Influencer Marketing RFPs Prioritize Measurement, Attribution, and Trend Awareness
Introduction:
The landscape of influencer marketing has undergone a remarkable transformation, with marketers seeking more sophisticated metrics, attribution models, and insights into emerging trends when crafting their influencer marketing RFPs. This shift underscores the growing maturity of the influencer marketing industry and the increasing importance brands place on data-driven decision-making.
1. Measurement and Attribution Requests:
a) Beyond Basic Engagement Metrics:
Marketers are no longer satisfied with basic engagement metrics like likes, comments, and shares. They demand detailed data that provides insights into key performance indicators (KPIs) such as website traffic, leads generated, and sales conversions. This data enables brands to accurately measure the effectiveness of their influencer marketing campaigns and optimize their strategies accordingly.
b) Running Own Marketing Mix Modeling:
Brands are increasingly looking to run their own marketing mix modeling (MMM) on influencer marketing efforts. MMM is a statistical technique that helps marketers understand the impact of various marketing channels on overall sales. By incorporating influencer marketing data into their MMM models, brands can better understand the contribution of influencer marketing to their overall marketing performance.
c) Sophisticated Measurement and Attribution:
The push for sophisticated measurement and attribution has become commonplace in influencer marketing RFPs. Marketers want to ensure that they are working with agencies that have the expertise and tools to accurately measure and attribute the results of their influencer marketing campaigns. This data-driven approach allows brands to make informed decisions about which influencers to partner with, what content to create, and how to optimize their campaigns for maximum impact.
2. Importance of Emerging Trends:
a) Staying on Top of Trends:
Brands recognize the need to stay on top of emerging trends to ensure the success of their influencer marketing campaigns. Influencer marketing RFPs often request insights into agencies’ processes for trend spotting and sharing. Brands want to work with agencies that can identify and leverage emerging trends to create content that resonates with target audiences and drives engagement.
b) Trend Jacking:
The rapid pace of the trend cycle has led to a “trend jacking” approach by some brands. Trend jacking involves quickly creating content that capitalizes on a trending topic or event. While trend jacking can be effective in generating buzz, it’s important for brands to strike a balance between capitalizing on trends and creating authentic content that aligns with their brand values.
c) Agencies’ Approach to Emerging Trends:
Agencies that excel in influencer marketing maintain constant communication with creators to stay updated on the latest trends. They also have a deep understanding of their clients’ target audience, which enables them to identify trends that are relevant and impactful. Additionally, some agencies are able to create their own unique culture rather than merely following trends, which helps them stand out from the competition.
3. Interview with Nick Soukas, SVP, Marketing at Intuit’s Consumer Group:
a) TurboTax’s Focus on Spanish-Speaking Audience:
Nick Soukas highlights TurboTax’s focus on reaching the Spanish-speaking audience through AI-driven translation of its marketing materials. This initiative demonstrates the importance of cultural relevance and inclusivity in influencer marketing campaigns.
b) Navigating the Cookie-less Environment:
Soukas also discusses the challenges of navigating the cookie-less environment, emphasizing the need for brands to rely on first-party data and utilize third-party platforms that offer robust data collection capabilities. This shift requires brands to adopt a more strategic approach to data collection and analysis.
c) Importance of Major Events:
Soukas emphasizes the importance of showing up at major events like the Super Bowl for brand growth and innovation. He believes that these events provide a unique opportunity for brands to connect with consumers and create memorable experiences.
4. By the Numbers:
a) Rise of Social-First Brands:
Research indicates a rise in social-first brands, which are companies that primarily sell their products or services through social media platforms. These brands have experienced a significant boost in revenue, highlighting the growing importance of social media in the e-commerce landscape.
b) Access to Data:
Social-first brands have better access to data, which enables them to make informed decisions about their marketing strategies. This data-driven approach allows them to target their audience more effectively, personalize their marketing messages, and optimize their campaigns for maximum impact.
c) Direct Purchases on Social Media:
Consumer willingness to buy directly within social media platforms is increasing, making it easier for brands to drive sales through influencer marketing campaigns. This trend is expected to continue, further solidifying the role of social media as a powerful e-commerce channel.
5. Quote of the Week:
Matt Talbot on Using Twitter as a Second Screen:
Matt Talbot, a social media expert, discusses the challenges and opportunities of using Twitter as a second screen during live events, particularly the Super Bowl. He emphasizes the importance of creating engaging content that complements the live broadcast and encourages viewers to interact with the brand on social media.
Conclusion:
Influencer marketing has evolved beyond mere media buying, with brands demanding more advanced measurement, attribution, and trend awareness from their agencies and platforms. This shift reflects the growing significance of data-driven decision-making in the industry and the need for agencies to be agile and innovative in their approach to influencer marketing campaigns. By embracing these trends, brands can create more effective and impactful influencer marketing campaigns that drive tangible business results.