London Daily News

Why you’re missing out on your best influencers

Influencers have quickly become a brand’s go-to way to connect to consumers through a friendly face. With the global number of Influencer Marketing related service offerings growing by 26% in 2021 alone, the industry is set to grow to approximately $16.4 Billion in 2022.

Influencer marketing developed from celebrity endorsement, but as ‘Social media’ became the dominant medium of entertainment and socialising, it allowed everyone to become an online celebrity and build a community.

However, as brands put aside larger and larger budgets for Influencer marketing, the industry is experiencing some major supply-side issues, and marketers are seeing diminishing returns.

Influencers are failing

Influencers are losing the attention and trust of their audience, regardless of their size. Most influencers are failing to engage in a significant way with their audiences, with the average Influencer engagement rate now at just 2.4%.

This is due to various factors, but market research suggests that overall trust is diminishing due to historically dubious public promotions. These are famously performed by influencers, such as FYRE fest, Diuretic teas for weight loss, and bodily issues caused by excessive photoshop use. As a result, nearly two-thirds of adult consumers don’t trust what influencers promote.

Authenticity issues

Another major factor in the diminishing performance of influencers is the consistent fraud brands have experienced. More than 50% of Instagram influencers were found to have enacted performance fraud in the UK, including buying followers, likes, and comments.

To further demonstrate how common this is, according to studies by Ogilvy, one in four influencers in the UK have engaged in fraud for paid campaigns, making it incredibly difficult to identify if an influencer is an appropriate choice.

Solution

So with all these issues with influencers, is there anywhere else to turn? Well, it’s widely acknowledged that word of mouth is, and has always been, the best form of marketing. In the words of legendary marketeer Jeff Godin:

‘The secret to marketing success is no secret at all, word of mouth is all that matters…’

We all have social media, the metrics are measurable, and hey, I’m inclined to post about a brand I like! So how do we incentivise, stimulate, and track digital word of mouth? Well, why not just use regular consumers as influencers instead?

Using consumers as influencers has been dubbed Friendvertising, so why should you focus on using Friendvertisers as part of your wider marketing strategy?

More Authentic

Freindvertisers achieve, on average, 10x the engagement of influencers. This is because consumers reach an audience of friends and family instead of fans and fake followers, the people that care about what we have to say the most. Studies have shown that not only is it the most trusted source of influence, but people are also 5x more likely to purchase something if recommended to them by a friend.

Circular economy and Stronger relationships with consumers

With Friendvertising, everyone becomes the merchant of their influence and data. This is a massive step towards consumer empowerment and adds trust between the two parties. Consumers are distrustful of brands’ marketing practices, oftentimes suspecting that their mobiles overhear their conversations.

Friendvertising gives brands a way to connect with consumers directly and use a trusted and authentic digital word of mouth that’s both targeted and scalable, so rather than relying on influencers or data giants like Facebook and Google, they can skip straight to the source. This means that marketers can make conscious changes to their habits and satisfy the shift towards transparency between brands and consumers. This also offers an opportunity to build a circular economy.

Ultimately, Friendvertising presents an opportunity for regular people to earn a new stream of supplementary income and work with the brands they love whilst providing a better influence for brands.

Targeted alternative

As tech giants begin to phase out third-party tracking and we move towards a cookieless world, Freindvertising offers a targeted alternative. Influencers have large followings, and as such, they may be spread geographically with followers worldwide.

In contrast, Friendvertisers have small, local audiences, often with upwards of 80% of their following in a single city. By using them, brands can communicate directly to specific geographies and demographics.

Influencers still have a function, and as their audience expects a hard sell for them, they can serve as the good middle of the funnel channels. However, word of mouth will never be beaten for brand and product recommendations.

Word of mouth is the oldest and most effective form of marketing. New solutions allow you to incentivise, create, and manage Friendvertiser campaigns, and brands can massively rejuvenate Influencer campaigns.

Find out how we can activate Friendvertisers and Influencers to boost your brand awareness and supercharge your campaigns. Talk to the WYSPR sales team today here.

 

Feature image by Mateus Campos Felipe on unsplash

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