April 28th, 2017
The Influencer Economy has Arrived
Back in 2015, Adweek published an article titled 10 Reasons Why Influencer Marketing is the Next Big Thing. Since then, influencer marketing has advanced from being a trend to watch to a must-have component of brand advertising. In 2016, consumer marketing campaigns continued the rapid shift from native advertising to personality-driven organic content. This new focus on driving authentic engagement via social media prompted Sarah Ware, CEO of Markerly, to declare 2016 “the year of the influencer.”
But these predictive reports are just the beginning. The content marketing experts at Linqia conducted their own 2017 survey on the growth of influencer marketing. Nearly half of the marketers report intend to increase their influencer marketing budget in 2017. This commitment to social influencer engagement represents a total influencer marketing spend of $50,000 to $100,000 per program for the organizations surveyed.
What was predicted in 2015 has now arrived: the influencer economy is here.
Old Analytics Methods Don’t Measure Up
Despite the increasing dependence on influencer marketing to drive traffic, engagement, and sales, many marketers still struggle with tracking the performance of this burgeoning marketing medium. Marketing analytics services are still playing catch-up when it comes to social media, and this applies to influencer marketing in particular. Most analytics tools for social media rely heavily on metrics provided by the platforms. Marketers have to use this information to make decisions because this is the only information available to them.
According to a report, sixty-one percent of those surveyed indicated that they were still relying on audience reach to evaluate the success of their influencer marketing campaigns. Eighty-one percent of respondents reported relying on audience engagement data. Still others used website traffic generation statistics to evaluate the impact of influencer marketing campaigns.
Unfortunately, these vanity metrics don’t provide the type of information that marketers need to guide budget decisions and convince C-suite executives of the benefits of influencer marketing. Bots and “fake” user accounts that inflate engagement and traffic numbers can devalue the data. Additionally, this data doesn’t demonstrate that influencer marketing produces the qualified leads and conversions essential to success.
When asked about their biggest pain point for influencer marketing in 2017, seventy-eight percent of respondents identified demonstrating ROI as the greatest challenge.
The Future of Influencer Marketing Management
The good news for digital marketers is that solutions to social media marketing’s data gaps are on the horizon. Marketing agencies and analytics providers have begun to realize that social media marketing cannot be managed as a stand-alone process. With the development of new tools and technologies, marketers will be able to integrate social media metrics into their marketing analysis. Using these modern tools, CMOs can track the effectiveness of each influencer and determine the ROI for influencers and influencer campaigns.
One of the leading tools for tracking all aspects of a brand’s influencer marketing efforts is the breakthrough influencer marketing platform, Assembly. Assembly goes beyond just reporting analytics and provides a fully integrated platform for influencer management. Using Assembly’s proprietary system, marketers can view all the details of their influencer program in one location. Budgeting and payments to individual influencers are all processed through the platform as well.
Most importantly, Assembly has solved the ROI problem. Using a sophisticated tracking system that follows the consumer journey from start to finish, Assembly can provide performance statistics for each influencer. Assembly’s technology can identify those influencers who don’t just engage but draw qualified leads and generate sales.
Assembly’s detailed analytics allow marketers to examine the real dollar-per-dollar effectiveness of their social media partners.
Take the Lead with Cutting Edge Influencer Marketing Analytics
The marketing landscape is changing rapidly. Even giants in brand marketing are realizing that traditional marketing methods are giving way to newer, more interactive ways of reaching consumers. You can take the lead in your industry with a powerful digital marketing strategy that includes consumer-focused, authentic content. Assembly’s data-driven marketing intelligence and management can help.
Are you ready to take our platform for a test drive? Sign up now to be one of the first to experience the future of influencer marketing management.