When regulators and the taxman show an interest in influencers, you can be sure that they’ve come of age. They wield real influence and earn real money. Influencers have become an accepted part of most digital marketing campaigns.
The Economist takes note
The respected Economist talks about them as a ‘business.’ This is an indication of how the age of frivolous self-made content has moved up a notch. In their 2 April edition, they discuss how Chinese tax authorities are making sure they get their slice of the influencer income pie. From the US$210-million fine they slapped on ‘The Streaming Queen,’ you can only guess the size of her pay packet.
The Economist speculates that brands could spend US$ 16 billion on social media influencers this year.
If you were one of those who found it hard to believe that ‘being famous’ was enough to sustain a celeb’s fame, it is time to recalibrate. Because it is. In fact, with social media influencers, the endorsements, sponsorships and branding opportunities propel the fame even more. It’s the opposite of Colgate Palmolive piggy-backing on Elizabeth Taylor’s celebrity status to endorse their shampoo.
The rules have changed
Social media influencers are a complete package. They offer opinion, production house and media all in one. The rules have changed and, judging by the upward trend, everyone’s happy with it.
Legacy media have been left behind
Legacy media that value their editorial impartiality have been left behind in an environment where consumers want to know opinions; see demonstrations and endorsements of how things work.
Working with influencers isn’t like buying an ad. There’s far more opportunity for what you create together to be precisely on-target. But there’s also a chance that you won’t get what you think you paying for.
Higher risk, higher reward
It’s worth being explicit and upfront about your expectations. And play by the rules. Passing off content as an ‘incidental’ visit to your factory, or a ‘chance’ encounter with your product, is not recommended. Too much of that and the influencer will lose credibility, and so will you.
Social media platforms have suggested best practices for influencer content – even if it’s just adding a #ad or #sponsored or mentioning that the product or experience was sponsored.
The Advertising Regulatory Board Code
In SA, the Advertising Regulatory Board’s Code was updated in 2021 and includes an appendix on social media.
As a marketer, it’s your challenge to leverage influencer relationships for your maximum benefit. And this includes opportunities for B2B brands. There’s no need to fake it. Authenticity is a key to successful influencer partnerships.
Where do you start?
A good place to start is to look to your clients and brand users. Can you spot any valuable brand advocates? Can they create content showing how you helped them solve their business problem? It’s real-life and, if it’s done well, plays into the blurring line between entertainment and endorsement.
A few key influencers will be especially useful if you want to break into and grow a specific segment.
Influencers have been given a bad wrap but don’t dismiss their value because of a few rotten apples. We can help you find and work with the good ones.
