Influence as a commodity
Mark Wainwright
Digital Director at Headland | Digital and social media strategy | Author of Only Third Party on Substack | Strategic comms planning
Commodity (noun): a product that can be traded, bought or sold.
Or:
Commodity (noun): a valuable quality.
Influencer marketing (also encompassing more "traditional" celebrity endorsements) consistently treads a fine line between these two definitions. Brands and businesses know the power well-known figures have in changing hearts and minds. Equally, those figures know their value and sell it accordingly.
It's hard to judge at what point one undermines the other. How frequently, or cheaply, or crassly does an influencer have to sell their clout to alienate their audience?
Over-commoditising influence has network effects, too; if people's Instagram feeds are full of creators pushing cryptocurrencies and fad diet products, they may tune-out altogether.
According to Protein's recent Dirty Words: Influence report, that's happening right now. Survey respondents reported tiring of fake authenticity and unrealistic lifestyle projections. They're looking for deeper connections and more values-led conversations.
Protein's report comes with qual and quant survey findings; my feeling is just a feeling, but I feel peak influencer marketing is long gone. Working with influencers has a place in the marketing mix, but the way we work with these creators and celebrities has to change.
When even British American Tobacco uses the traditional influencer marketing playbook (and creators are desperate/ignorant/poorly advised enough to take the money), the traditional playbook is done. It's no longer enough to pick a few well-known Instagrammers and ask them to post "something like product A is great I love it".
Klarna recently set up an influencer council to help guide their influencer work. Mini brought eight creators closer to the brand, asking them to launch a new model in their distinct way.
Care, curation, close connection - these are some of the watchwords brands, and businesses need to be thinking about when working with influencers in 2021. The commodified, scattergun approach won't cut it (if it ever did). Sophistication is the order of the day when it comes to ensuring that clout retains its value.