Is Influencer Marketing still relevant?

Is influencer marketing dying? 

Twitch saw a stark decline from the peak of 6.5 million viewers during the 2020 pandemic. YouTube has also seen a 12.4% drop in viewership since 2020, along with notable losses in total hours streamed and concurrent viewers. Markets always ebb and flow, but there are always naysayers against any industry. 

Ten years ago, ‘Twitch streamer’ wasn’t a job. 

Now, with falling stats, critics argue that the streaming industry is in steady decline. The claim? Relying on this market isn’t beneficial anymore. After all, who can recreate the strange circumstances of the pandemic? Locked in, nowhere to go, and the only place to spend money? Online.

In this article, we’ll explore these insights using real-life examples. Let’s examine why some may be predicting the end of influencer marketing, and if their claims hold any water.

So Why The Skepticism On Influencer Marketing?

To understand this, let’s rewind further back in time – pre-pandemic. Between 2016 and 2017, influencer marketing was the industry bread and butter. For industries seeking high ROI, it was a great, accessible avenue. 

Then came April 2017. The Fyre Festival.

In case you missed it, Fyre Festival was a music festival created by con artist Billy McFarland. Influencers like Ja Rule, Kendall Jenner, and Emily Ratajkowski promoted the event. However, on the morning of the festival, attendees arrived to find nothing prepared. 

The event didn’t even take place.

Okay, the Fyre Festival is the most extreme of examples, but it highlights the growing concerns about influencer marketing. 

Authenticity is everything in an era of curation, so by the end of 2017, and moving into 2018, consumers became more discerning. Companies realized that they needed to refine their approaches. Despite these challenges, influencer marketing didn’t die out. 

In fact, it adapted for the mainstream market. Gaming, in particular, remains one of the most effective industries for influencer marketing to thrive.

How effective is Influencer Marketing today?

The effectiveness of influencer marketing depends on many factors. As we mentioned earlier, influencer marketing can fail. There are both successes and failures, much like any marketing strategy. This is especially true in the gaming industry, particularly for indie games.

We’ve seen many developers set a budget for a campaign, only to receive poor returns on investment. Soon enough, they declare the tactic ineffective and vow not to use it again.

Like any marketing strategy, influencer marketing takes time. 

It requires consistency. A single campaign won’t make your game popular or boost sales overnight. Instead, it’s about trial and error. Finding the right influencers, adjusting approaches, and connecting with the right audience – all essential to optimizing results.

If even one variable is off, results can fall flat. Audience sentiment has shifted and statistics show decline over the past few years. Yet, many great examples show that influencer marketing is still effective when done right.

The Value of Influencer Marketing

One of the most exciting aspects of influencer marketing is the value it can offer, even at the grass roots level. A well-planned campaign gives you room to iterate, adjust, and experiment. That’s how you nail your approach. Based on our experience, we’ve successfully run campaigns at various budget levels, including those as low as $500.

There is flexibility, and you can get significant value even with smaller budgets.

With smaller budgets, it’s smart to build your campaign around micro-influencers. These smaller influencers can often yield a lot of value, even though they may not have the same audience size as larger ones. For example, we’ve run campaigns with influencers whose total cost was under $100. One of these campaigns led to over five conversions, generating significant ROI.

It’s also important to note that Steam’s UTM integration, which helps track the effectiveness of campaigns, has been unreliable for some time. Thankfully, there were plans to update and improve this back in July 2023.

A Final Thought on Influencer Marketing

Another key benefit of influencer marketing is the repurposable content it can generate. With permission, you can reuse the content you get from a single campaign across other paid ad campaigns or social media strategies.

All in all, influencer marketing is here to stay. It continues to be an effective marketing strategy, particularly in the gaming industry. One or two flopped campaigns doesn’t mean influencer marketing is a lost cause for your brand. It still offers tremendous value if done right.

If you’ve ruled out influencer marketing in your strategy, it might be time to reconsider. Check out platforms like Lurkit, which can simplify the process and help you get the most out of your campaigns.

Need a hand with influencer marketing? Contact us today!

Clem van der Merwe
Content Manager | Infernozilla