Consumer attention is now a commodity.
Social media has turned attention into a quantifiable product, one that can be measured in terms of reach, views, likes, comments, shares. This phenomenon occurred with the growth of Google and Facebook ads, which are still popular and viable options for brands. With the increasing popularity of these ad options, the cost of consumer leads generated from these ads is also increasing, to up to $50 per click on the search network, depending on the bidding process for the top keywords.
Attention has become commodified and monetised, with brands willing to pay more and more for this valued consumer attention.
However, as consumers, we have become impervious to banners of advertisements that appear as we scroll through our Facebook page or Google the latest celebrity news. This ad blindness of consumers has greatly reduced the effectiveness of Google and Facebook ads.
Influencer marketing has been an up-and-coming way of gaining consumer attention, at a lower cost and higher reach as compared to Google and Facebook ads. As influencer marketing gains traction with its ability to connect with possible consumers at a closer and more intimate level, they are able to combat this ad blindness and get through to consumers. As a result, brands are starting to take action and getting on board the trend of influencer marketing.
At this early stage of growth of influencer marketing, the adoption rate is still relatively low and cheap, with the cost per reach going upwards of 3 cents per reach as the industry standard. Looking at the current trends of similar digital marketing verticals, the price always starts low and increases with the rate of uptake by brands - simple demand and supply.
Brands and business owners should consider making use of influencer marketing as a new digital marketing vertical before it becomes too expensive to be viable, similar to the problem with Google advertising now.
Reach out to us at X10 Media, let’s have a coffee and find out how influencer marketing can be beneficial in helping you raise brand awareness.