Allie MacPherson
By Allie MacPherson on June 25, 2024

What’s trending in influencer marketing

I read an Inc.com article headlined: “Influencer Marketing Is Out. Creator Marketing Is In.” This idea — built off of a need for deep trust between brands and creators — was one of the overarching themes surfaced during a discussion I moderated back in December 2023: “Unlocking the Potential: Influencer Marketing Today and Tomorrow.” Our expert panelists Richard Brewer-Hay, Leslie Douglas , Pierre-Loïc Assayag , Ayanna Anderson, MPS, MS and influencer Cy Nyugen all offered authentic and personal perspectives on what’s needed for successful brand-creator partnerships.

And while panelists provided their own flavor of what success looks like (staying open to feedback… leading with transparency… and more), it all boiled down to a single concept: relationships. But, for many, that’s not been the partnership model lately.

Transactional engagements are out

The influencer marketing industry is expected to reach $24 billion worldwide in 2024, up from $21.3 billion in 2023. As brand investments in influencer programs increase, engagements are often more transactional than, according to our panel, they probably should be.

Too often, brands create a brief, assign to an influencer and wait for results from the #ad, #sponsored content or deliverable. The interaction operates more as a means to an end rather than a chance to develop a potentially longer-term, valuable partnership.

Instead, brands should focus on establishing trust and building relationships with influencers to build ongoing authenticity and trust. It’s also important for marketers to recognize that these relationships are two-way streets. As one of the panelists pointed out, just like PR and marketing are a small community, so are influencers. They share information about the experiences they have with brand partners — both positive and negative.

Brands have a lot of options when it comes to choosing a long-term partner. In addition to influencers with huge amounts of followers, many are finding success with micro (1K - 10K followers) and nano (>1K followers)  influencers who have highly engaged audiences and offer more authentic connections. 

Collaborative marketing is in.

A trusted relationship is foundational to collaboration, which is, in turn, the basis for true partnerships. Brands should empower influencers to be active drivers of ideation and the creative process. This is the path to success.

To deliver authentic messages (rather than content that comes across as an ad), brands should realize that creators know their audiences; they understand who and what they care about. That audience trust is the key to influence, especially for millennials, Gen Z’ers and niche communities (think gaming) who are particularly influenced by social media and often look to influencers for advice or purchasing decisions. 

Benchmarking pay is a must.

Research shows clear racial and gender pay gaps in the influencer space. Recent studies indicate a 29% pay gap between white and BIPOC influencers, even with a growing emphasis on using influencers from diverse backgrounds to broaden reach and audience. Our panel discussed ways to approach and improve fairness. For one, creating benchmarks can help ensure equity.

At Highwire, we consider metrics like average engagement rate and audience reach to calculate what a cost per engagement and view should be. We assess based on the potential of content performance and manage influencer payments accordingly.

A shared goal

Everyone who attended our roundtable did so because they believe influencers can benefit brands. Traackr’s 2024 Impact Report found 61% of respondents feel that influencers’ posts have some sway on their purchase decisions, with 53% stating that they look to influencers for product recommendations.

And while there’s no one size fits all for influencer marketing, it’s important that your program starts with a clear understanding of who you want to reach and what action you want them to take.

If you’re not sure where to start or have questions, I’d love to talk with you about the essential ingredients for a successful influencer program. Please reach out!

Published by Allie MacPherson June 25, 2024
Allie MacPherson