Did Instagram’s Creator Week come too late for the health of the platform?
Some 3,300 days into ownership, Mark Zuckerberg has recently hosted Instagram’s inaugural Creator Week. For years the platform has lived by the jockish adage usually reserved for teenage romances: Treat ‘em mean, keep ‘em keen. But, this is at best a short-lived strategy. Very quickly the party being treated meanly will take back their metaphorical hoodie and mix tape and exit the relationship. Zuckerberg might just be afraid that creators are about to do something similar. And that ain’t good for business.
The Facebook group of companies has built a $92 billion per-year advertising business through selling space alongside posts. Often the most engaging content comes from the platform’s creators.
How do Instagram’s chief Adam Mosseri and uber boss Mark Zuckerberg build stronger bonds with users, turning them into loyal customers? Tap into the content platform users are already enjoying. That enjoyment comes from the favourite creators they are already following.
This is especially poignant when 57% of UK consumers say they get annoyed when media & internet content is too advertising driven. It speaks to the power of authentic storytelling created by influencers.
Is the love affair between Instagram and influencer marketers on the rocks? No, not by a long chalk. But new data from Linquia suggests the relationship needs a little TLC.
The influencer marketing platform’s survey found that 93% of U.S. marketers plan to use Instagram for influencer marketing. A huge strike rate, though one which has slipped four percentage points on last year. In February 2020, 97% said they’d be using Instagram.
Compare this with TikTok. Last year just 16% of US marketers planned to launch influencer marketing campaigns on Tiktok. This year more than two-thirds of practitioners (68%) said they plan to work with influencers on the platform.
A lot of great initiatives were rolled out during Creator Week. The affiliate feature will be welcomed by marketer and creator alike. Instagram’s newest tool will make ROI attribution easier and more effective. It’ll also help ensure creators are appropriately financially rewarded. It’s only a shame that it’s taken 3,300+ days and the threat from rival social media platforms for Instagram to fully appreciate the worth of its creators.
A version of this column first appeared in the tenth edition of Fourth Floor’s influencer marketing newsletter.
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