The marketing success of President Marcos during the election campaign in 2022 has an influence on marketing strategies today.
Influencer marketing firms get a seat at the table
IN the past 18 months we have seen a major increase in ad spending by using influencer marketing. Companies are increasingly using influencer marketing agencies. The shift suggests that influencer marketing has become essential to brands—and might even overtake traditional marketing.
According to Digiday, the explosive growth in influencer marketing explains the new demand by brands —and their respect for influencer marketing firms.
Last year, brands spent a whopping $164 billion on influencer marketing, a big step up from $13.8 billion in 2021.
Until recently, companies would hire general marketing agencies, and those agencies would hire influencer marketing agencies for individual projects. Now, however, brands are offering influencer marketing firms their own long-term contracts on an annual basis.
Why the shift? Brands may be looking to cut costs by paying marketing firms directly rather than through other agencies. More ad spent usually means more scrutiny from management.
Individual influencers are also seeing—and getting—more of these long-term contracts with brands.
Streak or cycle?
Some expect this trend to continue for a long time, with influencer marketing firms gaining more power in the marketing world. Others see this as merely a stage in a constant cycle of change, citing how brand ambassadors’ long-term relationships gave way to short-term creator/influencer relationships before the current long-term contract era.
Who knows, one day we might see the return of sandwich-board salesmen, but for now, influencer marketers are in a good spot!
Another revolution happens suddenly and unexpectedly. Artificial Intelligence (AI) software has taken over the monotonous and manual activities from humans—and finally the jobs of the so-called knowledge workers. Programs like ChatGPT may not yet be able to completely take over countless tasks from knowledge workers, but they can at least imitate them in a deceptively similar way. ChatGPT debuted in November last year and gained wide popularity among millions of users. But let me add that ChatGPT has raised concerns about copyright and plagiarism.
No doubt, so-called generative AI is the next big thing; many companies intend to roll out generative AI across the company’s product range.
Many workers do not know whether AI will do them harm or benefit them. Employers should take up this uncertainty, address existential fears and look together at the importance of AI for their work and for competitiveness of their company.
There is no doubt in my mind that we must take these developments seriously. I would appreciate your feedback—please contact me at email@example.com