The search for the ultimate influencer agency
Last year, L’Oréal kickstarted a review of its influencer account, throwing open the doors for agencies managing any part of its influencer business in ANZ to step up and pitch.
The goal?
👉 To bring all influencer marketing efforts under one roof for a more cohesive strategy.
In the past, multiple agencies have dabbled in L’Oréal’s influencer marketing across its diverse brand divisions.
Social Soup once managed its luxe brands, while Magnum & Co. took the reins for its consumer products division.
But now, L’Oréal is looking to end this fragmented approach and consolidate its efforts. 🧩
The challenge of valuing the account
With L’Oréal owning a plethora of brands, 36 international names including Maybelline, Lancôme, and CeraVe, it’s a tough task to pin a value on the account. 📊
The winning agency might not have exclusivity for all brands, but the stakes are still high in this competitive pitch.
While Social Soup may no longer be on L’Oréal’s agency register, CEO Sharyn Smith offered her insights.
She highlighted this pitch as a sign of the growing influence of the creator economy on marketing budgets.
Smith anticipates 2024 to be a landmark year for Social Soup, reflecting the dynamic nature of influencer marketing.
The pitch process
This pivotal pitch for L’Oréal’s influencer marketing future is being run by the brand’s local procurement team, signalling a strategic approach to selecting the perfect agency partner.
The backdrop to this pitch is a period of transition for L’Oréal Groupe ANZ.
Since October 2021, Wavemaker has held the brand’s ANZ media account.
And in a landmark leadership change, Alex Davison, the former chief executive of L’Oréal Greece, stepped into the CEO role for ANZ last September.
Amidst these developments, L’Oréal committed to acquiring Melbourne-founded luxury cosmetics brand Aesop for a staggering $3.7 billion (AU) in April. 🇦🇺
Simultaneously, the beauty titan is reviewing its UK media account, currently held by EssenceMediacomX, signalling a global reevaluation of its marketing strategies.
