Ed East, Founder and CEO of Billion Dollar Boy04.02.20
Seen by many in the past as the new kid on the block, over recent years influencer marketing has established itself as a high-value marketing tactic that shouldn’t be ignored. While it’s no longer an afterthought, some marketing teams are not aware of all the information they need to know before going live. This article will run you through 6 of the most important considerations you need to have planned for a successful campaign. Read on below to see if there’s any you have missed.
It’s not difficult to understand why influencer marketing has taken off so dramatically recently. At times when the economy appears less secure, brands keep an even more careful watch over their spend and the return on their activities. With influencer marketing, running and execution costs are low, with the potential for impressive returns.
Here are our 6 tips on starting an influencer marketing campaign:
Set the Right Goals
This advice is universal across not just marketing but all business projects. In the context of influencer marketing, setting the right goals is vital to have all the team working toward the same targets and aligned with strategy.
What metrics define success?
Are you analysing results based on conversions? How about increasing traffic? Or revenue generated? Defining the metrics you’re working toward will be vital to understanding if your work has been a success or not. Brief the influencer you are working with to let them know exactly what you need from this campaign, this will avoid confusion further down the line.
Not all influencers are influential.
Will the audience an influencer has actually engage with the marketing posts? Will this engagement drive results for your campaign?
One of the most difficult aspects of an influencer marketing campaign is finding the right people to work with. If your campaign is going to be a success, you have to choose the influencer you are working with carefully.
Again, you need to choose your influencer based on the goals you have set for the campaign. If you’re looking to increase brand exposure to as wide an audience as possible, then targeting influencers with a large following would be a good idea. If however, you want to increase conversions or another goal, working with a more specialist influencer would be a better strategy.
Would it be better to target a small niche of people who are highly invested in the industry you are promoting and more likely to convert? Or is it better to get your brand name out there to as many people as possible? Evaluating these against your marketing goals will help define the influencers you should be working with.
Don’t Forget Engagement Rates
When analyzing the best influencer to work with, remember that the number of followers is not always the most important stat to be looking at. Instead, focus on the engagement rates and the type of engagement posts get. As an example, does the audience of a particular person actually engage with the services and products they promote or are they more interested in the celebrity?
Consider an Influencer's Recognition
Influencers keep a close eye on what their peers are up to. By carefully utilizing one influencer, your reach could be expounded by further people within that field taking up your product or service. This is an ideal situation if it takes off, maximum exposure for minimum output. In terms of future campaigns, influencers are more likely to work with you if a respected peer has as well.
Know the Regulations
As influencer marketing has gotten more and more popular, increased regulations have become necessary. These regulations expect influencers to clearly define what content has been sponsored, as well as other factors.
For example, if a brand provides an influencer with a payment, a gift or any other perk, any posts resulting from that are then subject to consumer protection law in the UK. If a brand also controls the content the influencer puts out, they are also subject to the UK Advertising Code as well.
The rules around this area are regularly and frequently updated so it is critically important to check the latest legislation and make sure your campaign complies.
Employ a Multi-Channel Strategy
A key aspect to influencer marketing is creating multiple touchpoints with potential customers. This requires a flexible and diverse approach across multiple channels. Most influencers are on more than one channel and their audience is too. You have to focus your campaign on more than one social media platform, or else potential growth is hindered.
Each platform requires slightly different styles of content, which is important to bear in mind. You have to craft the posts you are putting out specifically for each medium to maximize their impact.
What’s the Cost?
The price of an influencer can vary dramatically. Keep in mind that it’s not all about the single figure of how much a campaign with an influencer costs.
It’s about ROI - what is the amount of return your company will get on the money they have spent? There is sometimes room for negotiation on price, but successful influencers will be less accommodating on dropping their fee.
In Summary
Influencer marketing can be an extremely effective strategy to drive brand awareness and product sales. If done well, with both a creative and analytical approach, brands are able to engage with their customers in ways that were not previously possible. But before you jump into a campaign, it’s important to pay attention to the 6 points we outlined above to make sure you are not wasting your budget on ineffective strategies.
While influencer marketing is a relatively new addition to the marketing industry, it looks to only gain in size and popularity. Offering unprecedented access to younger audiences and their favourite ways of consuming media, it’s a strategy your marketing team shouldn’t neglect.
