Influencer Marketing: In-House vs Consultancy
Updated: Mar 8, 2020
A sizeable world population is spending their time online every day, particularly on social media. According to Emarsys 2019 report, there are 3.5 billion daily active social media users, which is about 45% of the world population. People are sharing more than ever now with the world and social media has grown to become a platform, a creative outlet for most of them. Some of those people have garnered humongous following and masses look up to them for the content they consistently put out.
No wonder influencers hold a lot of authority over social media space. The most successful ones have gained a reputation for being bankable for brands that push their products and services through those influencers to their followers. The world calls them ‘influencers’ – because they impact the buying decisions of the people following them.
Are you as a brand thinking of adding influencer marketing to your overall strategy but are mulling over the management aspect of it? From filtering a list of influencers for the best fit to getting a rundown of the metrics, there are considerable benefits of outsourcing but so has in house management. Here is a low-down to help you decide.
Perhaps, the most significant advantage of having an in-house team is that you have the absolute control, not only in terms of cherry-picking the influencers best suited to your needs but also get the creative freedom, ownership of the entire end-to-end marketing strategy which when used effectively can help you stand apart from your competitors. But consider the time required, from scouring the right influencers and reaching out to them to finally launching and tracking campaign progress. All of this and the in-betweens demand time, efforts and other resources in heaps.
In PR, we know the value of relationships. This knowledge can be extended when applied to managing influencers. When you reach out to influencers directly, they might be more open to collaborating and executing your ideas. External firms work with multiple clients. If you require a dedicated team, that can deliver in a shorter turn-around time then you are better off without the involvement of a third party consultancy and managing influencers yourself is the way to go.
According to Influencer Marketing Survey 2019 conducted by Mediakix, 61% of marketers find it difficult to find relevant influencers that speak to their brand. A consultancy involved in managing influencers is most likely to be updated on the influencer marketing trends. Not only will they have relevant data and statistics, they also will have extensive experience, having managed and worked with other companies. This gives them enough expertise and know-how to distinguish what works and what doesn’t. Apart from the obvious proficiencies firms bring with them, they also are easy on your company budget. Putting together an in-house team takes time, which is the smallest of the issue. The hiring process is a tedious one. You incur a higher hiring cost and additional training might also be required of the new hires. The whole setting up might cost you more than what you would spend on a consultancy.
Consultancies come with a roster of influencers and can fastrack the whole process of finding the right influencers for your brand. This brings speed and accuracy to the whole process. Another benefit you get is of working with more than one influencers at a time. They know the ins and outs of handling contracts and are adept in liaising with influencer’s managers. Moreover, they come with the knowledge of what has been done and what has worked for their other clients, hence they will also be better equipped to guide you in the campaigns to get ahead with. Being well informed of the performance of each influencer as well as the audience behaviour, consultancies certainly are a good investment as they lift a lot of weight off your shoulder.
Influencer management firms act as a bridge between companies and influencers, albeit one you can totally do without. Taking into account the pros and cons, if as a company you are at a stage where you can build a team with specialised skills to manage influencers, the control having your own team gives you over the entire process is uncompromisable. But if you are just starting out, it is advisable to consult and let a firm lead the way.
This article first appeared on Reputation Today.