June 26, 2020
We are all aware that Influencer Marketing has transformed into a working digital marketing strategy that all brands can benefit from. No matter what product, service, or industry – it is possible to create a successful influencer marketing campaign.
Now what you do not know is that many large enterprises struggle with running these campaigns. CreatorIQ, an influencer marketing software cloud has released new data upon the BIG CHALLENGES of In-House managed influencer campaigns. These are the 5 reasons why it does not make sense for you to do In-House Influencer Marketing Campaigns:
1. 34% of companies are challenged with finding the right influencer to participate
Yes. Too many influencers across the board and how do you source the right fit? Not only that but getting a hold of them is not always the easiest. A ground rule: The larger the influencer, the harder it is to reach them. People are busy. On top of that, if you don’t have the right analytics tool, the time consumption to request in-depth data such as the audience demographics will directly affect your resources.
2. 20% of companies are challenged with managing contracts or deadlines of the campaign
Influencer contracts are different from your usual contracts. Contract protection for both sides and handling intellectual property rights is a struggle for every 5th company. Promotion rules and influencer briefings must be detailed and act as guidelines for all parties. Meeting deadlines for specific releases are also included here.
3. 19% of companies are challenged with bandwidth or time restraints
Influencers have tight schedules and it can definitely become challenging delivering content on time. Planning ahead of time, together with the influencers and brand, creates less pressure to deliver. Additionally, content previews are always scheduled too close to release date, causing delays when fixes have to be made.
4. 15% of companies are challenged with processing payments to influencers
Influencers are very reluctant about the usual businesses payment timelines. While service providers in general have on average a net 30 days payment process, creators intend to receive their payments almost immediately after they have delivered their videos. In that case, you either will need to filter high-quality creators from your campaign or become more flexible with your payment structures.
5. 12% of companies are challenged with “other” related obstacles
In CreatorIQ’s research, “other” related obstacles are not specified and may entail a multitude of challenges. From our experience, the negotiation process with influencers can be a real challenge. Finding the most appropriate price for all parties is tougher than it sounds and will be a struggle for companies that do not have the marketing expertise to define the value of different content.
Knowing that about 63% of companies handle influencer marketing campaigns in-house, the question raises: Are companies, who do not outsource influencer marketing campaigns, successful? The three important KPI’s that measure the success of a campaign are: Engagements/Clicks, Conversion/Sales, and Views/Impressions/Reach.
? 14% of companies are not successful with reaching their target Engagement/Clicks rate
? 28% of companies are not successful with reaching their target Conversion/Sales
? 36% of companies are not successful with reaching their target Views/Impressions/Reach
Many in-house influencer marketing campaigns fail to reach specific milestones that have been set due to the sheer inexperience of how influencers perform with promotion content. We, GameInfluencer, have worked hard the last 5 years to fully understand influencer marketing and have become experts in performing successful global influencer marketing campaigns. We want to help out brands who struggle to manage these campaigns and come out on top with creative influencer marketing strategies.