Erik asks, "What do you think of Facebook adding Instagram to its Brand Collabs Manager? Is it going to put influencer marketing agencies out of business?"
At this exact moment? No. The targeting is fairly horrendous. Will it improve? Yes. Does Facebook want that money? Yes. Should influencer marketing agencies be concerned? Yes - and start thinking about what additional value-add they can bring. Hint: it's the relationship and a deep understanding of the client needs.
Can't see anything? Watch it on YouTube here.
Listen to the audio here:
- Got a question for You Ask, I'll Answer? Submit it here!
- Subscribe to my weekly newsletter for more useful marketing tips.
- Find older episodes of You Ask, I Answer on my YouTube channel.
- Need help with your company's data and analytics? Let me know!
- Join my free Slack group for marketers interested in analytics!
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today's episode, Eric asks, What do you think of Facebook adding Instagram to its brand collabs manager is going to put influencer marketing agencies out of business at this exact moment, know.
And I'll explain why.
In fact, let's go ahead and go right into this.
This is Facebook's brand collabs manager if you have not tried if you have not signed up what as a Facebook page or as an Instagram business profile, this is where you would go you go to the collabs manager and authenticate your page.
And it will tell you if there's anything wrong with your page and then let you start browsing around the interface to see what you can do.
And at first glance, it looks really terrific, right? You can create a project brief here.
And then the project brief you decide what kind of budget you want, what kind of networking you want, things like that.
The audience matches, try and build an essentially an ad campaign, fundamentally an ad campaign inside a brand collaboration manager, and you can track and create insights to manage your influencers, to hold them accountable to certain performance metrics.
You can create saved lists, have multiple project briefs, you can see who's already tagging you as maybe a starting source for your influencer lists, publishing tools to curate content that allows you to share.
So it looks very promising, right? Here's where it kind of falls down.
Let's go look for some influencers.
I'm going to start let's start just with the United States because that's a market that I know reasonably well.
And I specifically I'm looking for influencers who are who are interested and influential in data science.
And what comes up is pretty appalling.
And just absolutely terrible.
This none of these things here are about data science remotely about data science, Ministry of curry predator gaming.
Now, this is this is laughably bad.
Facebook has a lot of work to do here before anybody attempts to get to us to get any kind of reasonable results out of this now, here's the thing.
Facebook knows the Zuckerverse as a whole, if you will, that there are billions of dollars at stake influencer marketing as an industry is a massive, massive opportunity.
And Facebook wants that money.
If there's one thing you can reliably count on.
The Zuckerverse corporations who want it is more of your money and less money for everybody else.
So, while this is in really terrible condition right now and unusable for any kind of serious influencer marketing, you know, it's not going to stay that way.
Right? Behind the Scenes Facebook has more than any influencer marketing agencies ever going to have on analytics on deep learning, and are the AI behind the scenes that can put together better models clearly a lot of work to do here.
And the ability to connect to data that everybody else does not have access to none of us no one outside of the Facebook ecosystem has access to the deep level metrics that Facebook does, because it's their network, it's their system.
And so I would fully expect over time, this tool to get better as long as it proves to be profitable to Facebook, they will continue to invest in it and it will continue to get better.
And that should be concerning to any influencer marketing agency.
So what an agency needs to do in Now today is start thinking about what your value add is, right? What can you bring that sits on top of this, maybe as an agency, you have people who can keep an eye on this really terrible tool, and augmented or supplement or manage parts of it manually for now until Facebook gets its act together on the targeting.
But the real value for any agency is going to be in the relationships.
It is going to be on the relationships with the company you and what the brand wants out of its relationships.
Because when you look at a lot of these things, if you look at what Facebook's making judgments on right now, it's pretty clear look on screen followers and engagement rate, right? That's it.
No one's talking about website traffic, right.
No one's talking about leads, conversions, brand reputation, all that is missing from here in addition to the complete Total missive to on targeting.
And so those understanding what your, your client the brand needs is one of the value adds.
Because if you have a stable of influencers and you have visibility into the clients analytics, particularly Google Analytics, you'll have a much better understanding of what's actually working or not.
There is absolutely no usable tracking or analytics built in here, right? Even if we go back to the insights section here.
We see reach impressions, engagement, that's what you're getting.
Those those are not useful metrics.
for business impact, they are indicators.
They are certainly it's better to have them than to not.
But they're not business outcomes that that any of us are going to care about.
An agency with a strong strong analytics bench will be able to provide a way more value than then this tool and this Second thing is building the relationships with the influencers themselves.
Yes, the influencer could potentially earn more through Facebook, but not if it's a waste of their time.
If, you know if the marvelous Jarvis and the instant curry pot, folks are getting inquiries from brands that are just doing sort of spray and pray or seeing project briefs that are all over the place, at a certain point, you know, only the folks who don't have a good professional infrastructure will be using this tool which means that there's going to be a lot of crap on both sides.
Those who folks who are professional influencers who do this stuff for a living I call them brand ambassadors, call them ad partners, whatever you want to whatever name you want to give them are going to look at this and go Okay, this would be a nice maybe supplemental tool, but it's not where you're going to base your business on.
So that's that's what influencer marketing agencies and influencers themselves should be thinking about.
Yes, these tools are, are supplemental.
But no way should they, as of today, replace the eight of the relationship that you have with a credible agency.
Agencies pay attention, Facebook is coming for your lunch, you have got to build your analytics infrastructure.
You've got to build your clients analytics infrastructure.
And you've got to be able to show business impact far and away above what Facebook is cranking up because we know what metrics Facebook's focused on.
You've got to build a show how those metrics are not always relevant, or connected to business outcomes and be able to do better if you are an agency and you do not have deep analytics experience.
You are in trouble.
And of course, the human side, build and maintain and grow those relationships shows campaigns that go way beyond a Facebook post or an Instagram post, right.
We're talking collaboration, we're talking co authored content webinars.
events, things that go far above and beyond have an Instagram post or an Instagram story or an Instagram video.
That's how you're going to continue to create value in this ecosystem.
So lots to pay attention to here.
It's interesting and and the Zuk versus coming for your lunch so you gotta run faster.
That's true for all of us across the board.
As always, please have your follow up comments in the comments box below.
Subscribe to the YouTube channel and the newsletter I'll talk to you soon take care.
want help solving your company's data analytics and digital marketing problems? This is Trust insights.ai today and let us know how we can help you
You might also enjoy:
- How To Set Your Consulting Billing Rates and Fees
- How To Start Your Public Speaking Career
- You Ask, I Answer: Quantifying Hallway Conversations?
- You Ask, I Answer: Creating Content for Search Engines?
- 2020 Rewind: Artificial Intelligence in Sales
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers