Many influencers have emerged to cash in on influencer marketing trends, and this could be a reason why it is fast losing the influence’ on customers, that brands had, to attract new audiences.
Influencer marketing, a popular subset of content marketing, is already a vital part of many brand’s marketing strategies. This is not something new that is leveraged by content marketing to rule the digital space with its unique and innovative offerings. Big brands, in partnerships with celebrities, have been practicing influencer marketing for years. As a result, vast numbers of influencers have emerged to cash in on their presence and are rapidly changing the marketing outlook.
“Influencer marketing” has been a buzz word in the marketplace, powered by various social media like LinkedIn, Instagram, etc. In this digital era, B2B marketers are spending billions on influencers every year, while the ROI remains elusive. With significant technological improvements in recent years, both B2B and B2C buyers are showing diverse responses.
Lately, marketers are seeing a decrease in the trend- it may be that people are no more excited by influencers. As per a recent survey by Collective Bias survey, only 3% of buyers are influenced by endorsements in their purchase decisions. Social media platforms like Instagram, Facebook, Twitter, etc. provide tantalizing promise for people of all categories globally. They have increasingly become a platform for advertising and sponsored posts. It is almost impossible to scroll through social media platforms without a sponsored post, and users are active and quick to call out brands when they find a lack of authenticity. The engagement rate for sponsored posts has come down to 2.4% in 2019, from 4% three years ago.
Now the question arises, influencer marketing for B2B enterprises – evolving or over?
Fake influencers with bought engagement and fake followers are abounding in the online space today. According to AdAge, many influencers (engaged by big brands) have followers that are almost 70% fake. Similarly, stereotypical influencer content with cliché and repetitive content is pulling users away. As per findings by Bazaarvoice, 47% of customers are fatigued by the repetitive nature of the content.
In this digital era, authenticity and engagement are the keys for brands to get to their target audience. Today, the passive audience trend is on the downswing. Customers now prefer to engage with brands, look for satisfactory engagement and authenticity to take the final call. Thus, marketers are increasingly working to raise standards higher by implementing influencer verification tools to validate authenticity, relevance, impact, and more.