Influencer Marketing

marketingdive.com

Although there has been a general pullback in advertising since the COVID pandemic, influencer marketing remains quite strong. As consumers are spending most of their time at home due to lockdown or work-from-home measures, marketers are turning to influencers for fresh creative while studio production remains mostly off-limits.

With the emergence of creator-driven platforms like TikTok along with established platforms like Instagram, there has been a boom in leveraging influencers to target their young fans. Before the pandemic, advertising spend on influencer marketing was estimated to reach $9.7B in 2020 and 66% of marketers planned to increase their budgets in this segment.

Authenticity is one of the most critical factors to the success of the influencer. Their expertise in the product makes followers 56% more likely to purchase while 49% of followers stated the influencer’s relatability drives them to buy, according to Morning Consult.  

Channel choice and demographics should also be considered for influencer marketing. 13 to 16 year olds use TikTok more than Facebook, and Twitch is another popular destination for this group. For young men, it’s YouTube with gaming and fitness as categories of interest. For women, it’s Instagram to follow beauty and fashion accounts.

In addition, the microinfluencer economy has been steadily growing as 86% of Gen Zers and millennials report they’re open to sharing sponsored content for money and 61% say they’re likely to boost brands even without getting paid to do so. This presents an opportunity for businesses to tap into the microinfluencer community at a relatively low cost vs. the high-profile and pricey celebrity endorsements. Microinfluencers comprise 40% of brands annual influencer spending compared to 28% for celebrity influencers, according to Rakuten Marketing.