News Summary
Later, a leader in influencer marketing, has announced its acquisition of Mavely for $250 million. This strategic move aims to enhance performance tracking in influencer campaigns. Combining Later’s extensive experience and Mavely’s innovative sales-tracking tools, the acquisition is set to reshape the influencer marketing landscape by offering brands comprehensive data insights.
Later’s Bold Move: A $250 Million Acquisition of Mavely
In an exciting development in the world of influencer marketing, Later, a leader in social media and influencer campaign management, has announced its plan to acquire Mavely, a prominent influencer marketing firm. This acquisition, valued at $250 million, will be executed through a mix of cash and equity and is backed by the private equity firm Summit Partners.
An Overview of the Players
For those not familiar, Later focuses on managing influencer campaigns where creators make commissions by posting sponsored content. Mavely, on the other hand, has built a massive network of 120,000 creators and collaborates with well-known brands and retailers, including household names like Nike and Macy’s. One of the key features of Mavely is its advanced sales-tracking tools, which provide brands with insights into the sales generated from influencer campaigns.
Why the Acquisition?
So, what prompted Later to go for Mavely? According to Later’s CEO Scott Sutton, marketers are now increasingly focused on “bottom-of-funnel outcomes” and are eager to understand the return on investment (ROI) from their campaigns. While Later has done a commendable job in tracking broader metrics like brand awareness, they lacked specific performance data for influencer marketing—a gap that Mavely is perfectly positioned to fill.
A Shift in the Influencer Marketing Landscape
This acquisition comes at a time when the influencer marketing sector is rapidly evolving. Mavely was previously owned by the beauty and wellness company Nu Skin Enterprises, which acquired it back in 2021. The move by Later reflects a growing trend among firms aiming to provide comprehensive services ranging from talent acquisition to campaign performance measurement. This trend isn’t just limited to Later; for instance, the Publicis Groupe recently acquired another influencer marketing firm, Influential, for around $500 million.
Brands Getting Savvy
As brands are becoming more sophisticated with their influencer marketing strategies, many are starting to blend their performance ad budgets with influencer campaigns. This shift is part of a larger strategy to ensure that every marketing dollar is put to its best use. Sutton explained that while celebrity endorsements attract plenty of attention, micro-influencers are proving to be incredibly valuable due to their targeted audiences.
Enhancing Predictive Analytics
Later boasts an impressive track record, having executed over three million influencer campaigns to date. The company employs proprietary AI for performance modeling to help brands get the best out of their campaigns. The acquisition of Mavely is set to bolster Later’s predictive analytics capabilities using Mavely’s extensive sales data. This data is essential for advertisers who aim to enhance their ROI.
The Importance of First-Party Data
In today’s advertising landscape, first-party data has become a buzzword that many marketers are prioritizing. It’s essential to understand consumer behavior and preferences in order to craft campaigns that resonate. With the infusion of Mavely’s sales tracking tools, Later aims to provide its clients with the kind of insights that matter most when driving conversions.
Conclusion
In conclusion, Later’s acquisition of Mavely is a strategic move that showcases the growing importance of data in influencer marketing. As brands and marketers continue to seek more meaningful performance metrics, this acquisition is likely to set a precedent for future developments within the industry. It’s an exciting time for influencer marketing, and with this acquisition, Later is well-positioned to lead the charge.
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Additional Resources
- Adweek: Later Acquires Mavely for $250 Million
- Wikipedia: Influencer Marketing
- Axios: Later Announces Acquisition of Mavely
- Google Search: Influencer Marketing Trends
- Encyclopedia Britannica: Influencer Marketing
- Forbes: How Later is Responding to Sales Tracking Needs
