The Future of Influencer Marketing Post Fyre Festival
Influencers have become integral to a well rounded social media strategy, but what is an influencer?
An influencer is someone who has the ability to affect purchasing behavior because of their authority or relationship with their audience (Influencer Marketing Hub).
Simply, influencers are the people on your Instagram feed trying to sell you something. By now, we all know how Fyre Festival went down, but we’ve only just begun to analyze how a music festival with no prior history was able to sell out within 24 hours due in large part to big name influencers. Fyre Festival, and Fuck Jerry, knew that younger generations are weary of traditional ads and more likely to trust their “peers”. Some influencers seem like normal people, which is their exact appeal. Influencer marketing creates a peer-to-peer illusion that, when done correctly, puts you directly in front of your target audience.
74% of people turn to social networks for guidance on purchasing decisions. With the correct influencer marketing strategy your product or service can be seen by a larger, trusting audience. Companies that use influencer marketing effectively have seen 11x higher ROI than with traditional marketing strategies.
There's no question that influencer marketing works, but is it legal? In April 2017, the FTC issued warnings to 90+ influencers that weren’t properly disclosing when they were being paid for endorsements. Turns out placing #ad at the end of a post doesn’t cut it. With FTC unrest and drama around recent celebrity endorsements, influencer marketing looked like it was going to go through strict changes, but over a year after Fyre Festival influencer marketing is bigger than ever.
Influencers can be broken up into four categories:
Industry experts/Thought leaders
These influencer groups range in follower count, and cost to work with. What really matters when selecting an influencer to work with is their target audience. You want to make sure that you’re working with influencers that have the same target audience(s) as your brand. Otherwise, you’ll be paying someone to promote a product to people that won’t be interested in it. Before working together, always ask who their target audience is or do a target audience audit yourself.
Once you’ve determined that the influencer has a target audience that aligns with your brand, make them sign a contract. This ensures that the influencer doesn’t take your free product/service and bail.
An influencer contract should include:
Deadlines - Influencer’s should be given clear deadlines for their posts and any other promotional content you’ve discussed.
FTC disclosure guidelines - Remain FTC compliant by making sure your influencers do.
Deliverable outline - Be specific about length, medium, and social channel(s) that you want this content promoted on.
Compensation - Like any service agreement, influencer contracts should describe when and how much the influencer will be compensated.
Outlining clear expectations is the first step towards a mutually beneficial influencer relationship. Not sure how to put together an influencer contract? We can help with that.