Published in Dynamic Business 29th May,2019
Dynamic Business is the premier destination for SMEs and startups seeking news and expert advice as well as inspiration from Australia’s leading entrepreneurs.
Having kept Australia’s SMEs and startups informed for more than twenty years, our publication has a firmly-established reputation as a leading business resource.
To begin receiving exclusive content from Dynamic Business, subscribe to our complimentary eNewsletter, sent directly to inboxes every Monday, Wednesday and Friday.
Click here for more information and to contact us.
Influencer marketing isn’t as simple as choosing an influencer with a high number of followers to post an ad for you. In 2019, there have been a multitude of changes that have taken place in the influencer marketing world which brands need to factor into their strategies to get the most ROI.
Consumer expectations around authenticity, an increase in influencers making it harder to reach their target market, and the need for solid evidence of the success of a campaign or post are the key trends we’re seeing shape the changes this year.
Below is a list of things to remember before engaging an influencer for your brand, to ensure the highest success rate.
- Influencers are people too
It’s clear that brands need to identify an influencer that suits their image and has an audience appropriate to them, as it’s obvious it’s not a ‘one size fits all’ approach.
Think of the basic advertising and marketing principles such as brand consistency across its messaging, imagery, stunts etc. All of these principles also apply when it comes to selecting influencers.
For effective market penetration in the influencer space, brands need to change the way they see influencers. It can feel a little strange at first because we’re so used to having our own perception of them through a screen, but brands need to challenge themselves and stop being transactional and start building genuine relationships.
Doing this, not only will your brand foster beneficial relationships for future activity, but the synchronicity between the influencer, brand and audience is the key driver to the most genuine engagement and success of the campaign.
Of course, there is always the irony when it comes to using influencers since brands pay for influencers to post an ad, so it can be perceived as anything but genuine. Therefore, it is important to be mindful that influencer marketing is actually a partnership and when working together, both reputations are on the line.
2. Video is the new black
Like all key moments in pop culture, trends come and go but some stick so well that they stay popular through the generations. The 20s had smoking and flapper dresses, the 60s had the flare pants and tie-dye, the 80s had the boombox and the 90s had the blackberry.
In 2019’s digital climate, the legacy that millennials and Gen Zs have left is the ubiquitous use of social media. This demographic has propelled the amount of user-generated content full of memes, live streaming of stories and videos, which is why video is currently on trend.
Since 90% of Gen Z and 83% of millennials are spending at least two or three hours a day watching videos on their smartphones, brands need to capitalise on creating fun video content and memes that can be easily shared with their peers as it resonates well with this generation more than any other form of media.[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_column_text]3. Authenticity is key
When followers feel like influencers are real people they can relate to and even share similar experiences with, that’s when the magic happens. The most successful influencers have a highly captivated audience because of their ability to produce authentic and relatable content.
Since millennials and Gen Z’s are digital natives to social media and advertising across these platforms, they are naturally more switched on when it comes to recognising when they are being overtly marketed to.
According to a study by Deloitte, 72% of millennials use social media as a good way to stay connected to news and topics that are important to them, while 65% of millennials said that they are happy to receive targeted content if it aligns with their interests – proving they are savvy when it comes to their consuming of digital content.
If businesses want to engage an influencer to market to this demographic, they need to be mindful about content that’s not consistent with the influencer’s audience and brand.
Brands need to change their thinking to view their relationships with influencers as adding a ‘human element’ to their marketing approach, as opposed to looking to influencer marketing as another means to just sell their products.
4. Data is king
Influencer marketing has always been seen as an enigma, with traditional marketers often questioning whether it can yield actual commercial results.
The reality of it is that it can. One of the best examples is homegrown company Hi-Smile. Founders Nik Mirkovic and Alex Tomic started the company with $20,000 of their own savings using solely influencer marketing, which then grew the company into a $40M business with over 100,000 customers across the globe in just three years.
Measuring ROI and using data to track the success of a campaign is important, not just because you can say with authority that investing the marketing budget into the influencer space was a wise move, but so you can optimise your campaigns.
Influencer marketing is still relatively new and there’s a huge potential to lead the market.
5. Talking to Gen Z
By next year, Gen Z’s are expected to account for about 40 percent of all consumers, not to mention social media has become one of the key driving forces for this generation to purchase products, accounting for 80% of purchases.
Instagram (44%), Snapchat (21%) and YouTube (32%) are the core outlets making the biggest impact in this space and influence everything from purchasing decisions, lifestyle choices and even political perspectives.
After almost a decade of focusing on millennials and Gen Y, brands that haven’t started factoring Gen Z into their strategies are shooting themselves in the foot.
Given Gen Z’s have an attention span of about 8 seconds, capturing their attention requires authentic and engaging content that they can contribute to, interact with, or be a part of. They want to feel like they are part of an actual community attached to authentic causes.
Despite the digital landscape’s challenges, there’s an opportunity for brands and businesses to market to consumers in a more flexible way to adapt to this new digital era. With so many opportunities for brands to utilise this generation of social media lovers to their benefit, remember the five key tips to ensure success and tap into a savvy, yet highly engaged type of audience.