Fashion & Beauty Monitor recently released The Rise of Influencers Report in conjunction with Econsultancy. The Report details the state of influencer marketing within the fashion and luxury industries. In addition to industry trends, the report also uncovers the most pressing challenges that face brands that are currently running, or preparing to run, influencer market campaign. Although fashion and luxury brands are the focal point of the report, these roadblocks are universal. Almost every brand regardless of vertical or demographic is struggling to nail down an efficient and systemic approach to influencer marketing that will allow them to cultivate new influencer relationships and, subsequently, tap into new audiences while maintaining a reasonable budget. Some of the top challenges include:
Manual Research: According to the report, 84% of marketers experimenting with influencer marketing conduct manual research to pinpoint the right influencers for their campaigns. Additionally, 59% of marketers admit that the process of manual searching is difficult and time consuming.They tirelessly search Twitter, Facebook, Instagram and personal blogs to find influencers who meet their campaign criteria. While manual searching can elicit good discoveries, it is often at the cost of time and resources. To thoroughly sift through each platform and assess and/or calculate the engagement rates and potential value of each influencer takes a considerable amount of time — which, as many marketers can attest, is a luxury they do not have.
Budget Restraints: As the awareness of influencer marketing’s impact soars, so do the publishing rates of many influencers. A brand might find an influencer who is the perfect fit in terms of content, audience and channel authority, but if their media kit is out of the campaign budget’s range, the brand loses out on the opportunity to establish a powerful partnership. As influencer marketing is still a relatively new addition to the marketing landscape, it rarely receives adequate financing. The Rise of Influencers Report found that 39% of marketers feel restrained by budgets. While brands can and should siphon off more of their finances toward impactful influencer marketing, influencers, themselves, must also pay attention to the budget chatter, as current influencer rates are widely perceived to be inflated. 63% of marketers find influencers to be too expensive. The budget barriers that exist on both sides of the campaign hinder the chances for both brand and influencers to work together to create compelling content.
Influencer Communication: The stocks of influencers are rising, which means that the offers from brands are pouring in. It can be difficult for brands to distinguish their campaigns and stand out in influencers’ increasingly overflowing inboxes. 59% of marketers are struggling to connect with their target influencers. A streamlined communications process, from initial outreach to creative collaboration, is sorely lacking in their approaches to influencer marketing.
So, how can marketers overcome these clear barriers to influencer marketing success? Streamlined platforms, like Socialix, automate every aspect of the influencer campaign process. Through advanced search technology, marketers can instantly access valuable demographics data and engagement rates for thousands of influencers, thus allowing them more time to focus on the strategy of the campaigns. With enhanced influencer stats and media kits readily available, brands have the opportunity to consider influencers’ asking rates, ad how well they align with the campaign budget, before outreach even begins. Additionally, the Socialix platform facilitates conversations between brand and influencer in one centralized location; brand marketers no longer have to hunt down email addresses or send DM’s because the platform is designed to efficiently clear communication and ongoing collaboration.
It’s clear that challenges remain on the path to influencer success, but Socialix’s enhanced platform seamlessly navigates those barriers, allowing marketers to invest more time, energy and money into developing the creative and strategic facets of their long-term influencer marketing plans.