May 6, 2021
Influencer marketing is a partnership between a brand and an influencer.
In general, a more complete question would be: what is social media influencer marketing?
Influencer marketing in the sense we understand now is the result of the development of social networks. It does not mean that influencer-based marketing did not exist before YouTube, Instagram, or TikTok. Of course, it did. Opinion leaders, community leaders, and many others were there while no social networks existed. Another thing is that advertising with opinion leaders used to be based on a more complex scheme as “brand - public persona - traditional media”.
With the launch of social networks, an understanding of several important processes has come: there are a lot of influencers, people trust them more than old media, and to cooperate with them, no one else is needed.
In 2020 the general average for all demographics was an average of 2 hours and 22 minutes each day spent on social media platforms and messaging apps with each successive generation spending more and more time than the previous (e.g. Gen Z spends more time on social media than Millenials — 2 hours and 41 minutes).
Here is the statistics prepared based on a survey of marketers from the agency Mediakix, in 2020. It can help to understand the effectiveness of influencer marketing:
Let’s focus on YouTube influencer marketing data. Here is some interesting info from Jumpshot’s analytic report of the 2019 year.
The statistics from 2020 show that:
As we’ve mentioned above – influencer marketing is a collaboration of a brand that provides a product and an influencer, which, in turn, shares an army of his or her followers with the brand. Influencers inspire and make an impact on the people who follow them on social networks. He or she can use different social media platforms: YouTube, Facebook, Snapchat, Instagram, Pinterest, but the effect will always be the same – impact on the audience. Thus, influencer marketing is a mix of traditional marketing and influence through social networks, which is why this type of product promotion is also called digital influencer marketing. “How does it work?” you might wonder. Well, it looks like a long-term reputation building. The only difference is that in this kind of marketing a brand builds its reputation with the help of another brand. Yes, exactly, influencers can also be considered as brands but within social networks. That is why the values of both parties need to be as similar as possible, and ideally to coincide.
Choosing an influencer is not an easy task, but “hitting the target" will give the brand the target audience loyalty and attention. It is important to remember that influencer marketing is a promotion without pressure, and the format of the recommendation from a trusted person gives a client a choice. Advertising, in this case, is a space for experiments and discoveries. Once again, it’s extremely important to understand that an influencer promotes his or her product (channel), builds a dialogue with the audience (as well as you do), and his or her values should be as similar to your company’s as possible. If there is a mutual understanding at the level of ideas, then it will be possible to agree on the level of business.
In general, this is the most difficult question in influencer marketing. There are no clear bets or rates. If you are involved in socially important projects, and if you are lucky enough to find a vlogger who will want to change the world, you can likely build long-term cooperation for free. But when it comes to a commercial product, you need to be prepared for individual negotiations.
Let’s take Ingrid Nilsen as an example. She has 3.62 M followers on YouTube. The vlogger started with videos about recipes and fashion, but over time she began to pay more attention to socially important issues, like problems women and the LGBT community face. Her efforts were noticed, and she made several major deals: in 2017 she became the face of two leading foundations for bare Minerals, in one of the biggest deals between an influencer and beauty brand to date - clocking in at over $ 500,000 for the year-long partnership.
The answer is simple: yes, it will! Take a look at the Jumpshot research data we have already referred to above:
“Around 65% of influencer marketing budgets are set to increase by the end of 2019 alone.
Over the next three years, influencer marketing ad spend is expected to reach $ 7.5B per year”.
Jumpshot's study shows that market specialists are expecting a steady increase in investment in influencer marketing. Moreover, medium-term market growth forecasts show that in the next 2 years influencer marketing market can grow to $ 15B.
First of all, as you might suspect, it’s increasingly more and more difficult for traditional advertising to attract the attention of the audience. Secondly, classic advertising does not fit modern trends anymore. With the development of social networks and mobile Internet, live streaming videos are becoming increasingly popular. This means native integrations on YouTube can be not only longer than traditional advertising inserts but also take place live. This is a fundamentally different level of communication, right? And perhaps the most important thing -- almost any video from an influencer is storytelling, it’s an art, which means to “sell” an important narrative to the audience.
Your main task is to make this story about your product. And we will help you to find social influencers to tell it.
We're working on making influencer marketing easier for you!