Socialbakers has just released their latest global study. The report, ‘State of Influencer Marketing', reveals data that shows how brands have adjusted and adapted to the environment brought on by a worldwide pandemic.
Here are a few highlights from the report that marketers need to know before planning their next move:
Influencer marketing slows down
Socialbakers data shows that there was a dip in the amount of sponsored ads as well as the number of brands partnering with influencers. The reason behind this was the tighter budget in times of uncertainty. The efficiency of influencer marketing, that is, the ratio of the engagement on an influencer’s post compared to the brand’s post itself dropped by 41% as compared to April 2019.
Meanwhile, there was a boost in the healthcare industry, where influencers’ posts were 4.2 times more efficient than brands' posts. The sectors of finance and telecom also improved by 3.9 and 3.8 times respectively in efficiency.
Brands move to smaller influencers
As brands started to cut down on their marketing budgets, the data shows that they are increasingly investing in smaller influencers. These are influencers with a lesser number of followers. This not only fits their budget, but there was also a positive result as these influencers have authentic audiences and are closer to the real public.
It is also seen that around one-third of the influencers have less than 10,000 followers on Instagram, and 33% of the sponsored posts was done through these micro-influencers.
Effect of Covid-19 on Influencer Interest
There has been a drastic change in the kind of content created by the influencers. With physical isolation, Instagram influencers have increased their content on topics related to insurance, recipes, and healthcare. On the other hand, posts on parties, hotels, and music festivals declined.
Being in touch with the audience during the pandemic
There has been an increase in screen time during physical isolation, and the audience consumes a ton of content. At such times, it is necessary for the brand to stay in touch with their audience. This is to ensure that their brand name does not fade away. To do the same, some brands have come up with creative content to keep their audience engaged.
For instance, several luxury brands like Gucci have collaborated with influencers to take over their Instagram handle for a day and share their articles, skincare routine, or have live performances.
In this way, there is a personal connection with the audience. This increases relatability and trust with the brand.
Future of Influencer Marketing
Consumers are more likely to seek out brands they identify with, so partnerships with micro-influencers are expected to increase. With a decrease in social gatherings for quite a few months, brands will have to focus on marketing channels & strategies which are more effective.
To download the complete complimentary report, click here.