Influencer marketing is no longer a trend, it’s a bonafide marketing strategy that business owners and marketing managers are applying daily. Did you know that nearly 50 percent of marketing budget spend is dedicated to influencer marketing campaigns?
This is certainly not by mistake. Business owners and marketers see ROI positive results from influencers that simply makes sense. A few other statistics that serve as a clear call to action for influencer marketing include:
65 percent of marketers plan on increasing their influencer marketing budget
56 percent of marketers drive site traffic using influencer campaigns
43 percent of marketers reach younger demographics using influencers
Statistics are great, but why not get an insider look at how influencer marketing is helping companies get unprecedented marketing results. For this we called upon Tony Newton, CEO of Scalefluence.com, an influencer platform that helps influencers and brands alike make data-driven business decisions via influencer marketing.
Starting your influencer marketing journey, or amping up efforts can be challenging for brands. Newton explained, “What are some of the challenges brands face when it comes to influencer marketing?”
To maximize ROI on your next influencer campaign, we compiled a list of data driven influencer marketing tactics. Let’s dive in!
Launching a New Product? Influencers Can Create Buzz
This influencer marketing tactic is geared toward brands with new products and/or services ready for launch. Before you map out all the social media posts you’ll be pushing to the masses on your branded social accounts, consider leaning on an influencer for help.
Influencers, especially micro-influencers, have a built-in follower base that hangs on every recommendation. These followers are loyal, share influencer recommendations, and are most likely already interested in products and/or services like yours. New product launches endorsed by influencers can create a buzz your branded content simply can’t.
Why? Consumers, especially those of the millennial kind, don’t trust brands. Research from The McCarthy Group found that 84 percent of millennials dislike traditional marketing methods. However, 58 percent of those millennials said they don’t mind ads coming from their favorite digital personality.
Don’t Count Out Micro-Influencers
Do you want Kim Kardashian to promote your latest skin care product? It could be the best thing to ever happen to your brand, right? Not exactly. First, getting in contact with Kim Kardashian could prove challenging. Second, expect to pay around $200,000 for a single post. Third, the ROI may not be worth the spend.
That’s right, celebrity influencers don’t exactly have the sway among the masses as they once did. Instead, many brands are finding greater ROI with micro-influencers. How is this possible? Mainly it’s because 82 percent of people are more willing to take a micro-influencer recommendation to heart.
Newton works closely with micro-influencers across nearly every industry. He said, “How powerful is the sway of micro-influencers, and why are they more powerful than celebrity influencers?”
Leverage Influencers that Love Your Brand
Utilizing the power of influencers can have a serious ROI positive outcome. However, not all influencer and brand relationships work well. Think of it like a relationship. “How important is it to find an influencer that loves your brand?,” Newton explained.
Finding influencers that will pot commit to your brand is certainly not an easy endeavor. You will need to do your due diligence to find that perfect connection. But when you do, the sponsored content the influencer creates will hit home for his or her followers, thus driving more site visits, brand awareness, and product purchases for your brand.
Track Influencer Marketing Metrics and Tweak Campaigns for Maximum ROI
Influencer marketing is not a one-and-done marketing strategy. It is a process that is cultivated and nurtured over time in order to produce the best outcomes possible. This makes it critical to track all influencer metrics closely. But like most things influencer marketing, this is easier said than done.
In fact, 78 percent of marketers found it very difficult to pin down the ROI of an influencer campaign. You may even be having the same issue when it comes to your campaigns as well. The semi-good news is that you’re not alone.
“Why do brands find it hard to track influencer ROI?,” Newton noted.
One way to combat the ROI issue is to utilize an influencer platform that delivers detailed data that breaks down each influencer campaign. Once you have this data, you can tweak future campaigns in collaboration with your influencers for the best ROI positive result.
With the right campaign data, you may realize that an influencer is simply not working out. This is essential, since, you could be using that marketing spend for campaigns showing greater outcomes, whether it is website visits, brand awareness, social profile follows, or product purchases.
Wrapping Up . . .
Having data driven influencer marketing tactics at the forefront can help you and your brand maximize success. From choosing the influencers you want to work with and cultivating a meaningful relationship to tracking key campaign metrics, there is plenty to do when it comes to influencer marketing. But it works when done right. What are your top influencer tips? We want to hear from you.