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The dark side of the $21-billion influencer marketing industry

With all the emerging kinds of influencers in the world today, there’s one we forget to acknowledge: mothers. They’re the “superheroes of influence,” quietly shaping their family’s world AND shopping preferences.

#Momfluence

Speaking of influence, here are some tasty bits of news and hacks to help you navigate the world of influencer marketing:

BLACK MARKET

Teaming up with a famous Internet personality seems like a surefire way to get your brand in front of the right eyes. That’s why the influencer marketing industry has reached a jaw-dropping $21.1 billion in 2023. What’s more, projections suggest we're looking at $24 billion by the end of 2024.

Impressive, right? But Business Insider thinks there’s something you should see behind these numbers:

💣 The dark truth

  • Call for regulation. Researcher Emily Hund argues that the influencer industry desperately needs regulatory checks. The lack of it has allowed unethical practices, such as ad fraud, discrimination, and unfair business tactics to flourish within the industry.
  • It’s a gamble. David Camp, co-founder of Metaforce, points out that influencer marketing is just celebrity endorsements with a digital makeover—only more risky because:
    • It lacks oversight and predictability, leaving brands with uncertain returns on their investment.
    • Fraudulent influencers can fool brands by inflating their metrics, costing them billions and tarnishing the effectiveness of this marketing approach.

❔ As brands grapple with the fallout of ad fraud and ethical lapses, the path forward remains uncertain. With the increasing calls for regulation, let’s hope to see change on the horizon.

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BITES OF THE WEEK

BIG IDEA

Mega or micro-influencers: Which can grow your brand faster?

Mega or micro-influencers: Which can grow your brand faster?

As the influence of influencers continues to rise (pun intended), the question now isn’t whether influencer marketing holds genuine value—it does. It’s where to splash your marketing dollars. 💲

Generally, there are 4 options to choose from: mega, macro, micro, and nano influencers. Today, we’ll tackle two of the most commonly used variations according to Knowledge at Wharton: mega and micro-influencers.

🥊 Mega vs. micro

One article used a data-driven approach to answer which of the two can better maximize brand exposure and sales. Here’s the summary:

Mega influencers:

  • Main pro: wider reach due to their pre-existing fame and prominent social media presence (examples: Kylie Jenner, Cristiano Ronald, and PewDiePie). Mega-influencers are ideal for gaming niches.
  • Main cons: high costs, lower engagement rate per follower, and less targeted reach

Micro-influencers:

  • Main pro: stronger, more engaged communities (examples: Alina Gavrilov and Russ Crandall). Micro-influencers, especially with 7,500 to 10,000 followers, are ideal when authenticity is paramount
  • Main cons:limited reach and content quality issues

👀 Something to keep an eye on

The article also shared one metric you can use to measure an influencer's impact relative to their follower count: follower elasticity of impressions (FEI). Sounds intimidating, but it’s basically just the bang for your buck.

As an influencer's popularity skyrockets, their FEI tends to plummet. This means you're not necessarily getting what you pay for with those big-name endorsements. The intimate connections of micro-influencers often trump star power, except if you’re running a contest (the famous ones will most likely win).

💭 What’s the bottom line?

While influencer marketing is still finding its feet, there’s definitely potential for growth. 

Is influencer marketing worth it? With the right strategy and a healthy dose of skepticism, it just might be.

SOCIAL PULSE

3 micro-influencer marketing platforms to try in 2024

3 micro-influencer marketing platforms to try in 2024

Micro-influencers may not boast massive follower counts, but they excel in engagement and authenticity. Their smaller audience values their recommendations like gold. ✨

If you're looking to invest in micro-influencer marketing, check out these 3 handpicked platforms from Influencer Marketing Hub's list:

1. Upfluence

Best for: Businesses and brands of all sizes

Pricing: Starts at $478, with flexible subscription models

Upfluence is an AI-powered micro-influencer platform that matches influencers with your brand and offers features like automatic promo code creation. With thorough tracking and analytics, Upfluence boosts ROI and influencer effectiveness—both of which are vital for influencer and affiliate marketing.

2. LTK (formerly rewardStyle)

Best for: Ecommerce brands of all sizes

Pricing: Starts at $417/month (paid annually at $5,000)

LTK connects brands with creators globally based on performance metrics to streamline collaboration. Abercrombie & Fitch, one of their clients, enjoyed a 56% yearly sales boost and reached 3.9 million customers. 📈

3. Insense

Best for: Medium and large-sized brands and companies

Pricing: Starts at $400/month, with options to save by paying annually

Insense is your go-to platform for creating top-notch, tailor-made content. The centralized dashboard simplifies campaign management, and their commitment to customer service ensures a smooth experience.

No matter what type of marketing it is, authenticity is king. And because micro-influencers are the reigning authenticity champs in influencer marketing, collaborating with them through these platforms could be your best shot at amplifying your brand's voice. 🔊

Author : SellerBites
Faith began working on SellerBites in 2021, a weekly newsletter that provides sellers with the latest news and updates in FBA. With first-hand experience in managing various seller and vendor accounts, she understands what sellers face on this platform. Her background led to the conception of SellerBites, which main goal is to help people become better, more informed entrepreneurs in the Amazon marketplace.
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