What's next for influencer marketing?
The fashion industry is predicted to see a growth rate of 9.8% by 2023. With the majority of Instagram's 800 million active users following at least one fashion influencer, it's fair to say influencers have contributed to the industry's success. Reshaping fashion’s global footprint by alerting fashion enthusiasts to niche designers, small brands, new styles and thus determining the hottest trends. But over the past few months it hasn’t all been so rosey for influencer marketing, in fact it’s been painted in quite a bad light. ASA fines, fake followers, the Fyre Festival and wasted budgets the list is endless.
In spite of all of this, we see brands and agencies continuing to scale their influencer marketing investments and operations. Which makes us wonder... what's next for influencer marketing?
To get the full story on how influencer campaigns are evolving, ZINE dug deep to hear both sides of the story. Surveying over 1000 influencers and 200 brands and agencies, to assess the current state of influencer marketing and to see where it's headed in 2019 and beyond.
The key findings in ZINE’s 2019 Influencer marketing report include:
- 25% of influencers would reject a collaboration if the guidelines are too strict
- 83% of brands will increase their budgets for influencers
- 73% of brands manually check influencers' audience health
- 29% of brands are unsure about how sponsored posts are priced?
- 75% of Influencers put more effort into posts for brand they actually like
- 33% use engagement as their biggest metric for success
ZINE concluded that, when it comes to measuring success most marketers are heavily focused on engagements (33%) and direct sales (22%). But with a recent increase in bot activity working on algorithms and distributing fake likes, like there's no tomorrow, is engagement a reasonable indicator of ROI?
Does engagement equate to views, or in fact sales?
As a whole, our understanding of influencer marketing is much better today than it was in the past, but it's not as transparent as it should be, especially when comparing it to other areas of digital marketing. Only 42% of brands are asking for proof of follower and engagement statistics, and a dismal 18% for any demographic information. And that's where influencer marketing loses it's essence, campaigns which are not well- targeted leading to wasted budgets and poor ROI's.
This report investigates what the industry needs to get the most out of influencer marketing, addressing issues around strategy, execution and measurement.