4 Reasons Why Influencer Marketing Is Losing Momentum
Marketers are spending more time and effort on influencer marketing campaigns than ever before, but are influencers losing their charm?
Social media is one of the most effective tools businesses can use to carry their brand and marketing strategy. Some brands go viral and increase sales overnight while others get lost and forgotten in the ocean of digital media.
Influencer marketing has grown in popularity with the rise of social media. It’s based on the idea that brands can connect with their audience through individuals with a strong social media presence which can improve their rankings on searche engines.
The key to influencer marketing is to get people engaged with your posts, which is something influencer marketing agencies such as iDigic can help you with. Influencer marketing is the bridge between influencers, brands, and people.
Becoming an influencer opens up opportunities for people, provided they know how to make the most of it. When you become an influencer, you become a face and voice of a particular brand, so it’s important to understand the brand, its values, and the message the brand is trying to convey.
How Successful Is Influencer Marketing?
Influencer marketing is still one of the most used online marketing trends.
The number of brand-sponsored influencer posts on Instagram has risen from 9.7 million in 2016 to 32.3 million in 2019.
One reason so many businesses rely on influencer marketing is that it has proven effective in the past.
Daniel Wellington, a Swedish watch startup, is one company that uses a global network of influencers to market their watches.
For example, the Instagram influencer @mialeo_and_me partnered with Daniel Wellington and showcased its watches to her followers.
The post included an eye-catching and well-composed image with a caption that not only talked about the watch in photo but also how her followers could get one with a discount. Influencer marketing campaigns can include content such as images, videos, and short-lived content.
Because of its use of social influencers, Daniel Wellington now has a verified Instagram account with 4.6 million followers.
As influencer marketing continues to gain popularity, businesses need to consider the factors that go into making a campaign successful, and a large number of followers isn't enough to ensure this.
Over the past year, audiences online have become smarter, savvier, and more conscious of the content being promoted to them.
This means that businesses risk appearing mundane and unoriginal if they rely solely on influencers. To stand out among competitors, businesses need to shift their marketing strategies to focus more on content creation.
1. Influencer Marketing Is Everywhere
Today, the term "influencer" has lost its exclusivity. With everyone claiming to be an influencer, the term has lost value and diluted the market.
When something is too easily available, the market doesn't yearn to own it. Similarly, the influencer population is slowly approaching a point of saturation, after which the demand for them will reduce, and a threshold will hold the market back from further growth.
2. There Is a Lack of Innovation
Innovation is hard to achieve when the competition is high. When there’s less opposition, it’s easier to innovate and allow ideas to thrive, but in a crowded market space, the moment you've thought of an idea, someone else has already executed it.
Additionally, audiences are easily bored of seeing similar, boring content, and content styles being pushed onto them.
Repetition of ideas can either create brand recall or cause a gap in the communication chain between audiences and brands.
3. There’s a Lack of Authenticity
The more brands influencers work with, the more money they will earn. This incentivizes influencers to work with multiple brands instead of committing to just one.
Additionally, some influencers might support products and services that might not be as good as they're touting them be and more than half of consumers (57%) think that most brands create content that is unauthentic.
Audiences have begun to understand that not all influencers are genuine about their product or experience sharing and consumers do not respond well to inauthentic content.
As a result, the brand may become less favorable to consumers and people may begin to distrust the influencer.
4. Influencer Marketing Focuses Too Much on Quantity Instead of Quality
Quality content is crucial for any form of marketing because that's what truly sells a brand to audiences. While an influencer could post 5 times a day and create exclusive content to get likes on Instagram for a particular brand, the real question is "What is the quality of these posts?"
Content that is more about quantity and less about quality is likely to lose its charm over time.
This is probably why most brands need to take a stand on content strategy, screen and test content before letting it go public with their brand name involved with you.
Businesses Can Achieve More Sustainable Results by Focusing on Content Creation
Influencer marketing remains a powerful vehicle for businesses looking to grow, but the real concern is whether influencer marketing is sustainable in its current state.
The growth of influencer marketing is bound to face larger hurdles in the future, with consumers becoming more wary of pseudo-celebrities selling them products they may or may not actually believe in.
As a result, businesses should consider incorporating more content creation in their influencer marketing campaigns to avoid redundancy and continue standing out among competitors employing similar tactics.