Weekly News Insight: Influencer Marketing Campaign
Wondering how to create your next influencer marketing campaign?
Influencer marketing is growing significantly. It is definitely an area of marketing you want to start thinking about. The return on investment in influencer marketing is far outpacing any traditional medium. This is why leveraging this opportunity the right way can be beneficial for most businesses.
Check out some new updates on the world of influencer marketing below!
Can Your Brands Benefit from Influencer Marketing?
It may be tough for some, particularly marketers schooled in classic brand management, to see a promising future for influencer marketing. But all businesses nowadays must employ both traditional and modern marketing tactics to reach and engage their target audiences effectively.
Although influencer marketing makes sense regardless if your business is consumer-facing or B2B (check out how influencer marketing can be the future of e-commerce here), and if your product or service has mass or niche appeal, some businesses are naturally better suited for influencer collaborations than others.
According to Forbes, to know if influencer marketing is right for their brand, a marketer should first analyze their industry.
- Do a quick search on Google and social media to determine if there are influencers already in your industry.
- Are your competitors using influencers to promote their products and services? If so, how is this working for them?
- Can you tell if it is having a positive impact and making a difference in their businesses?
- Have you seen a spike in their social media presence and mentions?
The value of an influencer lies in their ability to sway the opinions and influence the behavior of your target market (example: Fashion Nova). Relevance, credibility, relatability and resonance are the top indicators of an influencer’s ability to influence.
A helpful metric to evaluate where a particular influencer stands in relation to these influence indicators is engagement:
- How active and responsive is the influencer’s audience?
- What is the influencer’s relationship with them?
- On a more practical level, how many views, likes, comments, and shares is the influencer receiving on average per post?
- Does their influence transcend social media?
- Is the influencer a recognized expert that contributes to broadcast media or print publications?
3 Things to Consider Before Partnering with Influencers
Influencer marketing has long passed the point of being a trend and is now, for better or worse, a staple element of the advertising industry. But questions around the allocation of influencer marketing dollars, drawing up campaigns, and choosing which influencers fit for certain brands remain unsolved.
Here are what three major factors a brand should consider before jumping into the influencer marketing bandwagon, according to Adweek.
Influencers are more than their accounts.
So much of what influencers do today centers on platforms like Instagram or YouTube. But it’s important to remember that oftentimes, a single social media account is only a sliver of what the influencer in question has to offer during a partnership. Brands need a little coaxing to open up to influencer partnerships that go beyond what they’re familiar with.
Influencers can be used beyond social media department.
Influencer partnerships can stretch across sectors of a company, and the way these varying departments will use influencers will change depending on what they’re looking for. Brands shouldn’t try to make one influencer partnership work across the board. Each campaign is unique and requires specific attention and specific goals. (Check out three of our favorite unusual marketing strategies to accompany your influencer marketing campaigns!)
Engagement does not tell the whole story.
Influencers are so much more than just their follower count or how many people like their photos. As a savvy marketer, we shouldn’t get obsessed with the idea of engagement rate. Engagement rate really doesn’t take into consideration some of the highest indicators for purchase conversion, such as a send, a share, a bookmark or even a link click.
5 Key Considerations When Launching Influencer Marketing Campaigns
Influencer marketing is where you identify and engage with people who have the ability to get you, your product, or your service a lot of visibility, engagement, and conversions.
Social Media Today listed five things you need to consider before launching your influencer marketing campaign.
Finding the Right Influencer
The biggest challenge for most marketers today is finding relevant influencers. When brands talk about real influence, they mean someone possessing this kind of psychological connection to somebody. Instagram and YouTube are two of the best places to look for influencers to work with, because these channels provide a personal look at the influencer and their daily lives. Of course, you can also consider building your own influencer team.
Not all Influencers “Influence”
Consider the following before collaborating with influencers:
- What are their personalities?
- Do their advertisements seem natural or obvious?
- Do they have off-brand advertisements?
- What are their Normal vs. Advertisement post volumes?
Influencers to influence other influencers
Even influencers look up to bigger influencers. These “smaller” influencers are more likely to work with you if someone bigger already has. There’s a reason why brands are considering a collaboration with micro-influencers!
The Cost of Influencers
Ever wondered how much it would cost you to work with influencers? Here are some estimates.
- Micro-influencers (10k to 50k) = $250 to $1,000
- Influencers (50k to 250k) = $1,000 to $5,000
- Influencers (250k to 1 mil) = $5,000 to $10,000
- Influencers (over 1 mil) = $10,000+ and depending on the campaign up to $250k
ROI of Influencer Marketing
Most companies use engagement and engagement cost to track the ROI of influencer marketing campaigns.
Like our compilation of articles? Give us a clap before you leave!
