What You Need To Know About Influencer Marketing Going Into 2020
Influencer marketing isn’t anything new, but like many aspects of digital marketing, it’s remarkably different going into 2020 compared to where it started. When influencer marketing first gained traction it was all about reach. Recently, measuring success has pivoted towards engagement rates within the right target audience.
Here are 4 areas of Influencer Marketing you need to know about going into 2020
- The Influencer Marketing Tier System
- Instagram: the King of Influencer Marketing
- Influencer Events
- Influencer Relationships
INFLUENCER MARKETING HAS A TIER SYSTEM
The days of effective influencer marketing coming exclusively from internet celebrities is over.
Due to their low cost, Nano and Micro-tier influencers are quickly becoming a staple in the industry with their insane ROI potential (sometimes the cost is simply a free product sent to the influencer). Making them a very appealing option for many brands.
For influencer marketing to work, it requires trust between the audience and influencer before the brand is presented. Nano and Micro-tier influencers can achieve a tighter “homely” bond with their audience due to its smaller size, resulting in some outstanding conversion rates.
Depending on your brand and marketing strategy any influencer tier is viable;
The following Influencer tier list is to be utilised within New Zealand
- Nano-tier Influencer <1K Followers
- Micro-tier Influencer 1-10K Followers
- Macro-tier Influencer 10K+ Followers
- Mega-tier Influencer 100k+ Followers
These tiers are specific to an individual platform. For example, a person may be a Mid-tier Influencer on Instagram but a Micro-tier Influencer on Twitter. Combining an influencer’s social metrics should be avoided due to platforms containing different demographics and user overlap.
The higher you go on the influencer tier list the higher the reach and price. One post from a Macro or Mega-tier influencer is starting to not look as appealing as 15 Micro-tier influencers in a coordinated campaign.
INSTAGRAM IS STILL THE KING PLATFORM
From a survey conducted in 2019 - 89% of marketers agree that Instagram is the most important platform when it comes to influencer marketing. Youtube is close behind at 70%, with all other platforms dropping considerably after that.
INSTAGRAM IS CHANGING IN 2020
In 2019 Instagram announced they would be hiding the amount of likes a post gets to create a less pressurised environment. New Zealand was one of a select few countries to be tested in the first rollout. We have been living without likes in NZ since July. With America joining the fold soon this change will continue to roll into 2020.
Likes were a great metric to see how an influencer’s audience engaged with their content from an external perspective. With Instagram taking away this feature, working with Nano and Micro-Tier influencers should be taken with more caution.
Fortunately, Instagram has released “Creator Accounts” which allows influencers to have access to insights providing a range of valuable data. The main variables include: reach, impressions, interactions and profile visits. Demographics such as: age, location, gender and time of day are also available to view. As a marketer, viewing these insights is crucial before working with an influencer going into 2020 and beyond.
YOU SHOULD BE TAKING ADVANTAGE OF INFLUENCER EVENTS
Influencer events were originally extravagant invite-only parties exclusively featuring macro and mega influencers. These days this technique has been applied to all tiers with great success. Typically how it works is a brand pays for all expenses whether the event is a week-long international vacation or a single night function. In exchange for an agreed upon amount of content to be made promoting the brand during the event.
Regardless of which influencer tier you use, this strategy requires a tonne of planning as messing up the event could wreak havoc for your brand. On the flip side pulling off a successful event is the pinnacle of influencer marketing, nothing else will generate that much buzz and brand exposure.
INFLUENCER DEALS ARE A LONG TERM RELATIONSHIP
Don't just view the influencer market as a purchase process, but rather a long term relationship between your brand and the influencer. By building a strong relationship with influencers you can improve upon previous campaigns, learning what caused your influencer’s audience to react.
As influencer marketing relies on trust between the audience and influencer, the longer a brand works with an individual publicly the more legitimate the relationship appears to the audience - creating a more successful campaign.
Interested in influencer marketing and what it can do for your business?