Research suggests that influencer marketing is up to 11 times more effective in generating ROI than other forms of digital marketing. Influencer marketing is a massively effective modern marketing strategy, especially in demographics in the 16-37 age range.
CreatorIQ, the influencer marketing platform used by industry leaders such as Disney, CVS, Yeti, and Unilever, has announced it is further expanding its capabilities by acquiring influencer marketing analytics software Tribe Dynamics. The deal, worth about $70 million, combines data analytics with actions in CreatorIQ’s Creator Intelligence Cloud.
“Applying Tribe Dynamics’ proprietary models, which are the standard in the beauty and fashion industries, to additional verticals will allow us to offer analytics and measurement benchmarks for the entire industry,” said Igor Vaks, Founder & CEO at CreatorIQ. “This partnership raises the bar for what leaders should expect from an influencer marketing platform.”
Tribe Dynamics is designed to help brands analyze and organize their influencer marketing content. Fashion brands such as Gucci and Sephora use the platform to monitor and improve their influencer strategies.
Its no surprise that Gen Z and Millennials are the demographics most likely to make purchase decisions persuaded by influencer strategies. These two generations make up the majority of users on most social media platforms.
Influencer marketing is a highly powerful resource for brands to convert leads into customers. 89 percent of brands who use influencer marketing claim that ROI is comparable or better than other marketing channels. The strategy is considered effective by 80 percent of marketers who have used influencers in their strategies.
“This is a big deal. Tribe Dynamics coming together with CreatorIQ is more than just two influencer marketing leaders joining forces with complementary strengths. It’s a profound opportunity to create standards for the entire influencer marketing sector and represents a multi-billion-dollar market opportunity.” said Conor Begley, president at Tribe Dynamics.
“Together, we will represent the unquestioned leader in the market and we are committed to serving the needs of brands across the globe as they invest in influencer marketing.”