Lyle Stevens, CEO of influencer marketing platform, Mavrck, is no stranger to the topic of adaptation during periods of precariousness. Hello Partner welcomed Stevens to the Matterkind stage at PI LIVE Miami to host the solo session ‘Influencer Marketing: Certain Strategies for Uncertain Times’.
The influencer marketing industry is one that hasn’t been able to escape the tests that businesses across the globe, and across many verticals are facing, thanks to worldwide economic changes. First of all, let’s lay out some of the hurdles that the influencer marketing sphere is currently facing:
Reduced consumer spending: If people are struggling to afford basic necessities due to economic uncertainty, it’s likely that they will make cuts on their discretionary spending. This leads to reduced demand for certain products or services, which in turn, impacts different verticals and their marketing spend strategies.
Higher marketing costs: If the cost of living increases, this can affect the cost of doing business in general, including the cost of marketing. For example, businesses are having to consider paying their employees higher salaries to keep up with rising living costs, which can increase overhead costs. Additionally, rising costs for materials or supplies may impact the cost of producing marketing materials or running ad campaigns.
Changing consumer attitudes: As consumers become more conscious of their monetary investments, they also become more conscious of the way they perceive brands and their marketing efforts. People are becoming more sceptical of marketing claims or promotions that seem out of touch with their financial realities. Therefore, requiring marketers to be more sensitive and aware of the economic pressures facing their target audience.
With these hurdles in the way, and with brands wanting to stay afloat, how do you make sure your brand stands out amongst the crowd?
Aligning performance and brand teams
The first tip for solidifying your influencer marketing strategy, according to Stevens, is to align your brand and performance, which requires a change management exercise. “Currently, many teams within marketing organisations work in silos with different budgets and metrics, which hinders communication and collaboration,” he said.
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