Young consumers’ expectation for transparency increased and advertising standards surrounding influencer advertising were tightened after the unfolding of Fyre Festival in 2017.
The event, which sold ticket holders an idyllic dream of an island-resort-turned-music-festival party in the Bahamas, has gone down in recent history as the poster child for disastrous online and influencer advertising.
Influencer posts made up most of the marketing campaign, with many models and celebrities being paid hundreds of thousands of dollars to promote the festival which ultimately turned out to be a farce. The celebrities were criticised, and in some cases penalised, for the lack of transparency in advertising a festival they knew very little about and had no intentions of attending.
Since then, influencers have needed to be much more cautious about what they endorse to avoid being penalised by the local advertising standards body. Today’s influencers are more candid, with most ads clearly labelled as such, and consumers are putting even more trust in them as a result, giving them props for their honesty.
All of this has shaped the online influencer marketplace of 2020 and it has become a lucrative and valuable method of advertising in any industry. In a way, we’ve reverted to ‘word-of-mouth’ advertising and, while it used to be the case that money couldn’t buy word-of-mouth advertising, the changing dynamics of online social interactions have made it easier than ever before for a business to advertise in a transparent way that suits its brand identity, budget and clientele. But where do you start?
Promoting through an influencer
How can you harness the power of an influencer to promote your business? With a little creativity, the influencer marketing approach can be adopted to any industry.
Influencers are particularly prominent on Instagram which is, by nature, a visual medium. Big-name figures and influencers in the residential accommodation space might typically be interior designers and real estate agents, both of whom will be able to refer followers, clients and customers to their preferred builder and architect.
A good way to find local and relevant influencers is to search hashtags within your niche, for example ‘#PerthHomes’ or ‘#ApartmentLiving’ and have a look at the names that come up multiple times in the popular posts. You can then reach out to them directly, or their agent if one is listed, to ask about partnering up.