Marketing is an area where trends are constantly changing and evolving and right now you could say it is the age of the influencer. Influencer marketing is gaining a bigger share of marketing strategies especially when looking at the younger audiences. Although there are many reasons for this, some focus areas include the continual use of Ad Blockers as well as the idea that Influencers are the closest thing to family and friends within digital marketing. A lot of research has come into the limelight following events such as the Fyre Festival, which not only shows the power of influencers but also the importance of full transparency when it comes to influencer marketing.
With that in mind it is interesting to explore the two main challenges faced by those who are currently investing it this strategy, alongside investigating the reasons why some may find it difficult to take on influencer marketing.
How do you measure performance?
ROI is a big question for both those who are currently investing, alongside those who haven’t yet. A recent study conducted by PerformanceIN revealed some interesting insight into how advertisers can measure performance. 24.4% of those surveyed, thought the best way to measure performance was to look at the engagement of a campaign. With the reach that a lot of influencers can achieve this is an obvious metric to measure. This can be done by looking at how many likes a post receives, how many people have shared it and then using this to offer a Cost per Engagement. Additionally, 18.3% of those surveyed thought the following metrics should be used; New sales, referral traffic and using trackable links.
All in all, however, the best way to look at this is on an individual basis, in line with the specific brand’s objectives.
Successful execution of campaigns
The next thing to consider when looking at influencer strategy is how you can come up with a successful strategy, below are a few points to consider:
- A hybrid approach should be taken where a brand combines many influencers with a different level of following to avoid “one hit wonder” campaigns by a top influencer which can die down.
- It is important to carefully assess the influencers audience, rather than assuming that a large audience will automatically lead to better performance. Factors which need to be considered are the influencers audience demographics, their behaviours, and their like-mindedness to the brand.
- Although influencers can create content which their following will engage with, for a successful campaign it is important for there to be collaboration with the brands objectives.
- Although the short-term goal of a campaign may be the engagement it receives, brands need to be aware that in the long run it is important to consider if a relationship has been formed with the brand as a result of the campaign. Brands need to ask themselves questions such as how did this perform in comparison to the influencer’s other posts? How can this be used in future campaigns? Etc.
PerformanceIN, “Survey: Experts Respond on Best Influencer Marketing ROI Metrics”, 9 May 2017
PerformanceIN “Demystifying Influencer Marketing” 12 May 2017
PerformanceIN “Influencer Marketing More Regulated as Marketers Follow CAP Rules” 23 May 2017