What would we rather pay for? We no longer watch TV like we used to or turn on our radios all day long. And although we cannot escape billboards when we are on our way to work or moving from one distance to another, do we still get influenced by them?
These are the questions a lot of brands ask before deciding whether to spend a significant part of their advertising budget on traditional media such as TV, radio and billboards or allocate it to Influencer Marketing.
Innovation in technology has created a platform for anyone and everyone to have an opportunity to grab attention, which is the most prized possession that brands and companies are searching for. So now, who and what holds the attention of your customers?
Being able to determine where your customers’ attention lies has become more complex because of the democratisation of the media in Africa. Not long ago, there were TV channels and radio stations that most people watched every day of their lives in order to stay updated with what was happening around the world. This assured brands that a remarkable number of people watched and listened to their ads when it was played on TV and radio. But presently, these traditional media don’t hold as much authority over attention. This is because consumers of content now have multiple platforms to choose from.
There is also the problem that information overload has caused. More people are overwhelmed because “everyone can now create content.” Hence, they are unwilling to give their attention to just anyone. This has led to the need for influencers in the marketing space because they have already gained your audience’s attention prior to you paying for their service.
Many brands are willing to pay influencers three times the budget of a traditional advertising campaign. Some Influencers have even traded their influence for equity in brands.
Read also: Engaging customers through social media
The problem here is, brands haven’t fully understood influencer marketing. Many of them are unable to accurately measure the return on investment that an influencer brings to the brand after a successful partnership. Some also don’t know how to pick an influencer who’s the perfect fit for their brand, which makes influencer marketing ineffective.
On the other hand, some influencers do not know how to effectively sell a brand’s product to their audience effectively and this has led to the call for influencers to deliver more value to brands.
That aside, the question still remains; does influencer marketing command more attention than traditional media? Does it deliver more value beyond the awareness and interest stage in the marketing funnel?
Some people say influential marketing is more likely to generate a better return on investment when compared to traditional media. The rationale for this opinion is that influencers have already built a strong community that trusts their opinions. Therefore, their followers do not feel like they are being sold to. Also, constant communication between influencers and their audience has made their brand more relatable. Hence, people would be willing to listen to them, heed their advice, and possibly buy a product or pay for a service they endorse.
Others argue that the role that repetition and authority plays in traditional media still gives them the upper hand.
What then is true value? Traditional media using billboards, TV and radio or influencer marketing?
Conclusively, I would say that media value still lies in the foundation of the consumer’s attention, and this is what will drive media spending. There will be a rise in niche marketing because people follow who and what they want to see and don’t see what they do not follow. This will cause brands to seek platforms that have been able to grow a community in a particular topic area.
Frankly, the most successful media platforms will be those that have been able to capture attention and most importantly, the hearts of their audience. And this will put pressure on media platforms to build a community in hopes of being able to trade that trust for advertising revenue eventually.
Affi, a media practitioner, writes from Lagos
