Social media marketing is hugely popular within the advertising industry because of its word-of-mouth credibility and its ability to easily reach a wider audience. This new phenomenon allows social media influencers with the biggest follower counts to charge brands thousands of dollars for sponsored posts. Celebrities like Kylie Jenner are rumoured to earn more than $40,000 for a single post. But, is social media marketing actually worth it?
New advertising standards require influencers to label paid posts as ‘ads’, which has eroded the ability to subtly influence their followers and therefore decrease the effectiveness of social media marketing.
Advertisers have also found that they weren’t getting a return on their investment because too many had created a “false economy” by buying followers. Not only this, but it is excessively common for social media influencers to use bots to write fake comments. This also means these non-genuine comments influence the exposure of any paid post via Instagram’s algorithm.
I can admit that I have thought about building my social media profiles hundreds of times to be able to live a luxurious life at little cost, but I’ve always understood that gaining a large following was such a challenging thing to do.
Carla Efstratiou is the owner of Stylehub, a booming online fashion label with two brick and mortar stores in Sydney. “We’ve had some who’ve had a million followers, but when they promoted our clothes we had literally no sales or feedback. I started looking over her posts and realising the traction didn’t make sense. She was getting a 1000 likes a minute, which is impossible,” (Hennessy, 2017).
With people being so desperate to become social media famous and essentially get paid to live a luxurious life, it is clear that social media users will do anything to grasp this.
Hennessy, Annabel. “Instagram Influencers Being Dumped by Advertisers.” The Daily Telegraph. 19 May 2017. http://www.dailytelegraph.com.au/news/nsw/instagram-influencers-being-dumped-by-advertisers/news-story/3cbe082a238f3c0b524cba4aa870d2e1