Are you a business owner interrogating whether influencer marketing will thrive in the coming years or will it experience a downfall? Well, although this marketing approach has been around for a few years now, it is still unexplored by several marketers around the globe. I mean, we’ve had influencer marketing platforms since 2006 – that’s a huge chunk of time, right? Yet, there’s this inescapable question in the minds of marketers: Will influencer marketing withstand the test of time, or is it just a passing trend?
I get it; the worry is real. Multiple brands today are standstill analyzing the influencer marketing strategy, unsure if the water’s warm enough to jump in.
Recent studies indicate a continued rise in campaign engagement, with over 81% of individuals aged 18-34 actively following influencers across various social media platforms. Notably, 42% of this demographic now cite influencer recommendations as the primary factor influencing their purchasing decisions.
Moreover, the return on investment (ROI) from influencer campaigns has surged, with the latest data showing an impressive average ROI of 650%, outperforming traditional advertising channels. Brands are increasingly recognizing the influence of influencer collaborations, allocating, on average, 20-25% of their marketing budgets to these campaigns. Rather than spending dollars on your marketing budget, going for a lower-cost option; influencer marketing is a decision you won’t regret.
Despite the myriad advantages of influencer marketing, one cannot overlook the challenges that come with this strategy. However, these hurdles can be overcomed by actively seeking out authentic influencers. Our influencer marketing platform, Marqeting provides a structured way to execute campaigns through potential collaborators. We proactively research influencers before forging connections. Listed here are some challenges faced by marketers in the influencer marketing landscape-
1.Fake followers and inauthentic connections on Instagram
Conducting long hours research on influencers is a crucial step, with a particular focus on their engagement statistics. The key question here is whether influencers are authentically interacting with their audience or merely putting out content that goes unnoticed. By investing time in understanding the influencers you collaborate with, brands can combat the challenge of inauthentic engagement and ensure a genuine connection with their target audience.
2. Inability to create effective campaign ideas
The recent emergence of influencer marketing brings forth a notable challenge – the lack of regulation and transparency. Unlike more established forms of media, there’s a dearth of industry standards, making it challenging for brands to establish effective campaign strategies. To overcome this issue, our platform provides valuable insights, helping brands to create successful influencer campaigns. Emphasizing the importance of clear contracts and campaign briefs becomes essential in dealing with the aforementioned challenge.
3. Weakening return on investment
These days, there are a lot of people trying to be influencers, and for brands, finding the right influencers is definitely an uneasy task. This problem can lead to a drop in Return on Investment (ROI) as brands struggle to identify influencers who align authentically with their values and target demographic. But brands can use innovative influencer marketing platforms like ours to find ideal influencers for their product.
This way, brands can engage with people who really care about what they’re saying, making their marketing efforts way more effective. It’s like finding the perfect doctor who can treat your ailment and make you carefree for the rest of your life. That’s what these platforms do for brands in the influencer marketing space.
4.Changing social media algorithms
Last but not the least are the social media algorithms posing another challenge. Frequent changes in algorithms can impact the reach and visibility of influencer content, requiring marketers to adapt their strategies continuously. Staying informed about these algorithmic shifts is crucial to maintaining the effectiveness of influencer campaigns.
The Creator Economy is like a non-stop party, and it doesn’t look like it’s slowing down anytime soon. In fact, if you’re looking for a surefire way to make your brand stand out and connect with people online, influencer marketing should be your go-to move. Get on board or get left behind – that’s the influence of influencer marketing in shaping the future of brand strategies.
Check out more on our website https://www.marqeting.in