Procurement in the Age of Likes: Is Influencer Marketing the New Goldmine?

The average person spends 2 hours and 23 minutes on social media every day. Shocking, right? Well, maybe not.

From TikTok, to Instagram. Facebook to the newly crowned X (Twitter for those who remember), people are living their lives online. The way we use social media is changing and procurement Marketers are seeing the benefits.

With this in mind, leaders have to make a strategic decision about where to invest their budget across the next year. In a recent survey, WBR Insights asked the top marketing procurement professionals in Europe where they plan to invest in the next 6-12 months. A whopping 42% revealed that they plan to invest in social media and influencer marketing.

This surge in interest begs the question – is this a passing fad or the beginning of a major shift in marketing procurement strategies?

Understanding the Rationale

Let's face it, traditional marketing tactics can feel dusty in today's hyper-connected world. Procurement professionals, are you ready to shake things up and explore the dynamic potential of influencer marketing?

Gone are the days of faceless brands shouting into the void. Influencers have emerged as powerful voices, shaping consumer tastes and purchasing decisions like never before. In fact, 47% of British adults and 45% of young Germans trust influencer recommendations, proving their sway extends far beyond entertainment.

But wait, isn't this just a fad? It seems to be sticking. The concept of influencers goes back further than you might think. Remember those iconic radio personalities or TV stars who swayed your parents' purchases? Social media simply democratised this phenomenon, empowering anyone with a passionate voice and engaged audience.

So, how exactly do these internet stars influence consumer behaviour? It's all about authenticity and trust. They connect on a personal level, showcase products seamlessly in their real lives, and build genuine relationships with their followers. This authenticity resonates, leading to powerful word-of-mouth marketing and, ultimately, increased sales.

Here's the good news: procurement can leverage this power! Imagine influencers showcasing the innovative solutions you offer, building brand credibility beyond traditional channels. Think about the potential for targeted campaigns to reach niche audiences in ways you never could before.

Walking on a Tightrope: Navigating New Challenges

Navigating its potential pitfalls requires careful consideration and proactive solutions. Here, we delve into three key challenges and explore ways to overcome them:

Authenticity Under Scrutiny

Challenge: Skepticism abounds, with nearly half of German consumers doubting influencers' genuineness. Inauthentic endorsements can damage brand reputation.

Solution: Prioritise brand fit. Seek influencers who embody your values and products organically. Leverage platforms like BeReal, where spontaneity fosters authenticity. Encourage transparency and honest reviews.

Balancing Control and Creativity

Challenge: Striking the right balance between creative freedom and brand consistency can be tricky. Live stream product reviews, while impactful, pose potential risks of negative or off-brand content.

Solution: Establish clear brand guidelines outlining messaging and content boundaries. Foster open communication and collaboration with influencers. Utilize review and approval processes without stifling their unique voice.

Addressing the Dark Side of Social Media

Challenge: Idealised influencer content can negatively impact mental health, driving feelings of inadequacy and reduced social media use, especially among younger audiences.

Solution: Partner with influencers who promote healthy lifestyle habits and realistic product expectations. Encourage body positivity and responsible content creation. Consider aligning with platforms promoting mindful social media usage.

Remember, influencer marketing is a potent tool, but wielding it effectively requires understanding these challenges and implementing creative solutions. By prioritising authenticity, fostering healthy collaboration, and navigating social media's complexities, you can reap the rewards of influencer marketing while building genuine connections with your target audience.

Closing Remarks

So, the verdict is in – 42% of your European peers are betting on social media and influencer marketing. Will you join them and conquer the digital jungle, or watch from the sidelines as they roar ahead?

The truth is, traditional marketing is looking dusty these days, and consumers are glued to their screens, actively engaging with the very influencers you might be ignoring. Sure, challenges exist, but with strategic partnerships, clear guidelines, and a focus on responsible content, you can navigate them with ease. Remember, transparency and authenticity are key.

Don't let this be just another missed trend. Make the call! Embrace the dynamic world of influencer marketing and join the future of procurement strategies. The ROI? Priceless connections with your target audience.

Ready to take the plunge? Join us live in London at ProcureCon Marketing here!