The Pros and Cons of Influencer Marketing
Influencer marketing is a strategy which involves seeking a prominent person or celebrity (influencer) to endorse your product or brand. The leverage that these individuals give in terms of audience and reach are then used to create credibility for the brand and increase sales.
Sounds simple, right?
The appeal of getting influencers for brands is exactly what made it so popular. However, with the incessant bombardment of information and ads on the internet, consumers are now actively filtering or shutting out noise. Brands must now find innovative ways to reach their audience in a way that don’t send them running.
Here are 5 pros and cons of getting an influencer for your brand:
1) Access to a large audience
When a prominent figure is spreading news about your brand, you have access to thousands upon thousands of their followers. You gain a network of possibilities (and sales) through a single person. This is one of the biggest advantages that influencers can give, and it depends on the brand on how they are going to act on it.
2) Possible increase in brand awareness and recall
Consumers become aware of your brand and eventually start to recognize it through the influencer. Influencers are good for building an image that the brand wants to be associated with. This is also important for brands trying to go into a competitive market filled with well-known brands.
3) The right person with the right message can do wonders
A positive review from a trusted personality can boost your product to the top trending list overnight. Usually, influencers who are directly involved or connected to the product they are endorsing are seen as more believable when recommending a brand.
4) Reach audiences on different platforms
Fans will follow their favorite celebrities wherever they go. Getting an influencer doesn’t just mean hitting targets through ads on specific media. The power of word of mouth transcends any type of content marketing may it be on traditional or social media.
5) Get twice the returns
According to Marketer Gizmo, influencer marketing creates twice as many sales as paid advertisements. When marketing is done well, those customers can also have a 37% higher retention rate. Brand loyalty is not always easy to come by, but with the help of influencers, it’s probable.
1) Competition of companies
Chances are you are not going to be the only brand that the influencer has under their wing. Other companies also have their eyes set on them due to their following. While you can include a noncompete agreement with them, you can’t be assured that your brand will stand out among the many names they are already associated with.
2) Not experts of your brand
Influencers are not required to know everything about your brand. Their motivation often lies in economic benefit which may lack personal touch or sentiment that some consumers look for. When choosing an influencer, it’s better to make sure that they actually like your brand so their endorsement can come off as natural rather than sponsored.
3) Brand image liability
Your influencer is the face of your brand. They emulate your values and whatever they do with their personal life might implicate your brand as well. History has shown that scandals or controversial issues can be causes for a brand to end contract.
4) Are your targets being hit?
Even if your chosen influencer is the most popular celebrity in your country, how can you make sure that your message is reaching the right audience? Once the influencer is done doing their job, they aren’t always concerned whether your campaign objectives are accomplished.
5) Difficulty of progress tracking
Influencer marketing requires a different kind of tracking compared to traditional or social media marketing. You will not always have control over a celebrity’s personal social media account like you do over paid ads. If you decide to give a product for them to endorse, it’s best not to intervene too much with how they communicate with their audience as it will seem more artificial. Therefore unless you have access to advanced tracking technology, you will only have vague impression of how the post was received.
In the end, it’s important to weigh the potential outcomes and drawbacks of influencer marketing carefully. You need to determine if this is the right strategy for your brand to execute so you can reach the most out of your objectives.
So, is influencer marketing for you?
IMG Credits: socialmediaadgenius.com, businessfirstfamily.com, freepik.com, dgiwire.com