Influencer marketing & influencer agencies – The Beginners Guide
As you probably know by now, influencer marketing has taken over the advertising industry – and with good reason. Because of this, in recent years there has been a much-needed shift in the way companies utilise social media. According to marketing Professor Thomas Ritter 66% of people only follow one corporate social media brand. This stresses the need for companies to use influencers, whom already have their target audience in the palm of their hand. Simply put, influencer marketing is the answer for almost every industry, and certain influencer agencies can be very helpful.
The mind of the consumer
Today, the average consumer looks to fellow consumers and digital stars (social media influencers perceived as important) to inform them of news or opinions regarding new and exciting products, brands and services. As a result, brands are incorporating or replacing their traditional outbound marketing strategies with influencer marketing, many of which are looking to influencer agencies. Brands can directly connect with consumers and potential buyers easier than ever before.
Influencer marketing is not really a new strategy, but it has been rejuvenated, and there is a whole new dimension to it. It’s no longer just about getting celebrities to endorse brands. Influencers are typically industry-focused experts that have developed their following through their attractive personalities. Influencer agencies tend to be full of bright minds and put together fully managed marketing campaigns. Creativity is the key when executing an influencer marketing campaign and influencing the mind of consumers.
There is a whole range of valid reasons why influencer marketing is here to stay, as well as why influencer agencies are the answer for brands. Consumers are open to being influenced.
Influencer marketing: DIY vs influencer agencies?
Doing influencer marketing yourself and getting someone else to do it both have potential risks attached. Therefore you need to choose carefully.
Disadvantages of doing it yourself
- Takes time out of your/your staff member’s core business practices
- People underestimate the amount of time it takes to develop and grow relationships with influencers
- Identifying high-performing influencers is not so simple. We methodically examine our influencers before using them by rating them against 46 important factors that we have to found to contribute to influence.
- You can find yourself wasting money on influencers that ‘look good’ but have little influence (look out for fake or ungenuine followers and engagements)
We’re an agency ourselves but we’re prepared to tell you the disadvantages of outsourcing to influencer marketing agencies, which quite frankly, others won’t.
Disadvantages of influencer agencies
- Some agencies don’t provide great value-for-money and underperform
- There are hundreds out there that all claim to be the best at what they do
- Some agencies simply scroll through Instagram, Facebook or influencer marketing tools to find ‘influential’ people with little to no analysis of the influencers (This is where we differ tremendously)
- Picking the wrong influencer agency can be very costly
Nonetheless, when you find an influencer agency that truly knows the true aim of influencer marketing – which is providing an uplift in sales. You can really make a great markup on your investment.
Why you need influencers, in the first place?
Influencers have become a powerful tool in every marketing agency’s arsenal. They are that “mutual friend” we all have and trust, making them perfect for connecting brands with target audiences.
Influencer marketing is not only about selling products and increasing sales but also about driving more traffic to a company’s website, as well as building reputation and brand awareness. Furthermore, companies don’t only connect with influencers for their followers, but for the positive brand association, they get with these industry experts. Read more about the type of influencers we manage and collaborate with here.
How effective can influencer marketing be?
In order to illustrate how effective influencer marketing can be, take a look at a recent marketing campaign by a company called Lord & Taylor. This retailer partnered with 50 influential fashion bloggers in an effort to advertise a dress. All of the chosen influencers used Instagram to post photos of the new dress over one weekend. The results were astounding. Not only was the dress sold out by the end of the following week. But the company also managed to get thousands of Facebook Likes. As a result, they built a stronger connection with their customers.
Why influencer marketing is necessary.
Influencer marketing is undoubtedly necessary for today’s digital age. A study by McKinsey tried to access the impact of word-of-mouth marketing. They concluded that influencer marketing can generate more than twice the sales of traditional paid digital advertising.
Although considered as a new form of advertising to the public, influencer marketing is not an unexplored area. A new report from Salesforce found that 70 percent of brands planned to increase their social media spending in 2016. It is no surprise that companies and brands are joining the bandwagon. Companies have had to move quickly in order to collaborate with the strongest influencers.
Why influencer agencies may be for you.
Alternatively, there are influencer agencies out there that already have strong connections with influencers, and can create and execute strong campaigns for you. At PMYB we offer 3 main services including Influencer/Celebrity Services, Social Media Amplification, and Chromo-Influencers®. Chromo-Influencers® can deliver over 4x more the ROI than the average influencer. To hear more about the services we offer at PMYB, get in touch here.
Working with an agency is not necessary. Nonetheless, doing so can save you a lot of time and resources if you select the right one. Selecting the wrong agency can be very stressful not only from a financial standpoint but from a matter of time.
To conclude I hope this makes it clear why influencer marketing is an important channel for your brand, and why an influencer agency may be ideal for your brand. There are not many other digital marketing methods that can produce the same level of results in such a quick turnaround.