Majority of marketers and professionals are still not entirely sure how to develop and measure an influencer marketing campaign. What would it really take in order to embark on this journey and eventually succeed?
The world of marketing has seen a major shift in the past few years. Preferences among consumers have radically changed which resulted them to abandon traditional forms of media. The birth of Influencer Marketing altered countless industries. Brands gained wonderful results in working hand-in-hand with key opinion leaders, proving how potent influencer marketing is.
According to eMarketer, 81% of companies who currently have an influencer marketing strategy in place report satisfaction with the results and nearly 84% of marketers will launch an influencer marketing campaign in the coming years. You don’t need to be able to afford Kim Kardashian or Kylie Jenner to succeed in this venture. In fact, most of the successful influencers are not extremely famous. But majority of them maintain strong bond and connection with their followers, making them effective ambassadors for businesses.
Thinking of launching your first influencer marketing campaign? Here’s a quick guide to help you:
Identify your target audience and platform
Who is your target audience? Which platform is the most effective for targeting them? If you are a brand gearing towards fashion, beauty, and hospitality, Instagram is a perfect platform as it is focused on visuals. If you are a B2B business, you may want to build presence on Linkedin to reach managers and brand owners. Targeting a more older audience? Go to Facebook. There is no need to master all the platforms at once. You only have to choose either one or two that will be right and suitable for your influencer marketing campaign.
Establish your key performance indicators (KPIs)
What’s the use of key performance indicators? Key Performance Indicators or KPIs enables marketers and managers to measure the performance of every digital marketing campaign. It mainly demonstrates how effectively a business is achieving its goals and objectives and gives an analytical basis for improvement.
KPIs vary from one business to another. In general, businesses focus on financial, people, and customer metrics. The only trouble is that there are thousands of KPIs to choose from. It’s important to choose the ones that are aligned with your company goals to reach desired outcome.
Set your budget according to your target influencers
Are you unsure about the costs of working with influencers? Before you even begin contacting them, you need to set your budget first. If you still don’t know, influencers are actually classified into four levels. In Hong Kong, prices vary per classification: (a) micro-influencers – HK$300-1500, (b) mid-tier influencers – HK$500-3000, (c) top-tier influencers – HK$1000-50000, and (d) mega influencers – HK$100000-HK$1000000. Remember, determining how much you’re willing to spend for your influencer-driven initiative will narrow your focus in selecting the right influencers.
For more info, check this tipsheet: How much does working with micro-influencers to top KOLs cost?
Negotiate Rates, Contract and Conceptualize Campaign
For fresh brands, it’s hard to lay out a budget because of either lack of funds or uncertainty of where and how to start. It’s normal to feel that way, but as a marketer, you need to have a strong sense of leadership to further flourish your first influencer campaign. Influencer marketing is more than hiring influencers to work for you. It’s important to note that this is a collaborative relationship and that communication should always be open.
You may negotiate the rates and there should be an agreement between the two parties. Give suggestions about the publishing schedule of the campaign and make sure your plans meets the FTC Guidelines. Be clear with the contract given and discuss every objective that must be followed. Doing this will protect you in case the influencer doesn’t fulfill their obligations. You should also allow the influencer to have the creative freedom to tailor the posts as they know how to connect and persuade their audience.
Work With An Influencer Marketing Platform
Why is it better to work with an influencer marketing platform? Influencer marketing platforms amplify your business with their technology-driven channel. If you’re new to the world of influencer marketing, teaming up with a platform can help ease your entry and build solid campaigns that would attract consumers. You no longer have to worry about the time-suck of targeting audience, systematic tracking of KPIs, and monitoring your campaigns. Influencer marketing platforms also makes it easier to partner with real and verified influencers that will fit the image of your brand.
Still not convinced? Check out these case studies for more info: AlphaConcepts Case Studies
Influencer marketing might seem unfamiliar to majority of marketers but the practice isn’t entirely new. It’s been around since then, the only thing that’s evolved is the way it’s performed. Let’s put it this way: people trust people more than they trust brands and influencer marketing allows you to generate that trust that will help your brand take a quantum leap in sales. Launching your first influencer marketing can be daunting at first, but everything will be worth it if it’s done right. Remember, influencer marketing is not just about generating sales but also about building a tight partnership with your influencers!