In one of the latest installments of the McKinsey Explainers series, created by McKinsey & Company, the firm dedicated its space to influencer marketing, a topic with which Colombians may be more related than they think, taking into account that according to an Electric Hub study, In the country, an average of 20% of the time of the day is spent on the use of social networks (the ecosystem in which influencers exist), this despite the fact that it is also the last OECD country in internet coverage.
McKinsey & Company noted that social media influencer marketing, which It consists of commercial agreements between influencers and brands for advertising, it is a segment that by 2023 is already valued at US$16,400 million, For this reason, he analyzed how businesses work between digital content creators and the advertising they offer to brands that decide to advertise with them.
But, before reaching this figure, the same firm assures that since 2014 it had already anticipated the rise of influencer marketing, since it indicates that in that year it carried out a survey of 20,000 European consumers with which it was able to conclude that most of the impact of this type of marketing occurred with the largest influencers, but also They identified an emerging market that had not yet been exploited, that of influencers with fewer followers, who in recent years have already been classified as micro and nano influencers with great influence in a specific niche.
“Brands take advantage of influencer marketing because it works for them as well as for consumers and influencers. Social media was already having a significant impact on consumer purchasing decisions when McKinsey conducted its 2014 survey. And in 2022, an analysis of more than 2,000 influencer marketing posts found that the strategy generates positive ROI for brands. highlighted the report explaining the reason for the success of this strategy.
McKinsey also registered some examples of how much money foreign influencers can get for their advertising service in various formats (see graph), for this reason we consulted how this market is in Colombia.
The sector in Colombia
The paisa businesswoman Luisa Chimá, creator of the Kaba and D’Luchi brands, explained that the diffusion of her products is due to the advertising strategy based on influencer marketing, and she became such an expert on the subject that she created a course for entrepreneurs to learn how to carry out campaigns with influencers.
Additionally, she has become an influencer in the entrepreneurship niche, so She has also been from the other side, that of being the influencer and, although she is very selective, she has carried out campaigns for other brands.
“For me, influencers are the new window to make our products or services known to the world, since most of the time they have more reach than traditional media, the impact of a 30-second television commercial in a prime time slot can be much less than that of an influencer in a 24-hour story”, Chima said.
He also assured that the success of the campaigns is not in paying just for a reel, a story or a TikTok, but rather that the influencer’s public sees him constantly using the product, For this reason, he recommends long campaigns with a few influencers, as opposed to isolated actions with many creators.
The cost of the campaigns
The cost of the campaigns
Regarding the cost of the campaigns, he pointed out that it is variable according to the number of followers, the engagement, the number of actions and the time in which they are carried out, but he gave some examples of prices with campaigns that he has carried out (see graph). Among the factors to consider, he also pointed out that the price may vary if the negotiation is directly with the creator, with managers or with agencies.
“My perception is that agencies normally raise the prices of the influencer, and I think that isSo suddenly it would be justified if the agency offered a marketing package where they help you with the strategy, but what has touched me are simply intermediaries,” said Chimá.
From the agency angle, we consulted the founder of the agency specializing in the segment, DC Influencer Marketing, Cinthya Dussán, who pointed out that in the case of his company he has two business units. The first is the representation of 40 “talents” exclusively, and the second, and the main core of the company, is the use of data for the creation of strategies effective in impacting audiences.
“From this perspective, it is the brands that we serve directly and we approach everything in a comprehensive manner, the strategic, creative part, everything the brand needs to be able to meet an objective,” said Dussán.
Regarding what Chimá commented about constant campaigns being more effective than those of a single action, Dussán agrees with this, but He explains that he also does them and calls them “one touch”, but in the same way they offer advice to the brand regarding the correct storytelling to send the desired message.
In the rate options, it indicates that They are made to measure for the client and can range from discount codes to being permanent ambassadors of a brand for a year.