Corporate influencer marketing is hot, but companies don’t always feel the burn

Companies are finding that influencer marketing is one of the hot, new trends today. However, only some are successful with it. It is one of the most confusing and misunderstood segments, both for companies and for the influencers themselves.

There are many different types of influencers and many different kinds of corporate influencer marketing programs. Plus, to make matters more confusing, as the segment matures, it changes, like with every other industry.

In this piece we will discuss the different types of influencers to work with. The most successful kind of program for companies to develop. Whether to blend influencer marketing with your industry analyst program or create a separate one, and much more.

Choose your influencers wisely. It matters.

Some influencers have their list of followers but are not industry experts. Companies do business with them the same way they buy advertising on radio or television. To reach their more general audience.

Other influencers are industry experts. They have a strong industry reputation and a list of followers who are dedicated to their segment. These are more specialized and targeted. Followers include your potential customers, your customers, the media, investors and more. When you work with one of these, you know more about who you are reaching.

These two groups offer completely different results. So, to start with you need to know the kind of influencer, relationship and result you want.

In the industry analyst space, there are a very small percentage who are the most successful. At the top of their game. This is the same as in the world of influencers and influencer relations.

Starting as an industry analyst more than 35 years ago, and living through this new time of the influencer, I have learned quite a bit about the similarities and differences between the two.

Influencers and analysts must be at the top of both segments

There is also a separate, but related earnings curve. There are many top analysts and influencers in different sectors, but they do not all have high earnings. Only some do.

You want to be doing business with very successful influencers or analysts. This is a challenge that must be solved. Putting high-profile and earnings together is key for companies who want good results.

Among the long list of industry analysts and influencers, there are always a few who are at the top of the game with regards to name recognition, influence and earnings. This is where the real value lies. The best known and high-profile are often the best analysts and influencers who are often worth their weight in gold to companies.

You must understand how the entire influencer marketing segment continues to change as time goes by. Whether you are a company or whether you are an influencer, there are rules to the game. While the rules keep changing as the industry matures, the winners keep winning. That means both companies and influencers.

So much success is based on intuition. Hard to measure, but once you have the groove, you are golden.

Influencer marketing evolving from short-term to long-term

Today, influencer marketing is it is evolving. It is moving from short-term to long-term relationships.

Yesterday, companies were dipping their toes in the water, learning the ins and outs of how to be successful using influencer marketing. This was a series of short-term projects. There were successes and failures, but everyone learned.

Today, as companies understand better, they are choosing to develop long-term relationships with key analysts and influencers. This is very similar to the way the industry analyst sector has grown and changed over time. Rather than short-term engagements, companies are finding more value in longer-term relationships.

The creator economy nearing half a trillion dollars

Goldman Sachs has forecast influencer marketing would help the creator economy rise to a $480 billion industry in the next few years. Fohr, an influencer marketing firm, says they have seen a 36% increase over the past year in deal volume. They have also seen a 47% increase in overall dollar value for those deals in the first quarter of 2024, compared with a year earlier.

Billion Dollar Boy, a London marketing firm also says it has seen growth in this sector. They say deal volumes have risen 16% and revenues have increased 89% in the first half of this year compared to last year.

Tracking firms all seem to agree. They say influencer marketing is starting to stabilize as it moves forward. It is not yet a standardized industry, but the bubbling froth is starting to calm down a bit.

Since I live and work in both the sector of analysts and influencers, I too have also seen an increase in activity on both sides of the equation.

The choice some companies make is to blend their industry analyst and influencer relations into a single section. They think this saves them time and money. And it may. However, the value is also reduced by mixing the presentations.

Still, some companies have a larger, more general briefing for the more general group, then a smaller, closer, more personal relationship with key influencers and analysts. I have attended both and can attest to the value of each. Both are valuable for different reasons.

Brands are taking this new growth opportunity more seriously than ever before. Things are changing as the marketplace matures. It is important to understand and operate under current rules in order to achieve success.

Read more: Who is at the top of the heap when it comes to the internet of things?