codes, tracking links, contests, social mentions, product sales to benefit apart from the impressions as such. Very few have accepted this model as KPI as this might not lead to the desired results to the brands from their platform and lead to loosing of key accounts.
Although the reaction for Influencer marketing would be mix, the hype and growth of the channel is here to stay with certain brands being able to tap in and crack and certain following the heard due to the trend from the peers.