The rise and convergence of social media, short form content and e-commerce has fuelled a boom in influencer marketing both in a B2C and B2B context.
This has made it possible for brands to target their products and advertisements to specific consumers or businesses and consumer or business segments in a way that is more engaging, authentic and relatable than the average billboard or broadcast advertisement. In turn, influencer marketing has opened up new avenues when it comes to creating cost-effective digital content with high engagement and conversion rates; consequently, advertisers and brands are allocating increasing amounts of spend to influencer marketing.
An estimated $15 billion is projected to be spent on influencer marketing by 2022 (according to Business Insider Intelligence report “Influencer Marketing: State of the social influencer market in 2020” published in December 2019).
On Thursday 19 November Partner and Head of Media & Digital, Hayley Brady, along with senior associates Victoria Horsey and James Balfour, hosted a virtual “lunch, listen and question” session focusing on the continued rise of influencer marketing.
The event was introduced by Hayley, followed by a legal presentation from Victoria and James, where they shared their insights into the considerations brands should keep in mind when selecting influencers; an overview of the EU/UK regulatory landscape and common pitfalls; recent developments in influencer advertising and the path forward for brands (including the global perspective); the IP issues when contracting with influencers; and practical tips and takeaways. The slides are available here.
The second half of the event was a panel session, where Hayley welcomed guest speakers Charlotte Dewhurst (Chief Marketing Officer, Dewhurst Consulting), George Ince (Head of Operations UK, Studio71) and Jamie Hambleton (Director of Sales & Partnerships,Studio71) and Alex Galbally Influencer (daddy_to_triplet_girls), who discussed their experiences and perspectives on what they are seeing in the world of influencer marketing.
The speakers and panellists received a variety of questions from an extremely engaged audience. The panel discussion included a look at how best to engage influencers (including diligencing influencers and ensuring their values are aligned with brands and products), key challenges in the influencer marketing space for both influencers and brands, as well as considering the extent of other influencer channels such as TikTok .
Hayley commented: Influencer marketing is seen as a more cost effective method of reaching existing and potential customers compared to traditional mass media campaigns, and the recent lockdown climate has accelerated this trend (with people spending less time outdoors and more time online). It is no surprise that we continue to see a range of our clients, across different sectors, navigate digital marketing which includes an increasing use of influencers.
This lunch, listen and questions session follows a recent Practical Law note written by Hayley and James on what to look out for when it comes to influencer marketing and is available below.