Business owners, if you are new to the world of influencer marketing, this article is for you. We will start by looking at some things to consider whether you should hire a social media influencer, and then looking at some best practices to get the most out of your influencer campaign, should you decide to move forward.
Influencer marketing isn’t a new concept. But it has certainly taken off in the past few years with the emergence of social media. The concept of influencer marketing is simply using someone’s influence to refer their audience to your product or service. The bigger their influence, and the more engaged their audience is, the better the campaign will perform.
Influencer marketing used to be limited to celebrities — athletes, actors, politicians, musicians. Now anyone with a large following on social platforms like Youtube, Instagram, Facebook or bloggers are valuable to companies who want to be in front of that same audience.
Brands were surveyed by Mediakix in 2018 and were asked how influencer marketing ROI compared to other forms of advertising. Surprisingly, 89% said influencer marketing was comparable or better than other forms of advertising.
So how can your brand benefit from influencer marketing? It starts by researching and pulling data specifically within your industry. Influencer marketing may seem like a recent fad, but don’t forget it has been around for a while and you should be able to find some concrete data to support whether or not it will be effective in your industry.
- Define campaign goals
Try to be as specific as you can. Answer questions like, what will cause me to consider this campaign a success?
- Set a budget
Your budget will vary based on the type of influencer you are looking to hire. Obviously a celebrity or someone with a large influence is going to cost more than someone with a smaller following. However, depending on your strategy, it might make sense to go after a smaller influencer with a more engaged audience.
- Determine your strategy
In this stage, you are looking at various social platforms. Will your product or service be better received on Instagram? Facebook? Snapchat? Youtube? Research into the demographics of these platforms is necessary here.
- Find influencers
This can be much easier said than done. Influencers with a social following between 2,000 and 10,000 people might have a more engaged, focused following. Maybe it is a video gamer, or a hiking mom, or a fashion blogger. Knowing the audience of the influencer is key to knowing whether that audience might also be interested in your product. Take the hiking mom for example. The audience she attracts is likely outdoorsy, adventurous, fit and active moms. If your product benefits these type of people, this is the influencer you would want to work with.
Influencers with 10,000-100,000 might be better for a brand awareness type of campaign. Their audience is more widespread and yet, they still are not going to cost as much as someone with a massive following.
5) Track measurable goals
Depending on the platform, consider using a unique URL to help you track website visitors that you can trace back to the campaign. Website traffic, engagement, likes, comments, those are all ways you can track the activity generated beyond simply making sales.
For example, if your campaign generates a lot of website traffic but your conversion is low, perhaps the influencer isn’t the problem, perhaps your website is! Maybe the website isn’t matching the desires of the audience that influencer brings.
We hope this gets you started as you begin the research into influencer marketing. Like many things, you’ll likely get out of it what you put into it!