With the influencer marketing industry expected to be anywhere from a $5 to $10 billion industry within the next five years, it’s no wonder that businesses are rushing to get their own influencer marketing strategy in place. With few companies having a dedicated in-house team member, many look to outside agencies with expertise in influencer marketing.
And there is no shortage of seasoned professionals willing to share their expertise. In fact, according to Influencer Marketing Hub, the number of agencies and platforms specific to influencer marketing has more than doubled since 2016.
That said, what makes one form of influencer marketing better than another? Unfortunately, the answer to that question isn’t so black and white. Though if you are weighing your options between an agency or platform, read on for some of the ways how each side could make your next influencer marketing campaign (and job, in general) easier.
Influencer Marketing Agency
In a survey conducted by GameInfluencer it was found that influencers with 800,000+ followers receive an average of 50 business inquiries per month of which they only accept a reported average of 4% each month. Thus without an agency’s direct line of communication to the influencer, it’s likely that your business proposal will regretfully receive a decline. Agency connections are invaluable to a brand; especially those to mega influencers who typically have representation working on their behalf.
Another major benefit of working with an agency is their hands-on experience with the Federal Trade Commission’s influencer marketing rules and regulations. Compliance with and knowledge of the FTC Guides falls under Influencer Marketing 101 — a great agency will know how to seamlessly comply without reducing campaign authenticity.
In essence, the agency should be viewed as an extension of your team. You’ve hired them to do the legwork — find relevant influencers, negotiate rates and draft contracts — so it’s advised to give them your trust and let your agency counterpart lead you through the process.
Influencer Marketing Platform
For those who have a limited budget and don’t mind managing campaign logistics, an influencer marketing platform is the better suited method.
While platforms require a higher amount of brand involvement, the process of running a campaign via a platform is rather straightforward. From your campaign dashboard, you upload a brief, select influencers, launch and track the campaign. You have the benefit of having everything at your fingertips and if budget allows, a dedicated account manager.
Platforms, which are better suited to smaller campaigns, have limitations when it comes to deeper brand collaborations, cross-media campaigns and engagement. So if you have more sophisticated needs than the platform allows, it’s best to work with an agency who can scale their services.
Weigh Your Options
If you’re weighing the option of agency or platform, know that one isn’t necessarily better than the other. It’s best to work with an agency that toes the line between being data driven and a relationship based business.
Interested in learning how GameInfluencer could be the right fit for your next campaign? Get in touch with us at firstname.lastname@example.org.