Fully understand the research, strategy, and platforms for leveraging social media influencers…
| | The best practices and platforms brands use when tapping popular social media personalities for marketing… - Influencer marketing is on the rise and brands should leverage macro- or micro-influencers to increase brand awareness and drive sales.
- Brands should set expectations with influencers at the beginning of the relationship, including ROI measurement and creative leeway.
- Maximizing engagement is the top success metric for influencer marketing campaigns, so brands should leverage social media personalities who have meaningful interactions with fans.
The concept of a brand hiring a popular personality to promote a product or service isn't new, and brands know that celebrity endorsements can sell products.
In the age of social media, however, brands are finding new ways to leverage popular figures as brand ambassadors, and these people aren't necessarily famous actors, singers, or athletes.
While brands certainly continue to tap celebrities for endorsement deals, they're also starting to enlist social media personalities, broadly known as "influencers," for advertising campaigns.
Business Insider Intelligence, Business Insider's premium research service, has identified the ways brands can find and manage relationships with social media influencers in The Influencer Marketing Report. Here are the key takeaways from the report:
- Influencer marketing ad spend is poised to reach between $5 billion and $10 billion in 2022. Taking the midpoint of $7.5 billion as a base case, this represents a five-year compound annual growth rate (CAGR) of 38%.
- Brands need to fine-balance providing influencers with enough creative freedom, while also ensuring the messaging positively reflects the brand. Nearly 40% of influencers believe that overly restrictive content guidelines are one of the biggest mistakes brands and agencies make when working with them.
- Influencers tend to have higher user engagement than content generated by brands. The average influencer engagement rate across industry verticals is 5.7%. As a comparison, the average engagement rate for brands on Instagram has fluctuated between 2-3% in the past year.
- Authenticity is key for influencer marketing messaging. Brands should give influencers sufficient creative freedom to keep posts authentic, as it makes posts less likely to be dismissed by users.
Want to Learn More?
The Influencer Marketing Report from Business Insider Intelligence notes the most engaging industry verticals, the pitfalls to avoid, and the opportunities to cash-in on. In full, the report explores how major social platforms are increasingly building out tools that enable their most popular users to build their personal brands.
Influencer marketing is continuing to rise as brands are looking for innovative and creative ways to reach their target customers that feel more authentic than basic display ads and often disruptive video ads.
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