IAB Canada’s Branded Content and Social Media Committee discussed a general lack of visibility on the level of investment taking place in Influencer Marketing in Canada. In June 2023, IAB Canada sent out a barometer survey to buy-side members to get a pulse on what is happening in the area of influencers.
Respondents were asked to provide their honest, anonymous views on the current state of expenditures, platform investments, and future state, so that we can begin to benchmark its presence in Canada, tracking the opportunity over time.
Key findings of the Influencer Barometer Report include that investment in influencer advertising continues to be on the rise with opportunities at all budget levels and mid to nano-sized influencers generating the most expenditure. The results also indicate that most categories include some type of influencer strategy, with the most predominant categories being financial services and CPG.
In an effort to go deeper, we sat down with Branded Content and Social Media Committee member, Lindsay Wilson, Vice President of Content and Creative at EssenceMediacom.
IAB Canada (IABC): As an active committee member, you raised the need for more data about influencer advertising in Canada – are you seeing an increase in demand for this type of advertising?
EssenceMediacom (EM): Influencer marketing has continued to grow YoY and we’re seeing more brands enter the space or expand deeper into influencer partnerships. In Canada, we’ve been lacking data in terms of the size and state of the market, and I think it’s important to understand where we sit in comparison to other markets like the US.
With so many brands focused on reaching Gen Z and young Millennials, this space just keeps gaining momentum and has been so effective at helping brands to break through in culture and drive business results.
IABC: When it comes to evaluating the success of a program, what are some ways to measure and KPI’s to lean on?
EM: When it comes to measuring success, there are a variety of KPI’s that influencer marketing is effective at achieving. In our experience, influencer partnerships have been successful at every stage of the funnel, all the way from driving brand awareness and preference down to conversion. It’s important to consider business objectives when deciding what type of influencer and audience size is the best fit, and how many influencers to partner with.
Additionally, having a strong content strategy in terms of what platforms to leverage from an organic and paid standpoint is crucial as these are not mutually exclusive. Interacting with an influencer’s audience through organic posting is what drives authenticity and engagement, but it’s important to have a strategic amplification plan to broaden reach and get more value out of the content.
To join in on the conversation in IAB Canada’s Branded Content and Social Media Committee, please email committees@IABCanada.com.