5 Influencer Marketing Myths for 2021
Influencer marketing is not new but it is constantly changing and marketers have thoughts. Below are 5 common influencer marketing myths we’ve heard and want to debunk.Myth #1: Influencer marketing is a fad.Actually, this may be true, sort of. Hear me out.Post-COVID data shows a 37% decrease in brands working with influencers and a 41% drop in the efficiency of influencer marketing. However, brands are still investing in influencer marketing, specifically through nano and micro-influencers. I see this shift as a more strategic approach to influencer marketing and a way to redefine a tactic fraught with issues. So, is influencer marketing a fad? In terms of brands spending lots of money on influencers with large followings? Potentially. However, in my opinion, influencer marketing in terms of nano and micro-influencers — specifically ones that resonate with niche audiences — is here to stay & will become an important part of a strategic marketing mix.So, what does this mean for marketers? Keep influencer marketing on your radar and dive deep into your personas to see if nano and micro-influencers could connect you with your audience.Myth #2: Influencer marketing is only successful for younger generations.Marketers around the world are trying to woo the next generation of consumers with influencer marketing. In fact, there are over 15 million search results for “influencer marketing to Gen Z.” Meanwhile, “influencer marketing to Gen X” and “influencer marketing to Boomers” have less than 10 million results combined.What’s up with that?I think it mostly comes down to the myth that influencer marketing is only for younger generations, which is simply not true. In fact, older generations are spending more and more time on social media and shifting their shopping habits toward online retail, delivery services, and subscriptions which means brands have more opportunities than ever to engage across generations. Gen X and Boomers also control the vast majority of disposable income in the US.While some marketers are writing strategies around younger influencers, terms like “Grandfluencers” and “elderly influencers’ are becoming more popular. Influencers like Joan MacDonald and Helen Winkle are over here living their best lives as 70-year-old-plus influencers with almost 5 million followers combined.Gen X also has some fabulous influencers like Arlinda McIntosh and Ana Pejkanovic.So, what does this mean for marketers? If your audience includes Gen X and/or Boomers, influencer marketing may be worth a try.Myth 3: Influencers have to have large followings to be effective.We covered this a bit in myth #1, but let’s dive deeper. Traditionally, influencer marketing means utilizing a social media user with a large following. Today, that definition is changing.While mega influencers (social users with millions of followers) are the first thing many people think of when they think “influencer,” other groups are growing in popularity. However, there are differing opinions on how many followers each group has, especially in the micro and nano categories where some marketers say nano influencers can have as little as 500 followers and still be effective.Mega: 1M+ followersMacro: 100K+ followersMicro: 10K+ followersNano: 500 to 10K followersWhile influencers generally have a conversion rate of around 3%, nano influencers are converting at upwards of 30% in some cases.What does this mean for marketers? Marketers should look for opportunities to work with influencers with niche communities and remember that large followings don’t equal better.Myth 4: Influencer marketing doesn’t work for B2B companies.This is simply not true.What does this mean for B2B marketers? B2B marketers should explore ways to bring influencers into their marketing, whether it’s through employees, customers, or social media influencers.Myth #5: Influencer marketing has no rules.In an October 2021 news release, the Federal Trade Commission said they’ve officially put hundreds of businesses on notice for “fake reviews and other misleading endorsements”. The penalty for misleading consumers is up to $43,792 per violation.What does this mean for marketers?It means there are rules you need to follow, and you shouldn’t be a jerk and mislead and deceive people. Familiarize yourself with the FTC endorsement guidelines and comply to avoid headaches and hardships.2021 Influencer Marketing Myths Debunked!There you have it! Five myths we wanted to address so you can decide if a dip in the influencer pool is worth exploration by you and your team.