The Future Of Influencer Marketing Post Covid-19

What Brands and Influencers Should Know and do, to Adjust Themselves to the new ‘normal’ of ‘the day after’

Written by Renata Maytis

The Corona Virus, or in it’s medical term Covid-19 struck the whole world and changed it in a fast, uncertain way. Many were still trying to figure out what’s happening whilst governments had to take extreme measures to keep their population safe. This new reality of an apocalyptic-like situation caused devastating outcomes to human lives, economy and more.

Many industries had to adapt in order to stay afloat. One of these industries is social media marketing, specifically influencer marketing. Prior to Covid-19 Influencer marketing was growing at a very high rate, with estimated market size in 2020 of between 5$ and 10$ billion dollars (Source: Business Insider, Influencer Marketing Hub). But once brands began to feel the heat of the uncertainty, they stopped campaigns all together, leaving the influencer marketing industry professionals with no budgets and the influencers themselves with no income, as their main source of income is brand collaborations, press trips, events, paid content creation etc.

The adaptation had to come quickly as the pace of social media is one that never stops.
Brands had to be more attentive to their audiences, avoid at all costs being considered deaf and insensitive, whilst continue with results-driven marketing tactics to try and retain revenue. At the same time, Influencers had to pivot as well and re-invent themselves, adapt their content, stay a positive force, a source of ‘feel-good’ messaging and true facts when facing an uncertain financial future.

Both brands and influencers had to find a collaborative, win-win situation, beneficial work mode and understand the opportunities that have emerged from the new situation. Many ‘stay at home’ campaigns saw the light of day, brands turned to influencers for content creation as big productions were out of the question in face of social distancing, Influencers created new sources of income and found that they are so much more than a well staged picture of ‘the perfect life’. Ultimately, they joined forces and created more sustainable, long term relationships.

The future of influencer marketing post Covid-19 is all about sustainable, long term relationships. Collaborative work between the influencers, marketers and brands, freedom of creativity and giving products more relatable and approachable context by lighting them with everyday ‘normality’, rather unattainable and unreachable storytelling that caused FOMO and anxiety among the consumers.

57% of marketers say influencer content outperforms their own brand content and will continue to lean on influencer marketing (source: grin.co). Brands need to recognize that influencers can more successfully hold the attention of their audiences by communicating content and messaging in a more authentic way. Ultimately focusing on long-term collaborations that lead to better insights and ROI.

Emerging stay-at-home economy skyrocket during these last two months. Consumers shifted to an all e-commerce mindset, and will likely change consumer behaviour in the long term, with natural progression to become accustomed to shopping for everything online, which will present with opportunities for brands and influencers alike.

Brands and marketers confronted with budget cuts as of now and in the near future, should be investing in processes reducing CAC by leveraging technology, data, and insights to take advantage of the opportunities of stay-at-home economy.

With an increase of 76% in daily likes on Instagram posts with hashtag ad and a 22% increase in Instagram campaign impressions (source: data from influencer marketing agency Obviously), its time for influencers to build greater social trust by growing their communities and drive engagement, and brands to acknowledge that trust and act on it. Moreover, despite increased social-media usage, the prices paid per post on all social media may fall dramatically in the short term and continue to drop, depending on the overall impact of the Covid-19.

During the last recession, the average cost of a sponsored post fell by 62.7% between 2008 and 2010 (source: data from Izea study on the impact the coronavirus pandemic could have on the influencer-marketing industry).

And as brand deals get put on hold or canceled, influencers and marketers should consider mixed-compensation models and revised structures to manage costs and improve overall ROI.

For marketers - cash plus free product, affiliate links for joint upside, longer commitments in exchange for lower cost per post. For influencers, There will be increased competition and they will need to outshine others in the space. This is an opportunity to be a better partner and increase overall value to brands.

On ‘the day after’ Covid-19 and preferably prior to that day, brands and influencers need to be attentive and responsive to the changing social and economical landscapes. Listening carefully to their audiences, tipping on trends that might emerge, acting accordingly to change and shifting resources to win the new routine and pace of consumers. Collaborative work for overall social good will be highly praised, and both brands and influencers need to take and show responsibility for their trusting communities, and sense of togetherness.