The BBC has approached Smartest Energy for comment.
Mr Cole, who has run the bakery on Hamilton Road for 12 years, previously said he was getting charged up to 80p a unit.
But the energy company has reduced it to 40p a unit, he said.
Mr Cole said although he was pleased to get his rate reduced, the cost was still higher than before and he was going to have to increase his prices to plug the shortfall.
“We’ve been putting off putting the prices up but it’s going to come in in a day or two and it has to be a substantial increase,” he said.
What is an influencer, and what can they do for your business? You’ve come to the right place to find out!
Influencers have recently transformed how customers and brands use social media.
For most brands, influencers are part of a core marketing strategy that drives awareness, traffic, and sales. If you can get an influencer to endorse your product or brand, you can tap into the considerable audience at their disposal.
When I talk about influencer marketing, I’m not just talking about people with many followers and a huge reach. Instead, there’s a growing crowd of niche influencers who leverage their expertise and rely on user-generated content to engage their audience.
In this article, I’ll explain what an influencer is and how influencer marketing works. I’ll also detail some costs and tips for finding an influencer.
Ready to increase your reach? Then let’s begin.
What Is an Influencer and What Is Influencer Marketing?
To define an influencer in the simplest terms, it means any person who influences the behavior of others. In a marketing context, influencers are individuals who collaborate with brands to promote products or services to their audience.
Influencers may be high-profile personalities like Kylie Jenner or Dwayne Johnson, who are already famous in their own right. Alternatively, it could be someone who has established a large audience online and can use their vast influence to promote products.
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Now that word-of-mouth recommendations and criticisms spread through social media faster than fire in a dry field, influencers are more important than ever, acting as brand advocates and niche promoters.
Influencer marketing is a social media marketing strategy that enables brands to leverage the audience of social media influencers to drive awareness and sales. Influencers are paid to endorse or promote a product to their audience, who, in turn, buy the product from the brand.
Considering influencer marketing’s growth in such a short time frame, we know the industry is thriving. In fact, it’s a $16.4 billion global market.
Who’s driving this growth? Let’s take a look.
Who Uses Influencer Marketing?
While it seems that some companies don’t want to let go of their outbound marketing practices, fashion e-commerce sites are an example of a segment targeting influencers.
Many are reaching out to reputable fashion bloggers and sending them clothing and accessory items for review. The blogger then posts photos and writes about the garments, often linking back to the site where their audience can buy the items.
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ModCloth, a vintage clothing site, does a great job of this. It actively shares images of audience members wearing ModCloth’s clothing. This helps their audience feel like they’re part of a more exclusive group and encourages them to check out their clothes.
A fashion brand might also send its items to an influencer, and followers could enter a contest to win them. Or sometimes, they send a credit to an active fashion social media influencer, magazine writer, or blogger so they can go to the site, pick out some clothing, and then review the experience as a whole.
Typically, you can group social media influencers into the following five categories depending on their audience size:
Nano-influencers
Nano-influencers have the smallest audience size, with 10,000 followers or fewer. These people may be experts in niche areas or just starting their influencer journey.
NYC-based self-care and exercise Instagrammer Jen Lauren is an excellent example of a nano-influencer. She has a small but highly engaged community and creates niche content.
Micro-influencers
Micro-influencers have audiences that range from 10,000 to 50,000 followers. These people are typically niche experts with reasonably large and engaged audiences. However, they aren’t celebrities; you’d walk past them in the street without knowing who they are.
Travel and lifestyle blogger Miette Dierckx is a micro-influencer with a carefully curated audience who follow her globe-trotting adventures. She works with various companies like sunscreen brand La Roche Posay and chocolate brand Cote D’or.
Mid-Tier influencers
These influencers have 50,000-100,000 followers. They’re social media personalities who have amassed a dedicated following but aren’t quite at the level of mega-influencers like Kylie Jenner or Kim Kardashian.
One key advantage of working with mid-tier influencers is that they often have highly engaged audiences. These followers trust and value their opinions, meaning any product or service promotion will likely resonate strongly with them.
Established mid-tier influencers include fashion and lifestyle influencer Liz Adams and Jamie Paige, who focuses on beauty and fashion.
Macro-influencers
Macro-influencers have audiences sized between 500,000 and 1 million followers. These are some of the most accessible social influencers with the biggest audiences. They tend to be B or C-list celebrities or online-native influencers who have worked hard to build up a big audience.
Fashion blogger Amy Jackson is a macro-influencer who works with many brands, including Celine and Cuyana.
Mega-influencers
Mega-influencers have the biggest audiences and have at least 1 million followers.
These are usually celebrities who have gained fame offline and translated that into online earnings—think Ryan Reynolds or the Jenners. Some, however, are native internet and social media users. People like Zoella or MrBeast are great examples of this.
Rates vary broadly. A report by Fox Business recommendations from a third party found that influencers with over 1 million followers can charge more than $100,000 per post. Conversely, micro-influencers charge up to a few thousand dollars per post and can make upwards of $100,000 per year.
There are several ways you can pay influencers. Most will charge a flat fee for a post. Some may request an affiliate commission rate where they receive a percentage of every sale they make.
While you can send free products to nano-influencers, don’t expect much traction. Influencers with larger audiences don’t work for exposure, and campaigns can quickly reach five, six, and seven figures.
Whatever you pay for influencer marketing, ensure it makes financial sense for you and gives a worthwhile ROI. A good average is $5 for every $1 spent, and $1 for every $1 spent is a starting benchmark.
Why Do Influencers Matter for Your Brand?
Consumers trust a third party’s recommendations more than a brand itself, particularly if they are seen as knowledgeable and trustworthy. A social media influencer is an excellent example of this kind of third party. Working with influencers helps position your brand as trustworthy and makes you seem much more credible.
It makes sense if you think about it. In a more personal context, you don’t usually trust a person at a cocktail party who comes up to you and brags about themselves, spouting fun facts about their personality to convince you to be a friend. Instead, you often believe your mutual friend who vouches for that person.
An influencer is the mutual friend connecting your brand with your target consumers.
A social media influencer also significantly expands your brand’s reach. When you align your brand with an influencer, they bring their audience’s network along with them. Because of the loyalty of their audience, an influencer can:
drive traffic to your site
increase your social media exposure
build brand awareness
help you understand your audience
target your ideal customers
flat-out sell your product through their recommendation or story about their experience.
Additionally, social media influencers use their large followings to promote your brand and can help bring your product to life with demonstrations and reviews.
How To Get Started With Influencer Marketing
Influencer marketing is about getting the most out of every interaction with your target audience. However, if you want to get the best from your relationship with influencers, you need to know how to work with them.
Below are some tips to help you do that.
Determine Your Goals
What do you want to achieve by working with an influencer? It only makes sense to team with an influencer if you know the results you want and have a firm strategy.
For example, you may want to increase brand awareness or make more sales. These are the two most common goals of influencer marketing campaigns, but achieving them requires significantly different strategies.
Let’s say you want to make more sales. In that case, you may focus on micro-influencers with small but engaged audiences. However, if you care about raising brand awareness, it’s probably better to work with a handful of macro and mega-influencers.
Think About Your Audience
As a marketer, you already have a solid idea of the audience you should target for your brand. However, to locate the ideal influencer, you need to take it one step further and consider the types of topics, blogs, and Twitter handles your audience would follow.
Since I market a blogger outreach tool for my company, the social media influencers I target are PR and marketing bloggers focusing on content and influencer marketing. Followers of these blogs are usually PR professionals and marketers who want to keep up with the latest technology and trends.
Thus, hopefully, they find my company relevant when a blogger they follow recommends it. However, had I gone after bloggers who write about finance, their audience most likely wouldn’t care.
Qualities to Look For In an Influencer
With your goals and target audience established, you can start to find influencers who are a great fit for your brand. There are three factors I recommend considering when choosing influencers.
Context: Is your social media influencer a contextual fit? This is the most important characteristic when targeting the right influencers for your brand. For example, Justin Bieber is among the most influential social media users, with 37+ million followers. Would his tweet about your software bring in sales?
Reach: In addition to wanting an influencer from your field, they’ve got to have reach. You want influencers to share their awesome content or positive recommendation of your brand with as many of the right people as possible. If your online business sold clothes for “tweens,” then maybe a mention to 37 million girls from Justin Bieber wouldn’t be so bad after all.
Actionability: This is the influencer’s ability to cause their audience to take action. This characteristic comes naturally when you target individuals that are in contextual alignment with your brand and have a far enough reach.
However, you need to think about the size of the influencer’s audience, too. For example, if you’ve got a niche store, a nano or micro-influencer is a great starting place.
Where to Look for Your Ideal Influencer
The final step in getting started with influencer marketing is finding influencers who meet the criteria we’ve listed above. Here are my favorite ways of finding them.
Social Media Monitoring
Brand advocates are the loudest influencers your brand can have. Not only does their audience follow them because what they write aligns with your brand, but they also talk loudly and actively about how much they like your company. By tuning in to your social media mentions and blog posts about your brand, you can find social media influencers and advocates you didn’t realize you had.
Social media monitoring also allows you to find influencers who advocate for the genre or niche you outlined in the first step. For example, someone may post and tweet heavily about yoga gear but not mention your website as an awesome place to buy yoga apparel or equipment. Well, you can engage with them and expose your brand to a wider audience.
Research Hashtags
Identify the hashtags that your target influencers are using. For my company, I follow #bloggeroutreach and #influencemktg. By tuning in to the conversations surrounding these hashtags, I have not only identified active talkers in these categories, but I’ve also identified blog topics that I wrote to appeal to these influencers.
Once you start finding influencers that seem like a good fit for your brand, I recommend putting them in a Twitter list so that you can organize and follow them most effectively.
Google Alerts
Set alerts for keywords related to your business to identify people who actively write about topics in your realm. You also should create alternatives for your brand’s name so that you can find posts and articles containing your mentions and identify active advocates.
How do you use these alerts to find influencers? Start by looking for individuals regularly mentioned or featured in articles related to your industry. Then, view their social media profiles and see if they have a significant following or engagement with their audience.
In addition, use Google Alerts to monitor conversations around specific products or services to gain insight into which influencers may promote those offerings.
Mention
Mention allows you to type in your company’s name to discover mentions on different outlets, such as YouTube, Twitter, and Facebook, just to name a few.
However, Mention isn’t just for monitoring your own brand name or products; it’s also handy for identifying potential influencers in your industry.
With Mention, you can easily find popular bloggers, vloggers, or even celebrities who have mentioned keywords related to your business, allowing you to reach out and potentially collaborate with them.
Blogger Outreach
Bloggers are arguably the strongest spoke in the wheel of influencers. One of the bonuses of targeting bloggers is they are almost always active across many social media platforms.
When locating influential bloggers for your brand, search for blogs in your genre and find the niche(s) by reading through the posts to determine if they write about relevant post topics. After making a list of contextually relevant bloggers, it’s time to locate their SEO stats and social media information to pinpoint the ones that equal the best reach for your brand.
Other ways to connect with influencers
There are various ways to connect with influencers; most of the time, you just need to be online. To make it easy, here are some more outreach techniques.
1. Create Valuable Content
The only way to gain respect is by earning it, and influential people didn’t get to their position without earning the respect of their followers.
The best way to attract qualified influencers is by providing valuable information they can use. Meaning if you want quality influencers, you need to publish high-quality content.
My infographics are an excellent example of this, even if I say so myself.
Researchers always need statistics and graphics to include in blogs, videos, and other publications.
Creating a steady supply of these infographics is a step toward letting the right influencers find you.
You’d be surprised how many backlinks I get just from infographics alone.
2. Conferences and Events
While the internet lets us connect to people through various means, there’s no better way to build rapport with someone than in person.
As bloggers, we can think like seasoned journalists and do the same thing.
Every year, there are dozens of blogger conferences you can attend. There’s also VidCon, the online video conference for the top stars of YouTube and other video platforms.
Attendance at one of these events is a great way to bump into popular video influencers with large audiences. Don’t forget after parties and auxiliary events.
3. Free Products
Learn what type of partnerships influencers are interested in. Knowledge is one of my products, so I typically offer a guest blog, infographic, or any of my services to influencers.
Building an ongoing working relationship with influential bloggers, YouTubers, and social media influencers through free products goes a long way.
Calculate the lifetime value of one customer, and that’s how much you’ll spend on each influencer in your program this way. For every dollar you spend on influencer marketing, you should see about $5 in ROI.
With enough smaller influencers, you won’t need to spend money on the big fish with huge asking prices.
Getting products into the hands of the right people ensures they can confidently sell them to your customers.
Influencer marketing is no different.
A Legal Caveat From The FTC
I can’t write a piece about influencer marketing and not mention the legal responsibilities that come with it.
Many influencers have faced significant fines for failing to clarify in their post that they received payment for endorsing/sharing a product with their followers.
To avoid any confusion, be sure to have a solid endorsement contract with specific language to clarify at the top of sponsored posts. Your contract should also state that the influencer has to disclose the material connections with your brand.
In the case of reviews, the influencer should state they received the product directly from the company.
However, even with a contract in place, it’s still your responsibility to ensure your influencer abides by the FTC guidelines, and it’s well worth regularly checking to ensure that there are disclosures in their content.
Making these necessary disclosures protects you, the influencer, and the consumers. It provides transparency and lets them know how you connected with the person on the other end.
For influencer marketing to be effective, you must team up with the right people. Here are some examples.
Callum Snape and Sun Peaks Resort
Macro-influencer Callum Snape is one of Canada’s best-known wilderness and travel photographers. That made him a perfect partner for Sun Peaks Resort, an alpine ski resort in British Columbia. His incredible images and videos created hundreds of thousands of views and likes, driving massive awareness for the resort.
Chrissy Teigen and BECCA Cosmetics
Launching a new product alongside a mega influencer can result in a huge boost in awareness. That was the case for BECCA Cosmetics, which launched its new Be a Light palette with Chrissy Teigen. Her promo video garnered 2.7 million views, which has helped launch an incredibly profitable product line.
Gymshark and Multiple Influencers
Gymshark has built a billion-dollar business on the back of influencers. The brand’s 66-day challenge is a great example of how you can raise brand awareness and engagement on a massive level by working with multiple social media influencers across several channels at once. By partnering with influencers like Melanie Wilking and Laurie Elle, Gymshark garnered 241.3 million views on TikTok and 750,000 posts on Instagram.
Walmart
Through its Creator Platform, Walmart gives social media users access to thousands of product links. Additionally, the platform provides influencers with valuable data so they can build their followers.
The retailer works with influencers on Instagram, TikTok, Pinterest, and YouTube. Social influencers promote clothing and groceries and get a commission when some clicks on their affiliate links.
FAQs
Do influencers get paid?
Yes! In fact, many influencers make a living out of their social media presence. Brands pay them to promote their products or services to their followers. Over the past few years, influencer marketing has become one of the most effective ways for companies to reach potential customers.
What is an example of an influencer?
Influencers come in many shapes and forms, from social media stars to bloggers and YouTubers. One example of a top influencer is Kylie Jenner, whose social media following reaches hundreds of millions of followers.
Does influencer marketing actually work?
Influencers have a loyal following of people who trust their opinions and recommendations. By partnering with an influencer, brands can tap into this trust and reach a wider audience than ever before. Plus, influencers often create visually appealing and engaging content that can help capture viewers’ attention.
How successful is influencer marketing?
With millions using social media platforms daily, influencers have become crucial to many successful marketing strategies. As long as there is social media, they’ll be social influencers. So it makes sense for brands to collaborate with influencers in their niche to help promote products and reach new audiences. Recent research shows that if brands were to reallocate spending based on the study’s results, they could achieve an engagement rate of up to 16.6 percent. However, levels of success vary depending on the influencer’s originality, follower size, and brand prominence. Further, 86 percent of brands interviewed consider it effective and say influencer marketing works as well as or better than their other marketing efforts.
Conclusion
Not all influencers are the same, and influencer marketing strategies are just as varied. However, if you can afford it, a team of influencers can raise brand awareness.
Otherwise, a large number of influencers with smaller, focused followings can be just as effective.
While the Internet may have changed, there’s nothing new about businesses wanting to get products into the hands of influential people.
We just have more efficient ways of doing it now.
Spend time finding the right influencers and building relationships with them. It’s something you need to do sooner than later to be successful.
You want to be part of the conversation.
You can drive that conversation with the right influencers.
With the economy up in the air due to inflation kicking into high gear, war, interest rates rising, and other factors that we can’t control we decided it would be great to see how other marketers are reacting.
And we didn’t want to know how marketers were reacting just in the U.S., we wanted to know on a global scale what businesses of all sizes in all major industries (and for both B2B and B2C) are doing.
So, at my ad agency, NP Digital, we decided to leverage our site traffic to conduct a wide survey so we could see what other marketers are doing and also find out the “why” behind their decisions.
Here’s what we found out.
Earned Media
Let’s look closely at each earned media channel to see how budgets are being reallocated.
SEO
68% of companies surveyed said they are increasing their SEO budget. The number 1 response on why they are making this is shift is because they said it provides a higher ROI than paid advertising. Which is true… it just takes longer to see results.
11% said they would maintain their SEO budget going into 2023. The number 1 response on why is because there wasn’t much flexibility with their overall marketing spend due to economic reasons.
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As for the 21% that said they were decreasing… it was a toss-up on why between two main responses.
The first was that SEO wasn’t producing results and the second was that the marketing team is having to make cuts to meet their reduced budget.
Organic Social Media
32% of companies are planning on increasing their organic social media budget. The primary response was because of the Apple IOS changes, and they aren’t able to spend as much as they want on paid social media.
26% said they would keep their budget as is with the main reason being that you have to be on the major platforms in order to communicate with customers and potential customers.
A whopping 42% said they would decrease due to organic reach continually declining and organic social media not providing as high of an ROI as it used to.
If you are facing a decline in organic reach, watch this:
83% of companies are increasing their content production budget. The number 1 response on why was due to the need to create content in multiple formats including video and the cost associated with it.
8% said they would maintain their budget. The main reason why was the economic situation limiting their ability to spend more.
And 9% said they are decreasing their content creation budget due to AI tools helping them create content more affordably.
AI Tools
Speaking of AI tools… they are the talk of the town these days. From GTP-3 to Dall-E to ChatGPT… there are a lot of companies leveraging these APIs to create their own tools or to make their marketing more efficient. Especially with earned media.
A staggering 98% said they would invest in AI tools in 2023. The main reason why revolved around these 3 main points:
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Save money by automating content creation
Reduce the amount of time spent on creating content
Ability to reduce headcount in the content department
2% said they would not test out AI tools, and the main reason was they felt that the quality of the AI tools isn’t up to their standards.
Email Marketing
56% of companies said they would increase their email marketing budget. It was a toss-up on why marketers said they would increase their budget…
Because their list size is growing so their costs for housing email addresses are going up
Due to privacy laws, companies are spending more to make sure they are compliant with personal data
Companies are investing more in marketing automation
38% of companies plan on maintaining their email marketing efforts. The main response why was they believed email is an important channel to use to communicate with existing and potential customers.
6% said they plan on decreasing their email marketing budget. There were 2 main responses on why marketers said they would decrease their budget… it was between
Companies pruning their email list of inactive subscribers which would allow them to save money
Companies are switching email marketing software providers to save money
Very few companies planned on reducing headcount related to email marketing efforts.
UX/Conversion Rate Optimization
61% of companies plan on increasing their overall UX/CRO budget. It was a toss-up on the main reason they wanted to increase their overall budget in this category. The reasons were:
With the rising cost of ads, CRO helps provide a better ROI
UX important part of the overall marketing experience
26% of companies plan on keeping their UX/CRO budget the same primarily for the same reasons as above.
And 13% plan on decreasing their budget due to economic reasons as the main driver.
Podcasting
Podcasting is one of those marketing channels that isn’t saturated yet. And the survey results show that marketers believe in it as a viable channel for the future.
92% of companies are planning to increase their podcasting budget in 2023. The main response was that they currently don’t have a podcast and are planning on creating one.
5% of companies are planning on maintaining their existing podcasting budget. The main response on why is they haven’t figured out how to drive meaningful revenue from their podcast so they don’t want to spend too much yet.
And 3% plan on decreasing their podcasting spend. The main reason was due to economic factors requiring marketing to make cuts.
Community-Building
84% of companies are increasing their spend on community building. The main reason was that marketers want to feel more in control of their destiny instead of being beholden to algorithms that they can’t control.
12% of companies plan to maintain their community building. The majority of the companies in this category felt it was important to increase their budget but they weren’t able to due to economic reasons.
And 4% plan on decreasing their community-building budget due to the economy.
Paid Ads
There are a lot of different paid ad channels, for this category we looked at the main leaders. So, let’s start off with search ads.
Search Ads
With Google and Bing ads, most companies (59% and 47% respectively) are looking to increase their budgets. Almost all of the responses on why were that it provided a clear ROI compared to other marketing channels.
Both channels had roughly the same percentage for maintaining the budget at 18% for Google and 19% for Bing. The main response for maintaining the budget was they haven’t figured out how to scale while maintaining profit margins.
And as for the decreases (23% for Google and 34% for Bing), the main responses were related to:
The average cost per click for their industry is getting cheaper
Fewer people were searching for the keywords they were bidding on so their overall spend is decreasing.
Social Ads
The percentages in the graph above are all over the place, but the story is consistent when you look at the responses.
With Facebook, Instagram, and Snap, the main responses for either maintaining or decreasing spend are related to the Apple IOS privacy changes. In other words, marketers aren’t able to generate the same ROI from Facebook as they used to be able to.
Some of the companies got lucky and were able to maintain their spend to generate a similar ROI and some had to decrease their spend in order to keep their ads profitable… again due to IOS privacy changes.
A smaller percentage on these 3 platforms were able to increase their budgets. The main response to increasing is that their campaigns are profitable so they plan on scaling.
As for YouTube and Pinterest, (28% and 35% respectively) said they planned on increasing their budgets. The main response was their ads are profitable and they want to scale them.
33% (YouTube) and 29% (Pinterest) plan to maintain their ad spend because their ads are profitable. The second most popular response for maintaining was they can’t scale due to it making the ads unprofitable.
As for the decrease in YouTube and Pinterest ad spend, the main response was related to the economy impacting their business and budget cuts in marketing.
With Tiktok, the majority of marketers, at a whopping 84%, said they plan to increase their overall spend on this platform because they see it as an untapped opportunity.
And with LinkedIn, the majority of the companies who responded about their LinkedIn ad spend were in the B2B category. 57% plan on increasing their budget with the number 1 response being that they feel it is the best platform to target their ideal customer.
35% plan on maintaining their LinkedIn ad spend with the main reason being that it is working but they aren’t able to scale due to a lack of inventory for their target demographic.
And 8% plan on decreasing their LinkedIn ad spend with the primary response being due to their company slowing down for economic reasons.
Now I wanted to save the most interesting one for last, which is Twitter. I didn’t actually expect these results… and you’ll see why…
28% of companies plan on increasing their Twitter ad spend. The number one response on why was they feel there is an opportunity to acquire customers for less on the platform due to companies pulling out after Elon bought them.
And 34% plan on decreasing their ad spend. When asked why the main response was they don’t agree with how Elon Musk is running the platform and the changes he has been making.
Other Online Ad Buys
Let’s dive into each of the channels as the responses were interesting.
With podcast ads, 78% plan on increasing their ad spend. The top reason was they plan on buying ads to promote their own podcast in order to make it more popular. 18% plan on maintaining their ad spend with the responses primarily discussing how it produces a positive ROI or that companies felt it was great for branding and cheaper than radio.
With the 4% of respondents saying they are decreasing their ad spend, the primary reason was that they are seeing a decrease in ROI from their podcast ad spend.
For banner ads, 34% plan on increasing their ad spend with the main response being it’s profitable and they want to scale it. 52% plan on maintaining their spend with the main reason being around it being profitable. And 14% of companies plan on decreasing their ad spend due to mainly not being as profitable as they would like.
As for remarketing spend, 94% plan to increase their ad budget as they see it as one of their most profitable marketing channels. 5% plan on maintaining it as it is profitable. And 1% plan on decreasing their remarketing ad spend with the main reason being around lack of conversions.
52% of companies plan on increasing their ad spend for OTT/CTV with the main reason being it provides more transparency and trackability than traditional TV ads. 35% plan on maintaining their spend for this category with the main responses being related to it providing great branding and or profitability.
As for the 13% that plan on decreasing their spend, the main reason was shifting the budget to Google ads and other channels that are more profitable.
Now looking at influencer marketing, which is mainly used by eCommerce companies, 41% plan on increasing their spend with the main reason being is it provides a better ROI than other marketing channels that they are using.
17% plan on maintaining their spend with the main response being that it is profitable and cutting it would cause the company to lose money.
And funny enough 42% plan on decreasing their influencer marketing ad spend with the main response being that they aren’t able to produce a positive ROI.
If you look at the percentages you can clearly see influence marketing is either working for companies or isn’t. Roughly 58% of the companies that use this tactic are able to do so profitably.
Traditional Ads
With traditional ads, there was a big trend. In almost all channels companies responded with their plan to decrease traditional ad spend.
It was a toss-up with a few reasons. The main ones being:
Lack of ability to track return on investment
Economy causing marketing budget cuts
A shift toward moving ad spend to performance marketing due to better results.
A lot of companies are still maintaining their budgets and when we dug through the responses very few companies are stopping their traditional ad spend all together as they still believe it is an important channel to reach their customers.
Overall Marketing Budget
As you saw from all the graphs above there are a lot of budgets shifting around.
But we wanted to also know what companies are doing with their overall marketing budget. Are they increasing… decreasing?
I assumed with the economy a lot of companies would be decreasing their spend, but overall more companies are increasing them in both B2C and B2B than decreasing.
26% of B2C companies plan on increasing their spend, 51% plan on maintaining their spend, and only 23% plan on decreasing their spend.
The main responses for increasing or maintaining their spend revolved around their marketing either being profitable or just overall working.
As for the decreases, most of the reasoning was around the economy and how it is already impacting their business.
As for B2B, a lot of the companies in this category have recurring revenue and much more predictability into future quarters when it comes to financial performance.
34% of them plan on increasing budgets with the primary reasoning being their marketing is profitable or at least when looked at from a lifetime value perspective. 45% plan to maintain with the above reasoning being the primary driver as well.
And 21% of B2B companies plan on decreasing their overall marketing spend due to the economy impacting the company’s overall health.
Conclusion
Even though most marketers are worried about the economy and are making changes to their marketing, the majority of them are increasing their spend or maintaining versus reducing.
From an earned media perspective most companies are looking to increase their budget due to it providing a higher ROI, other than organic social with the primary reason being organic reach is continually declining.
And with AI tools becoming the latest craze, most marketers are at least trying them out.
From a paid ads perspective, most companies are planning on increasing or maintaining their search ads. But with social ads, many companies are planning to decrease. Not because of choice, but due to IOS privacy changes impacting the performance of their ads and companies not being able to scale their social ads as profitably as they use to.
Funny enough with it comes to Twitter it’s a bit polarizing as 28% of companies are planning on increasing ad spend because 34% of companies are planning on decreasing or stopping their ads due to their views on Elon Musk and the decisions he has made.
As for traditional ad buys, in all channels, the majority of companies are planning on decreasing their ad spend and shifting a lot of the money to performance channels like Google Ads or SEO which is more trackable.
So now that you know what others are doing, real question is, what are you doing with your marketing budgets in 2023?
Zibo, a seemingly unremarkable industrial city in eastern China, has unexpectedly become a magnet for tourists. The city’s native, Mr. Zhang, was taken aback by the overwhelming influx of visitors when he returned home for his wedding. It was a stark contrast to the usual calm atmosphere of the city. “I couldn’t guarantee high-speed train tickets, hotel room bookings, or even find a place for a barbecue meal,” Mr. Zhang expressed to the BBC.
Since China lifted its Covid restrictions in January, Zibo has been in the spotlight of social media frenzy. Influencers and the chance to unwind after enduring strict lockdowns have enticed millions of domestic travelers to this previously obscure destination in Shandong province. The main attraction? Affordable barbecue, with skewers priced as low as 2 yuan ($0.30) each.
Videos shared online showcase the vibrant atmosphere in Zibo as crowds indulge in food and drink. On the Chinese social media platform Xiaohongshu, one user described an open-air karaoke session where people enthusiastically enjoyed their meals, sang, and danced around their dining tables, illuminated by waving light sticks.
Barbecue holds a special place in Chinese cuisine, especially in the northern and western regions, involving marinated meat and vegetable skewers grilled over charcoal. In Zibo, locals have a particular fondness for rolling the grilled skewers in thin pancakes with scallions.
Online influencers have dubbed Zibo as China’s outdoor barbecue capital, with over 1,270 barbecue joints in the city, according to the president of Zibo’s Barbecue Association. Since early March, Zibo barbecue has trended on Chinese social media platforms like Xiaohongshu and Weibo.
The surge in popularity has transformed Zibo’s landscape. In March, the city’s population more than doubled. On April 29, Zibo Railway Station recorded an all-time high of 87,000 train trips, according to Chinese news website Caixin. During the Golden Week holiday in early May, Zibo boasted one of the nation’s highest hotel room occupancy rates.
Local authorities swiftly capitalized on the sudden tourism influx, creating a barbecue zone that accommodates 10,000 people and features live band performances. Volunteers, including kindergarten children, were dispatched to the railway station to offer advice and recommendations to tourists. Museums extended their opening hours, and designated buses and trains were arranged to transport visitors to the most popular barbecue spots. The government even issued warnings of potential punishments for hotels engaging in excessive price hikes.
The efforts to accommodate tourists have proven successful. A university student praised the delicious and unique barbecue methods, attributing the surge in tourism to the government’s swift reaction and the city’s down-to-earth and tourist-friendly atmosphere. Affordability has also played a role, as students who engage in cost-effective “special forces travel” find Zibo an appealing destination for short, budget-friendly trips.
Social media influencers have also contributed to Zibo’s newfound popularity. When tagged by his followers, food vlogger SpecialWulala, with over 15 million followers on Douyin (China’s version of TikTok), traveled to Zibo in March. A month later, a popular influencer known for exposing dishonest restaurants visited Zibo and found no foul play among the stalls.
However, not everyone in the city has been able to cope with the overwhelming number of tourists. A widely shared video on Weibo depicted a restaurant owner bowing down repeatedly and apologizing to a customer who couldn’t be served due to full capacity. The demands on restaurant staff have been intense, with employees sleeping only four hours a day to meet customer demand.
Recognizing the strain on the city, Zibo’s Culture and Tourism Bureau published a letter advising people to avoid visiting during the May Day holiday. The
letter expressed concern about the uncontrollable popularity of Zibo’s barbecue scene, acknowledging the inconvenience and trouble it has caused. They emphasized that accommodating the recent surge of tourists has pushed the city’s limits.
Mr. Zhang, too, believes that sustaining such a high volume of tourists is challenging, especially considering that barbecue is primarily a summer event. With a population of less than five million, hosting a net inflow of 200,000 people becomes increasingly difficult in the long run.
Nevertheless, the majority of locals remain content with the influx of visitors, willingly stepping aside from popular spots to make room for outsiders. Mr. Zhang shared that his fellow citizens take pride in their hometown’s newfound nationwide fame.
Zibo’s transformation from a sleepy industrial city to a bustling tourist destination serves as a testament to the power of social media, influencers, and affordable culinary experiences. While the challenges of managing the sudden influx of tourists are apparent, it is a remarkable example of how a hidden gem can capture the attention of the masses and bring newfound recognition to a place previously overlooked.
State Farm Boat Insurance: Protect Your Vessel and Your Crew
Boating can be an exciting and adventurous pastime, but it also comes with inherent risks. Whether you’re out on the open water or docked at a marina, unexpected accidents and damage can occur. That’s where State Farm’s boat insurance comes in, providing coverage and peace of mind for boat owners.
State Farm’s boat insurance offers a range of benefits for boat owners, including protection against damage or loss to your vessel, as well as liability coverage for injuries or damage caused to others. This coverage can also extend to equipment and accessories on board, such as radios, fishing equipment, and life jackets.
One unique feature of State Farm’s boat insurance is their Agreed Value coverage. This means that in the event of a total loss of your vessel, you will receive the full agreed-upon value of your boat, with no depreciation or deduction for wear and tear. This is a valuable feature for boat owners who want to ensure they can replace their vessel in the event of a total loss.
In addition to standard coverage options, State Farm’s boat insurance also offers options for additional protection, such as coverage for personal effects and fishing equipment. They also offer optional coverage for towing and assistance, as well as pollution liability coverage.
Another advantage of State Farm’s boat insurance is their knowledgeable and experienced team of agents, who can help you navigate the coverage options and ensure you have the right level of protection for your vessel and crew. They can also provide guidance on safety measures and best practices to minimize the risks of accidents or damage.
In conclusion, State Farm’s boat insurance offers a comprehensive range of coverage options for boat owners, with unique features such as Agreed Value coverage and optional coverage for personal effects and pollution liability. With the expertise and support of their agents, boat owners can feel confident in their coverage and focus on enjoying their time on the water.
State Farm Small Business Insurance: Protecting Your Business in Uncertain Times
As a small business owner, protecting your business is crucial for its success and longevity. One way to ensure that your business is protected is by investing in insurance coverage. State Farm offers a range of small business insurance products that can be customized to meet the unique needs of your business. In this article, we’ll take a closer look at State Farm small business insurance and the benefits it can provide for your business.
I. Introduction
A. Importance of Small Business Insurance
Small businesses face a variety of risks and uncertainties on a daily basis. These risks can include property damage, liability claims, and unexpected events that can disrupt business operations. Investing in insurance coverage can help mitigate these risks and provide peace of mind for business owners.
B. Overview of State Farm Small Business Insurance
State Farm offers a range of insurance products that can be tailored to meet the specific needs of small businesses. These products include commercial property insurance, business liability insurance, and business auto insurance, among others. With customizable policies and exceptional customer service, State Farm is a trusted provider of small business insurance coverage.
II. Types of State Farm Small Business Insurance
A. Commercial Property Insurance
Commercial property insurance protects your business property, including buildings, equipment, and inventory, against damage or loss caused by covered events such as fire, theft, or vandalism. State Farm offers customizable commercial property insurance policies that can be tailored to meet the unique needs of your business.
B. Business Liability Insurance
Business liability insurance provides protection against legal claims brought against your business by third parties, such as customers or vendors, for bodily injury or property damage caused by your business operations. State Farm offers customizable liability insurance policies that can be tailored to meet the specific needs of your business.
C. Business Auto Insurance
Business auto insurance provides coverage for vehicles owned or used by your business, including cars, trucks, and vans. This coverage can protect against damages or injuries caused by accidents involving your business vehicles. State Farm offers customizable business auto insurance policies that can be tailored to meet the unique needs of your business.
III. Benefits of State Farm Small Business Insurance
A. Customizable Policies
State Farm offers customizable small business insurance policies that can be tailored to meet the specific needs of your business. This ensures that businesses are only paying for the coverage they need, and not for coverage that isn’t necessary.
B. Risk Assessment and Mitigation
State Farm offers risk assessment services that can help businesses identify potential risks and liabilities and take steps to mitigate those risks. This can help businesses reduce the likelihood of claims and keep insurance costs down.
C. Exceptional Customer Service
State Farm is known for its exceptional customer service, and this extends to its small business insurance policies. State Farm agents are available to answer questions and provide guidance throughout the insurance process, from choosing the right policy to making a claim.
IV. How to Purchase State Farm Small Business Insurance
A. Finding a State Farm Agent
To purchase State Farm small business insurance, the first step is to find a State Farm agent in your area. State Farm has agents throughout the country, and you can search for agents on the State Farm website.
B. Getting a Quote
Once you’ve found a State Farm agent, the next step is to get a quote for insurance coverage. The agent will ask questions about your business, including its size, structure, and industry, as well as the type and amount of coverage required.
C. Customizing Your Policy
Once you’ve received a quote, you can work with the State Farm agent to customize your insurance policy. This includes choosing the type and amount of coverage, as well as any additional riders or endorsements that may be necessary.
D. Making Payments
Once you’ve customized your policy and agreed to the terms
of the coverage, the final step is to make payments. State Farm offers a variety of payment options, including online payments, automatic payments, and payments by mail.
V. Conclusion
State Farm small business insurance offers customizable insurance coverage that can help protect your business from unexpected events and liabilities. By investing in State Farm insurance, small business owners can gain peace of mind and focus on growing their business, knowing that they are protected against potential risks. To learn more about State Farm small business insurance and how it can benefit your business, visit the State Farm website or contact a State Farm agent today.
I. Introduction A. Explanation of Business Liability Insurance B. Importance of Business Liability Insurance C. Overview of State Farm Business Liability Insurance.
II. Types of Business Liability Insurance Coverage A. General Liability Insurance B. Professional Liability Insurance C. Product Liability Insurance
III. Factors to Consider When Choosing Business Liability Insurance A. Business Size and Structure B. Industry Risks and Liabilities C. Policy Coverage and Limits D. Premium Costs and Deductibles
IV. Benefits of State Farm Business Liability Insurance A. Comprehensive Coverage B. Customizable Policies C. Risk Assessment and Mitigation D. Exceptional Customer Service
V. How to Purchase State Farm Business Liability Insurance A. Finding a State Farm Agent B. Getting a Quote C. Customizing Your Policy D. Making Payments
I. Introduction
A. Explanation of Business Liability Insurance
Business liability insurance is a type of insurance that protects businesses from potential losses due to legal claims brought against them by third parties, such as customers, employees, or vendors. Business liability insurance covers costs related to legal defense fees, settlements or judgments, and medical expenses related to bodily injury or property damage caused by the business.
B. Importance of Business Liability Insurance
As a business owner, it’s important to protect your company’s assets from unforeseen risks. Without proper liability insurance coverage, a single lawsuit or accident could result in significant financial losses that could jeopardize the future of your business.
C. Overview of State Farm Business Liability Insurance
State Farm offers a variety of business liability insurance policies designed to meet the needs of different types of businesses, from small startups to large corporations. State Farm business liability insurance policies are customizable, so businesses can choose the coverage that’s right for them.
II. Types of Business Liability Insurance Coverage
A. General Liability Insurance
General liability insurance is the most common type of business liability insurance. It covers claims related to bodily injury or property damage caused by the business, as well as claims related to advertising injury, such as copyright infringement or defamation.
B. Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance, protects businesses from claims related to professional services or advice provided by the business. This type of insurance is particularly important for businesses in industries such as law, medicine, or accounting, where mistakes or omissions could result in significant financial losses for clients.
C. Product Liability Insurance
Product liability insurance protects businesses from claims related to injuries or property damage caused by products sold or manufactured by the business. This type of insurance is particularly important for businesses in industries such as manufacturing or retail, where products can pose potential risks to consumers.
III. Factors to Consider When Choosing Business Liability Insurance
A. Business Size and Structure
The size and structure of your business will play a role in determining the appropriate type and amount of liability insurance coverage. Smaller businesses may require less coverage than larger businesses, while sole proprietors may require different coverage than corporations.
B. Industry Risks and Liabilities
Different industries pose different types and levels of risks and liabilities. It’s important to choose liability insurance coverage that is tailored to the specific risks and liabilities faced by your business.
C. Policy Coverage and Limits
When choosing liability insurance coverage, it’s important to consider the coverage and limits of the policy. Some policies may have exclusions or limits that may not be suitable for your business.
D. Premium Costs and Deductibles
The cost of liability insurance coverage varies depending on the type and amount of coverage required,
as well as the deductible chosen. It’s important to balance the cost of the premium with the level of coverage required to ensure that your business is adequately protected without breaking the bank.
IV. Benefits of State Farm Business Liability Insurance
A. Comprehensive Coverage
State Farm offers comprehensive liability insurance coverage that can be customized to meet the specific needs of your business. This coverage includes protection against claims related to bodily injury or property damage caused by the business, as well as claims related to advertising injury and professional services or advice provided by the business.
B. Customizable Policies
State Farm offers customizable liability insurance policies that allow businesses to choose the coverage and limits that best meet their needs. This ensures that businesses are only paying for the coverage they need, and not for coverage that isn’t necessary.
C. Risk Assessment and Mitigation
State Farm offers risk assessment services that can help businesses identify potential risks and liabilities and take steps to mitigate those risks. This can help businesses reduce the likelihood of claims and keep insurance costs down.
D. Exceptional Customer Service
State Farm is known for its exceptional customer service, and this extends to its business liability insurance policies. State Farm agents are available to answer questions and provide guidance throughout the insurance process, from choosing the right policy to making a claim.
V. How to Purchase State Farm Business Liability Insurance
A. Finding a State Farm Agent
To purchase State Farm business liability insurance, the first step is to find a State Farm agent in your area. State Farm has agents throughout the country, and you can search for agents on the State Farm website.
B. Getting a Quote
Once you’ve found a State Farm agent, the next step is to get a quote for liability insurance coverage. The agent will ask questions about your business, including its size, structure, and industry, as well as the type and amount of coverage required.
C. Customizing Your Policy
Once you’ve received a quote, you can work with the State Farm agent to customize your liability insurance policy. This includes choosing the type and amount of coverage, as well as the deductible.
D. Making Payments
Once you’ve customized your policy and agreed to the terms, you can make payments for your liability insurance coverage. State Farm offers a variety of payment options, including online payments and automatic payments.
Conclusion:
State Farm business liability insurance provides comprehensive coverage for businesses of all sizes and structures. By choosing the right type and amount of coverage, businesses can protect themselves from potential financial losses due to legal claims brought against them by third parties. With customizable policies, risk assessment services, and exceptional customer service, State Farm makes it easy for businesses to get the coverage they need to protect their assets and secure their future.
We’re here to help you understand what business liability insurance coverages your company may need. Whether it’s learning what general liability insurance covers or getting a general liability insurance quote, we’re here to help.
What Does General Liability Insurance Cover?
General liability insurance helps cover costly claims that can come up during normal business operations. If you don’t have coverage, you’d have to pay for these general liability insurance costs out of pocket.
A general liability insurance policy can help cover claims that your business caused:
Third-party bodily injury: If a customer gets hurt after slipping and falling in your store, they can sue your business. Your insurance policy includes bodily injury liability coverage, so it can help pay for their medical bills.
Third-party property damage: If you or your employees work at a client’s house, your business faces a risk of causing property damage. Property damage liability coverage can help pay for repair or replacement costs if your business damages someone else’s belongings.
Reputational harm: Someone can sue your business for libel or slander because of something you or your employees said. If this happens, general liability insurance can help cover your legal costs to defend your business.
Advertising injury: Your business can get sued for copyright infringement. For example, a photographer can sue you if you use their photo in your ads without permission.
Be aware that general liability insurance doesn’t cover every kind of claim. For example, it doesn’t help your business with claims of:
Work-related injuries or illnesses sustained by employees, which workers’ compensation insurance can help cover. This insurance can help pay for their medical expenses and ongoing care costs.
In addition to GLI, there are other types of liability insurance that most insurance companies recommend:
Commercial umbrella insurance provides additional limits on top of some of your existing liability policies to help pay for expensive claims.
Employment practices liability insurance can help cover your legal defense costs and settlements or judgments if a current or former employee sues you for employment-related harassment, discrimination or wrongful termination.
Commercial auto insurance helps protect you and your employees on the road if you’re driving a car for business.
Why Do You Need General Liability Insurance?
Liability claims aren’t uncommon and can get expensive. In fact, 4 out of 10 small businesses will likely experience a liability claim in the next 10 years.** Slips and falls are the leading cause of emergency room visits.1 The average cost of this kind of claim is $35,000. If a claim leads to a lawsuit, it can increase its average cost to more than $75,000 to defend and settle.** Without general liability insurance, your business would have to pay for these costs out of pocket and it can put you out of business.
You may also need general liability insurance before you can work with other businesses. Some companies may ask you to provide proof of insurance, also known as a certificate of insurance.
What Is the General Liability Coverage That’s Right for My Business?
Even though every business is unique, each one can benefit from having general liability coverage. We can work with you to customize your policy so you get the coverage amounts that are right for your business.
We’re backed by more than 200 years of experience and have helped over 1 million small business owners. We’re here to do the same for yours. We can help answer the question of “what is general liability coverage?” If you’re looking for a quote, trying to find out what your business’ general liability class code is or need help going through the claims process, our specialists are here for you. Our team consistently receives top scores for customer satisfaction in general liability insurance reviews, so you can have peace of mind knowing we’ve got your back.*
Three simple, essential ingredients — the moment of connection, the meal and an ice-cold Coca-Cola — combine to create a “recipe for magic” when friends and family gather around the table. That’s the core message behind a new global Coca-Cola campaign announced today in the United States, Canada, Latin America, Europe, Japan and other key markets.
“A Recipe for Magic” celebrates the human bond formed by family members, friends and even strangers while breaking bread – rooted in the belief that whether an everyday or a specially planned occasion, meal moments become magical when they are enjoyed together. All it takes is a mix of good company, great food and ice-cold Coca-Cola.
Anchoring the “A Recipe For Magic” creative content is foodie and mom, Gigi Hadid. “Cooking is a love of mine. It’s an extension of my creativity,” Hadid said. “I learned, especially from my dad, that cooking is so much about intuition, self-expression, and connecting with others.”
While content featuring Hadid and friends will launch in select markets around the world, Chinese actor and food enthusiast Yang Yang, and Mexican “chefluencer” Oscar Meza, will also bring the campaign to life through TV and social media films, recipe-focused billboards and more.
More than 80% of people wish they could share a meal more often with loved ones*, with over 65% believing that sharing a meal reminds them of the importance of connecting with others.**
“It’s clear people are longing for greater connection in today’s hyper-connected world, and a universal insight is that meals have the power to do just that,” said Elif Kaypak, Global Brand Marketing Lead, The Coca-Cola Company. “Coca-Cola has a rich and storied connection with food and has established its role as the perfect pairing to meals cooked at home, ordered-in for takeout, or enjoyed in a restaurant. We hope this campaign will encourage our fans to get together and share more than just the food on the table through authentic moments.”
According to research, one in two global shoppers agree that Coca-Cola helps make gatherings more enjoyable* and approximately 86% of the brand’s global shoppers agree that Coca-Cola makes any meal better.*
Markets will support the campaign through content from approximately 750 influencers and locally relevant chefs. The goal is to create more meaningful meal moments and encourage people to get together and share more than just the food on the table.
“We hope to create a movement where people share their own ‘recipes for magic’,” Kaypak said. “While Coca-Cola is universal, food is inherently local — so we are intentionally featuring a diverse range of cuisines and creators. The complexity of life pulls us away from each other and the table, so we hope to inspire people of all ages, all backgrounds, all walks-of-life, to come together around the table and celebrate the magic of shared meals and Coca-Cola.”
As a business owner, protecting your company’s assets is a top priority. One key aspect of that protection is securing proper insurance coverage, including business car insurance. Commercial car insurance is designed to cover vehicles used for business purposes, such as transporting goods or people, making deliveries, or driving to meetings and appointments.
When searching for business car insurance, it’s important to consider several factors. First and foremost, you’ll want to make sure the policy provides adequate coverage for your company’s needs. This may include liability coverage, which protects against damages or injuries caused by your business vehicle, as well as collision coverage, which covers damage to your vehicle in the event of an accident.
Another important consideration is the cost of the policy. While it’s important to ensure you have sufficient coverage, you don’t want to overpay for insurance. It’s a good idea to shop around and compare quotes from multiple insurers to find the best rates.
When researching business car insurance, you’ll also want to take into account any additional benefits or perks offered by the insurance provider. Some insurers may offer roadside assistance, rental car reimbursement, or other services that could be valuable to your business.
Ultimately, the goal of business car insurance is to protect your company’s assets in the event of an accident or other unexpected event involving one of your business vehicles. By understanding your insurance options and choosing the right policy for your needs, you can ensure your company is properly protected and minimize potential financial losses.
Even though every business is unique, each one can benefit from having general liability coverage. We can work with you to customize your policy so you get the coverage amounts that are right for your business.
