Influencer marketing has been hot news for a few years now. It’s hardly surprising. This approach delivers a return on investment that’s 11 times more than what you’d get from more conventional marketing methods.
As a business, you might have even started to reap the rewards of working with an influencer, yourself.
According to an article on Forbes, Revlon was one of the first companies to start using influencer marketers. This was back when they started using supermodels as their cover models. The problem, according to the writer, is that they never adjusted their strategy.
And why would they? After all, the supermodel strategy had worked for them for many years. Unfortunately for them, influencer marketing is constantly evolving. In the nineties, anything a supermodel endorsed was a money-maker. Now, their influence has waned.
The truth is, influencer marketing is still evolving.
A Closer Look
Today, we place more stock in the recommendations of real people. People who are just like us. While we realize that most influencers make money by endorsing products, we don’t mind. That’s because modern influencers build a relationship with their audience.
Unfortunately for Revlon, it seems that they caught on a little bit too late. They are now battling with sales results that are less than inspiring, and debt that is spiralling out of control. As a result, they are trying to sell off sections of their business.
Is it lights out for this multinational cosmetics brand? I don’t know if I’d go that far just yet. We’ll just have to wait and see what happens. I do know, however, that it doesn’t look good.
For our purposes, though, whether the company survives or not is neither here nor there. What we’re interested in instead is the lesson to be learned here. That lesson is simple – you can never become complacent about your influencer marketing. Just because they’re hot today, doesn’t mean that they’ll be hot tomorrow.
Should You Rethink Your Influencer Marketing Campaigns?
You should be careful about monitoring the results you have been getting. If things are going well, and you’re still getting plenty of exposure, you are probably fine for now. But, it couldn’t hurt to start looking for plan B.
Plan B is your go-to if you find that your influencer starts to lose their following. An online personality’s influence is something that is bound to dwindle down over time. In fact, the larger the number of followers they gain, the more difficult it will be for them to engage with them. This could result in followers looking for a different influencer who is more interactive.
That’s why it is critical for marketers to keep a close eye on the success of each campaign. If you start seeing reach dwindle, or CTR slowing, it might be time to implement plan B.
How Can You Reduce the Risks Here?
Another lesson that we can learn from Revlon is not to put all your eggs in one basket. Imagine if they’d partnered with supermodels and fashion bloggers ten years ago? Or gotten in at the ground floor before any of the Kardashians made it big. We’d see a very different pattern emerging, wouldn’t we?
In marketing, it’s never a good idea to use just one particular strategy. Always having a backup can save your business a lot of nerve-wracking periods. We recommend taking the same approach with influencer marketing.
Why use just one influencer, when you can bring a few more onboard? Your message will then reach several different audiences rather than just one in particular. It could be your way into a new market that you wouldn’t have considered before.
Let’s say, for example, that you manufacture baby wipes. Your primary target market is moms with babies. So, naturally, it makes sense to choose an influencer operating in that sphere. But is it only moms that might be interested?
Did you know, for example, that baby wipes are very popular in the crafting industry as well. How many of your competitors are marketing their goods to crafters as well as mothers? By thinking a little more laterally, can open up a whole new avenue for your product sales.
Final Notes
Influencer marketing is a complex and highly dynamic route to take. It’s unquestionably a highly successful tool when used correctly. Don’t be afraid to be flexible. Adapting to the changing nature of the industry can do wonders for your brand.
