Influencer Marketing in a Down Economy
How to Make Your Influencer Marketing Program More Resilient in a Down Economy
Inflation continues to put pressure on the economy of the United States, which has stoked worries of an impending economic downturn. Prices for ordinary consumer products have increased as a result of several factors, including the pandemic recovery effort, problems with supply chains, the conflict in Ukraine, rising energy prices, and many more. Inflation in the United States reached a record high of 9.1%. This marked the highest percentage increase in inflation since 1981. Food, gasoline, brand-new automobiles, and auto parts were among the categories of goods that had the most significant price increases.
High costs and transportation backlogs are problems that affect both consumers and businesses equally. As businesses prepare for the possibility of a recession in the next year, some of the most influential people in their fields are shifting away from the conventional and pricey paid media advertising and putting more of their marketing expenditures into influencer marketing.
Consequently, how can businesses ensure that their influencer marketing campaigns continue to be successful even when the economy is in a slump? There's no silver bullet. However, if you take a few important actions today, you can assist protect brand recognition in your market and maximize your influencer marketing campaign even during times of disruption.
Preserve the Loyalty of Customers During the Current Economic Downturn
The first guideline of reaching out to customers in unsteady economic times is to. Continue to invest in the members of your creative community. Nano influencers are content creators with fewer than 10k followers. They are more affordable than large-scale content creators and bring direct relationships with audiences, which help spark greater consumer loyalty. This contrasts with large-scale content creators, whose prices may be comparable to those of print or television advertising. In addition, cultivating connections with nano influencers has the potential to be mutually advantageous, as these artists can develop their followings at the same time that their partnered businesses grow their audiences.
Easily Adapt the Messaging of Your Brand and Products
Building true brand loyalty requires keeping an open channel of contact with customers, especially during trying times. Any modifications that are made should be disclosed as fast as possible because moments of inflation often create unforeseen consequences, whether it be increases in the pricing of raw materials or delivery delays. Sharing these changes through content producers may deliver relevant message in a tailored way for consumers, while managing influencer campaigns can enable firms swiftly adapt their objectives to suit shifting demand.
Make use of technology to streamline and automate your measurement procedures
Every social media network offers its own metrics about users' activity and engagement. When there are various channels operating between campaigns that are owned and campaigns that are earned, adding key marketing objectives and unified measurement may assist offer a thorough perspective of the activity that is being conducted by your firm. Utilizing technology to manage an influencer marketing program at scale is essential for monitoring the effectiveness of campaigns and return on investment. By utilizing a technology such as Smartfluence, which provides central influencer marketing analytics and insights, your company can gain the transparency that it needs to demonstrate the efficacy of its influencer program and unleash the full potential of the creators economy.
If you’re interested in learning more about influencer marketing and how Smartfluence can help you establish and scale your influencer marketing campaigns, feel free to book a demo here.