Everything has changed, yet little really has.
Today, this simply worded statement summarizes all that is right and also wrong with today’s hyper-connected, ‘in-your-smartphone’, ‘part-of-your-social-media-footprint’ world of marketing.
One area that has seen exponential growth and interest is in the area of ‘influencer marketing’. One school of thought is that this is similar to celebrity endorsements while others argue that these are two totally different ideas – but influencers are “celebrities” in their own environment (big fish little pond scenario) and therefore brands engage with them. Their relevance is what is critical here because even if the influencer has say 10,000 followers, those 10,000 may be the most relevant target group for the brand rather than the 10m followers a typical celebrity has. It is linked to the life stage and the investment appetite of the brand.
The more fundamental question though hasn’t changed – is influencer marketing right for your brand and how should you approach identifying the one or many?
And this is where we find the greatest dissonance when approached by companies/agencies to recommend an influencer for their brands/clients.
Because, the more things change, the more they stay the same.
Here’s why.
The approach to any form of marketing or brand-building activity cannot and should not change. The question is – does the message inspire trust when talking of a product that demonstrates value for the customer at a price point she/he is willing to pay? The key word here is ‘trust’, which today translates to authenticity, especially with respect to influencer marketing. Brands should consider the message with the medium via which they want to promote it and not the other way around. More often than not, influencers are identified based on certain metrics (number of followers, etc.) and not on relevance of category or subject. Figures seems to outweigh features and ‘likes’ take precedence over engagement and authenticity. And the brand ends up paying a lot for little or no brand engagement.
Our approach is simple. Focus on the five Ws – what, why, whom, who, where (how).
Has anything changed since marketing 101? No. But the power of panic has set in. Brands are rushing to sign on influencers because “marketing myopia” is prevalent. The big picture is now a 6-inch screen. The long-term strategy is now ‘bite sized’. Which may be appropriate for certain brands, but if you are in it to win it, then you need to look at a two or even a three-year horizon especially when influencers are involved. Because most influencers, if not all, are influenced themselves by the fees they command because of their ring of influence.
Flirting with a short-term strategy will not pay any dividends because a paid social media post today, is often forgotten tomorrow. Brands must engage with the medium with a long-term horizon and with a set of influencers that the brand believes will deliver the message with the right impact to the right audience at the right time. It’s as important to invest in the amplification as it is to invest in the influencer so that the latter too has some skin in the game. Make the influencer part of the long-term brand story (and strategy) so that when delivered (repeatedly), the message resonates with the intended audience in an authentic way.
Marketers should and must stick to the fundamentals. More often than not, even with respect to sponsorship, we ask fundamental questions about the brand before we even get into recommending any sponsorship strategy.
Keep the brand at the center of the conversation but keep your customer even closer.
Because the customer will always exercise the greatest influence on your brand.