COVID-19 has impacted the world over and has certainly made Q2 of 2020 interesting for influencers, media, and advertising. While some brands are benefitting from the effects of coronavirus, others (influencers-included) are decidedly unsure what the immediate future holds and whether or not our current situation will become our new normal.
Mediakix had the opportunity to weigh in with Business Insider on COVID-19’s immediate and future effects on media and also shared important advertising guidelines for brands when advertising with influencers amid coronavirus.
Additionally, see responses from Claude Zadnow, CEO of Stadiumred Group (Mediakix’s parent company) on TikTok’s uses and how beauty retailers are (or aren’t) flocking to Amazon.
Wired details how COVID-19 has set into motion influencer marketing’s “first recession.” The article chronicles influencer marketing’s rise and boom as a powerful advertising medium quoting Mediakix’s 2019 Survey on how “17% of businesses spent half their budgets on influencers in 2019.”
In 2019, Mediakix surveyed over 150 marketers (including professionals from Capital One, Bayer, Ticketmaster, Fandango) and published its first ever Influencer Marketing Industry Benchmark surfacing several original market data points.
With coronavirus sitting top of mind for both consumers and brands across the world, Business Insider interviewed over 200 CEOs including Mediakix’s Evan Asano for insight into what the future holds for media.
Fortunately for Mediakix, the agency had transitioned to a four-day WFH (work from home) business model making the mandated shelter-in-place and quarantine measures not much of a daily work routine change for Mediakix at large.
As many people were forced to stay at home, content consumption on social media skyrocketed — TikTok alone added well over 100 million users just in March of 2020 and many other social media platforms experienced similar activity upticks in the wake of coronavirus.
Many brands and advertisers paused or pulled their campaigns at the onset of COVID-19 in hopes to better tailor their messaging to changing times and/or see where the industry was headed. Influencers, too, adapted their content to quarantined audiences and many exercised caution with their brand deals desiring to be sympathetic to their followers and not appear tone deaf with sponsored posts.
To best serve clients and influencers, Mediakix created a comprehensive 50-page deck detailing guidelines and best practices for influencer marketing amid Coronavirus. Business Insider featured and highlighted the salient points of our deck in a recent Premium post.
TikTok, similar to other social media platforms, can be a powerful advertising medium depending on a brand’s marketing goals and target audience. As a relative newcomer to the social media advertising arena, TikTok’s CPMs (cost per thousand impressions) are less than say Facebook but its native ad offerings still boast a hefty price tag (e.g. one TikTok ad format costs $150,000).
As such, some savvier advertisers have turned to TikTok influencers to see ROI on the fastest growing social media platform.
To learn more about TikTok influencer marketing campaigns, see our Resource Guide here.