With influencer marketing set to become a $5 to $10 billion industry by 2022, ad agencies and brands are facing various challenges to identify and measure influencer performance.
A survey by Hypr, the influencer marketing platform, found that 47% of ad agencies identified measuring influencer performance as a prime challenge, followed by identifying influencers to fit a brand (41%).
Meanwhile, brands are more worried about identifying the right influencers (57%) followed by measuring performance (39%).
The majority of respondents said they would like to approve content before it is being posted by influencers (56.7%).
Marketers are somewhat split when it comes influencer identity versus they results they produce with 42.8% considering importance and results equal.
However, 74.1% agree that they would prefer to pay influencers based on performance.
Interestingly, 59.3% now consider micro-influencers just as important as larger influencers, a trend that has been driven by a good performance success rates among micro-influencers.
Fraud continues to be a major concern for marketers (60.8%).
Meanwhile, marketers aren’t concerned about influencers working with multiple brands, however, just 32.3% said they had were working with influencers on long-term agreements.
Over 50% stated only activating influencers they had previously been aware of with the majority using a single platform to reach respondents such as Instagram.
“It’s one thing to have a large audience of fans, but an influencer’s audience follows them for a specific subject matter,” explained Gil Eyal, CEO of Hypr. “Not every influencer is a good fit for selling every brand. Understanding the difference between number of followers and true sphere of influence is the difference between a successful or unsuccessful campaign.”