Steps to Use Influencer Marketing to Meet Your Business Goals
Influencer marketing has gained ground in just a few years, and for good reason. According to a study, 86% of marketers have used it, and 94% of them found it effective. Influencer marketing can help brands boost their authenticity, which is necessary for building trust. It can also help drive engagement, website traffic, and conversions.
In the Digital Marketing world, influencer marketing has been picking up a lot of steam. Influencer marketing has helped businesses surge brand awareness and even drive sales. It can bring up to 11 times the ROI of banner ads. That’s because people are increasingly using ad blockers and cutting the cord with advertisers. The survey also said that blocking ads would increase over the next few years.
In this post, you’ll learn, step-by-step, how to do influencer marketing the right way:
Begin with a Defined Goal:
It is obvious that many brands want to use influencer marketing to promote their businesses. But before you launch your influencer marketing campaign, you need to be more specific about your goals. Clearly defining your goals will help you to measure the effectiveness of your campaign.
Once your goals are set, define the key performance indicators (KPIs) for your campaign. For each kind of goal, your relevant key performance indicators will be different. If you want to increase brand awareness, you should look at engagement rate, social media followers, reach, engagement and other factors. If your goal is to boost revenue, you should concentrate on metrics like conversion rate and click-through rate.
Target the Right Audience:
Before you begin looking for social media influencers to collaborate with, you need to determine your target audience. Which age group is more likely to buy your product or services? Which niche does your audience belong to? These are some of the questions that you must have clear answers to.
Clearly understanding your target audience will help you find the right influencers. If your target audience is mainly millennials who follow fashion, you should look up social media influencers in the fashion niche.
Offer satisfactory rewards:
According to research, the biggest mistake you can make in influencer marketing is failing to provide your influencers with adequate compensation. Influencers let you use their influence to reach a relevant audience. It’s only fair that you reward them fairly for it.
At the same time, some small and medium-sized businesses have budget limitations. If that’s the case, you need to sensibly plan your budget. Come up with a compensation model that’s beneficial for both you and the influencers.
Here are 5 popular influencer compensation models (in order of effectiveness) –
- Cost per engagement
- Cost per click
- Pay per post
- Free products/experiences
- Cost per acquisition
Strategies Your Influencer Campaign Beforehand:
There are many different ways to run an influencer marketing campaign. Now that you understand the basics of finding, and compensating influencers, you need to think about what type of campaign you want to execute. You should choose the best type for your brand, based on your specific goals.
Here are three of the most effective types of influencer marketing campaigns:
Acquire the best influencers for your specific brand niche on Instagram:
When launching an influencer marketing campaign, you shouldn’t miss out on using powerful social media channels like Instagram. Even influencers themselves say it’s the most effective platform for influencer marketing.
Start a Giveaway Campaign & Spread the word:
When an influencer hosts a giveaway contest using your products, they get a chance to engage their followers, while at the same time driving engagement for your business.
Your contest rules can require that users tag their friends in the comments, or share the giveaway post to enter. Which will make sure that even more people learn about your brand. Contests can help you increase brand interest, and improve brand perception.
Allow the Influencers their Own Creative Space:
You may have come across influencer content that seemed unnatural, or even robotic, as if they weren’t the ones creating the content. That can happen when businesses try to have too much control over how influencers promote their brand or products.
In fact, a study found that this is the second biggest mistake brands make with influencer marketing. Influencers are influencers for a reason. They know how to create unique and engaging content that resonates with their audience. When you work with influencers, trust them to tell your brand’s story in their own voices.
Influencers can be a strong source of public relations for businesses. When you treat how you find, approach and work with influencers the same way you would any business partnership, influencer marketing campaigns become more effective.