The effects of coronavirus on businesses is reaching far and wide.
For influencer marketing, things aren’t good, losing brand sponsorships, canceling events, meetups, launch, the industry is having to adapt their formula to keep the revenue coming in.
Brands are struggling to find a way for advertising, cutting off costs, and just coping with the situation.
In the meanwhile, a piece of good news is that with a much higher rate in social media engagement, over 6.7 million people mentioning ‘coronavirus’ in a single day, there is a scope of this industry still managing to past the crisis.
How to adapt to the new ‘normal’?
According to Business Insider, brands are seeing more engagement on sponsored posts right now, as people are stuck at home, the time of online browsing is rising as well.
However, due to the hard economic condition, consumers are willing to spend money much less.
The main source of income for the influencers- events, sponsorships are getting cut off due to social distancing. One travel influencer Oneika Raymond, who has over 84,000 Instagram followers, had this to say:
“I think a lot of people in the travel industry are holding their breath… Companies are reluctant to take on anything new and therefore that is impacting the income of creators.”
Now, the influencers need to adapt to the new situation.
For instance, videos with activities to do at home, like DIYs, cooking, yoga might see a spike and actually work with everyone.
For advertisers who partner with influencers, it’s important not to lose touch with the social media audience.
The importance of Live Streaming
Self-isolation has resulted in an increased urge among people to maintain some connection even if it is through virtual contact. Live streaming is the easiest way to do so.
The live streaming platform, Twitch, saw a rise in viewership of 10% during the weekend of March 14th.
Social media influencers are indulging more into real-life videos through “Ask Me Anything”, “A day in life” kind of videos. These non-edited videos help people to feel connected.
A survey found that just 8% of global consumers (out of 35,000 surveyed) want to see brands stop advertising, giving hope to influencers who rely on brand deals and sponsorships.
How will business change for influencer marketers?
Influencers have their fan base, there is no denying to that fact.
Around 34% of consumers comprising of millennials and Gen z have credited influencers for their purchasing behaviors.
But as bigger brands pull back from the influencer marketing budget, this could be an opportunity for smaller businesses and micro-influencers to grab their chance.
With most of the events and sponsorship getting canceled, big influencers will be open for negotiations on a smaller budget.
Influencers have a huge influence on younger crowds, significantly to 91% of 16 to 24 years-olds in the U.K. and U.S.
There’s a lot that businesses can still be doing to engage with audiences, even if your budget is limited.
Rise in Tik-Tok Engagement
Certain platforms are seeing a big spike in the engagement rate due to the pandemic.
For instance, according to reports, TikTok saw downloads in the US reach 6.2m in March, up 27% compared to 4.9m downloads in February.
Also, globally, the app saw a 12% rise going from 25.4m on March 9th to 28.5m on March 16th.
As users are spending time scrolling through the app, influencers are also seeing an increase in engagement on sponsored posts.
A recent study by marketing agency Obviously recently revealed that there has been a 27% increase in engagement on sponsored posts on TikTok between February and March.
How is the influencer marketing changing?
Honestly, I think that the Covid19 the influencer marketing will reach a maturation point it needs.
Over the past decade, this particular market has been criticized for fraud, scandals, and questionable measurement processes. With 2020, when we finally get over the crisis, brands and consumers will have new perspectives, new behavior.
There would be solution based content from influencers, ranging from instructional or tutorial-style guidance, to advice on self-help or well-being.
Also, for brands, it will be a huge opportunity to show moral values that may shape their social identity for the future.
Do you need any assistance with digital marketing for your company? Contact us at Skyram Technologies and let us help you.
And for more blogs read here!
Till then, maintain social isolation. Stay safe, stay indoors.
