Cure Media has had a busy fall, doing keynote speeches at international stages. And this year that included an invitation to speak at the Influencer Marketing Show in London, the largest industry event in Europe. The Influencer Marketing Show gathers brands, tech providers, content creators and agencies from all over Europe to meet and connect with each other.
As influencer marketing has become one of the fastest-growing areas of e-commerce, reaching almost 17 billion US dollars in 2022, there was a lot of excitement around the event as people gathered to learn about the newest evolutions and happenings in the industry. Cure Media shared their expertise on being a data-driven influencer marketing agency.
What Does Being Data-Driven Really Mean?
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Holly Morran, Cure Media’s Marketing Manager for the UK went on stage together with colleague Bernard Rosencrantz, Data Scientist to shed light on what it really means for a marketing agency, or brand to be fully data-driven.
For a long time, being “data-driven” is something that a lot of agencies and brands claim that they are. A quick google search for ‘data driven influencer marketing’ brings back 16,400 results and in a tough economy, marketers reasonably want to do whatever they can to ensure real, quantifiable results from their influencer marketing investments. Being “data-driven” has become somewhat of a buzzword in the marketing world and it’s been touted to be the answer and sort of a full-funnel solution to all of marketing’s worries as it can inform strategy, guide influencer selection, direct optimisation and help count up results at the end. However, the word is being grossly oversold and a lot of companies are too focused on vanity metrics and basic audience demographics, which makes a lot of companies’ approach to data-driven marketing fall short.
Holly, what do you think is the most important takeaway for brands to learn from your presentation on being data driven and what does it take for a company to become so?
There are some common offenders of ‘data-driven’ influencer marketing that I’d encourage brands to approach with a healthy dose of cynicism. Things like an over reliance on spreadsheets or vanity metrics, or only utilising performance tactics, forgetting about branding. These are tactics or approaches we see touted time and time again as evidence that an agency or a strategy is data-driven. But while they certainly can play a part in being data-driven, they are far from the be-all and end-all, and they’re certainly no