“Data-Driven Thinking” is written by members of the media community and contains fresh ideas on the digital revolution in media.
Today’s column is written by Jason Chitwood, general manager of MarketerHire for Agencies.
The creator economy grew during the COVID-19 pandemic, as audiences turned to content for entertainment more than ever before. More than 50 million independent content creators, curators and community builders drove the influencer marketing industry to $13.8B in 2021, with an estimated reach of more than $104 billion globally in 2022.
However, investing client budgets into new media platforms can feel like a significant departure from traditional marketing.
With that said, if executed correctly, this approach – working closely with creators and influencers – can be less expensive than traditional media and can afford agencies and brands a much more targeted avenue for building trust and loyalty.
How can brands get it right? Here are three recommendations to keep in mind.
Go where your audience is
Successful brands understand where their audience lives online and how that audience consumes content.
Consider generational preference on social media: While Gen Z searches for highly visual content to engage with via TikTok and Instagram, millennials use multiple platforms to amplify their personal brands. Gen X, meanwhile, is even more addicted to social media than their younger counterparts, spending an average of nearly 7 hours a week on social networks.
Maintain authenticity across platforms
Authenticity has always been crucial to successful marketing, no matter the platform. But ensuring authenticity in influencer marketing campaigns is arguably even more critical.
Millennials and Gen Z in particular often have strong BS detectors for brands attempting to pander to them. Thirty percent have admitted to unfollowing brands and creators if their content is perceived as inauthentic. They want to support brands that stand for something – beyond a product or service – and demonstrate loyalty to brands with similar outlooks on topics like social justice, the environment and equality. Successful marketers focus on building partnerships with influencers by identifying how their brand aligns with the creator’s vision before considering a campaign.
Hire influencer marketing specialists
Staffing volatility is one of the biggest challenges brands face today. In fact, nearly one in two marketers has revealed a plan to leave their current jobs.
That means brands not only need to quickly and efficiently scale talent across all phases of marketing; they also need to work with experts who understand how to capitalize on the rapidly evolving marketing universe. Influencer marketing is just one example of a niche tactic that requires unique expertise.
As new marketing strategies and channels emerge, it is critical for agencies and brands to shift how they target audiences, evaluate opportunities and measure success. To capitalize on game-changing marketing techniques, marketing teams need expertise, scalability and operational efficiency.
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