Influencer marketing is increasingly staking more of a claim of the digital landscape. MediaKix reported that after having once been used as merely an “afterthought” tactic, influencer marketing is now a $5-10 billion industry. As a result, influencer marketing has shifted to the primary strategy of many, with two-thirds of marketers vowing to increase their influence marketing spend in 2020. Supply of influencers appears to be in no short-demand either, with 320 more platforms and influencer marketing-focused agencies created last year, according to Influencer Marketing Hub.
The question, therefore, is not whether to use influencer marketing in your strategy. That has become almost a given. But, instead, it’s a question of how to do so in a unique way that stands out from the increasingly busy crowd. As a business and browser, you’re likely accustomed to seeing sponsorship or AD deals on Instagram. However, Statista has projected there to be over 6.2 million of those types of posts in 2020 alone, making that route a highly saturated market. Soon, a one post brand deal may no longer cut the mark.
It’s soaring popularity is forcing businesses to get increasingly creative and innovative in the way they utilize influencer marketing. In the case of a platform like MasterClass, an education platform with the tagline “that thing you’ve always wanted to do,” they’re doing it to great effect by marrying the classes they offer with high-profile names in that particular industry—for example, Gordon Ramsay as the face of the cooking class. Or, Martin Scorsese teaching filmmaking.
Recently, they used Bob Iger as one of their influencers to promote their subscription service. His particular promotion focused on teaching entrepreneurs “how to evolve your business and career. Learn strategies for expanding a brand, leading with integrity, and making big moves—from risk management to the art of negotiation.”
Why Did It Work So Well?
The power of influencer marketing lies in its innate relatability and personability. Bob Iger is the executive chairman and former CEO of Disney, which gave MasterClass a 2-point play.
On a professional level, firstly, their target audience, which in this case is ambitious entrepreneurs, are likely to know of Bob Iger and his incredible achievements. He’s a shining example of the entrepreneurial dream, having started out as a studio supervisor at ABC, to eventually climb the ranks and successfully lead one of the most powerful businesses in the world. So much so, last year, Forbes reported that Iger had a net worth of $690 million, and he was crowned Times Businessperson Of The Year. Due to the high-profile nature of his role, he’s also publicly overcome, addressed, and conquered everything he is promising to deliver on the MasterClass platform. For example, just recently, Iger proved his worth and respectability as a businessman and leader by forgoing his entire salary to help Disney weather the COVID-19 storm. This type of “proof” is something extremely rare in the business and education remit that the audience MasterClass would be targeting are likely craving.
Then, there’s the personal level MasterClass is also cleverly utilizing too – Iger’s affiliation to Disney. Disney is generally a well-known, beloved brand for many that lives on and lasts through generations. From the recent successful reboots of Lion King and Beauty and the Beast to the launch of their streaming service Disney+, Disney somehow manages to remain traditional in its values, yet trailblazing in its execution. Whether you’re a die-hard Disney fan, who is into the films, parks, products, or not, everyone who starts a business wants to build a brand like it and aspire to its level of incredible success. Whether this ticks one box or two for anyone looking to better themselves and their business, Iger and his role in Disney are immediately trustworthy and credible, making MasterClass exactly that too.
What Can This Teach Us?
According to The Digital Marketing Institute, influencer marketing is the fastest-growing online customer-acquisition method. For many, the temptation to jump ship on their current primary marketing strategy and turn to influencer marketing is going to rise.
However, it’s crucial not to rush finding the face of your next campaign. When it comes to influencer marketing, getting the right person to promote your product, business, or brand is vitally important. It doesn’t necessarily have to be on MasterClass’s celebrity, heavyweight level with Bob Iger. But, it does need to make sense to your audience and to your brand’s message.