12
Apr

Budgets for Influencer Marketing Will Rise in 2021 

The Interactive Advertising Association(IAB) revealed the findings of the Influencer Marketing Study carried out regarding influencer marketing services to understand the market in general. Participants in the study included 58 advertising agencies, 16 influencer marketing agencies, and 69 advertisers. 

92% of the survey advertisers expected that in 2021, the companies they partner with would boost their investment for influencer marketing services. 

Furthermore, advertisers said that in 2020, 84% of the companies they partner with have planned an influencer marketing strategy. Advertisers responding to the survey reported that the vast majority of the brands they serve devoted %5-10 of their budget to influencer marketing service. 

Budgets for Influencer Marketing will rise 

According to the survey findings, the agencies have implemented an influencer marketing program for 91 percent of their clients. 86 percent of them confirmed that the budget to be dedicated to the influencer marketing strategies of the companies they represent would rise in the survey, which included the agencies’ projections for 2021. 64%, on the other hand, expect that the budget allotted by their brands for influencer marketing services will rise by 10% to 30%. 

FMCG is taking the first spot 

Given the responses of the influencer marketing agencies involved in the study, fast-consumption products, e-commerce, and textiles are the leading sectors in which these agencies are the most preferred influencer marketing services. In 2020, 62% of these organizations signed more than 50 campaigns, constituting another striking detail that originated from the survey findings. Again, 92 percent of the influencer marketing agencies that replied to the survey expect that the brands they represent will boost their influencer marketing budgets next year. 

So, what you need to consider for influencer marketing in 2021?

Choose the best influencers for the target demographic

Once you have determined your target demographic, the influencers will move through the filter. At this point, it is especially important to make natural decisions for those that relate to your target audience. Overall, the figures of social media will be the face of your brand in this campaign. 

In this process, it would be helpful to analyze the interactions between the followers of the influencers you have worked on. It would not be really safe if the number of followers is the only parameter. You can get an 80 percent return on followers with fewer followers or only a 10 percent return with millions of followers. 

Communicate through Events

In fact, I mean, after selecting these proper influencers, it does not do much to say, “Here is our stuff, review it and make positive posts on your social media profile Instead, you can plan meetings, promotions, news conferences where you can analyze their influence and relate to the company. Since they usually share their daily life with their followers, they will share those events as well. 

Don’t Apply Strict Rules

Indeed one of the greatest errors made in such influencer marketing services is to draw tight frameworks without making space for the other individual. There are many kinds of users on social media, and you certainly don’t know the audience better than the influencer. Offering rigid conditions to someone who knows what their followers are responding to what you want and experience would end the campaign in disappointment. Instead, you can give the other person freedom and allow them to get the best interaction from the community.