Influencer marketing seems to be everybody’s favorite buzz word where advertising is concerned. To some, influencer marketing is the future, and more than worth the investment. Given recent influencer marketing trends, they hold that the industry is growing, changing, and evolving at a rapid pace, and that its primacy in the marketing context is inevitable. Others are still skeptical of its potential, and hesitant to invest in a strategy with no textbook way to measure performance or ROI.
Evidently there is a lot of ambiguity surrounding this new and flashy form of marketing. In order to better understand how brands, agencies, and other groups of interest perceive influencer marketing, HYPR sent out an influencer marketing survey and received over 100 responses. Of the respondents, 70% were from representatives of brands, including umbrella brands, independent brands, online apps, and e-commerce. The other 30% came from advertising agencies. Some parts of the report look at all responses, and other parts distinguish between brands and advertising agencies in order to better understand the behavior of marketers and deduce industry trends.
The survey asked respondents questions including what they thought were the greatest challenges in the industry, factors that affect their influencer marketing campaigns and what features they would hope for in an influencer management software. This report outlines and analyzes the responses.
Some of the responses confirmed what the team at HYPR had suspected. For example: “Identifying and discovering influencers that fit my brand” ranked as the top influencer marketing challenge. This seemed fairly in line with data from other research. It is also the rationale between HYPR’s platform as part of out mission is to help marketers find influencers that would suit their brand. Additionally, our survey found that over 60% of marketers consider fraud to be a major concern when activating influencers.
However, other results surprised us. For one, in isolating the responses from brands and agencies, we found that the influencer marketing challenges they each faced were quite different. We also looked at the standard deviation of the responses, and were surprised by the high variability in some answers that we would have assumed a uniform response. The survey also brought to light a lot of the major limitations that marketers face when running an influencer marketing campaign, as well as what they consider most important in choosing influencers to activate.
Respondents were also given a series of statements and asked the extent to which they agreed or disagreed. Interestingly, responses to the statement “The identity of the influencer isn’t as important as the results they produce” were very evenly split. This suggests that there may be a fairly even divide in the number of companies that use influencer marketing for sales purposes vs. those that use it purely for branding purposes.
There was a significant amount of ambivalence towards the statement “Most of the influencers that I work with are on long-term agreements”, possibly because brands and agencies do not currently have the tools to manage more long-term campaigns. However, research published on Forbes stated that ambassadorships are not only becoming increasingly popular, but also necessary to the success of any influencer marketing campaign.
Get the full report of insights here!