It’s 2022, and you are wondering what has changed in the influencers’ world. Is this brand advocacy still trendy? Is it worthy? How to make the most of this opportunity? How to measure influencers and your campaigns?
Standing out in 2014 on Instagram was easier than today. Competitors and content formats are multiplying hourly. This means that social proof is pre-exposed, and many doubt its relevance. Today, it’s not enough that someone speaks about your brand. More important is how this person is connected to your brand and how the message is delivered.
Influencer marketing statistics
- Influencer marketing grew to $13.8 billion in 2021
- Businesses are making $5.78 ROI for every $1 spent on influencer marketing
- There has been a 465% increase in searches for the phrase “influencer marketing” on Google alone since 2016
- 90% of survey respondents believe influencer marketing to be an effective form of marketing
- 67% of brands use Instagram for influencer marketing
- 1360 Influencer marketing focused platforms and agencies entered the market in the last 5 years alone
- Nine out of 10 brands are using some form of influencer marketing
Are influencers the right solution for your business?
There is no right answer. But there are certain challenges to have in mind. You must know your target, have a clear goal, and perform extensive research on reliable influencers to help you grow.
Here is the first challenge: identifying the best types of influencers to deliver real results for the brand. Especially when there are different types of influencers to choose from.
- Choose all-star influencers (>2 million followers) for immediate PR and campaigns on a large scale.
- Choose mega-influencers (50K to 1 million followers) for brand awareness campaigns with broad reach macro-influencers (50K to 1 million followers) to increase engagement rates and your brand’s reach.
PRO TIP: Hashtag research and platform tools could be great ways to figure out your most suitable influencer.
- Choose micro-influencers (10K to 50K followers) to shift your strategy from brand awareness to a more specific approach.
PRO TIP: Start looking for micro-influencers who are already fans of your brand by scanning brand hashtags or searching your followers’ list on social media channels.
- Choose nano-influencers (1K to 10K followers) for extremely targeted campaigns on social media.
PRO TIP: You can easily spot them by monitoring your brand mentions and tags.
Why to choose influencer marketing
Don’t forget that influencer marketing is not content marketing, user-generated content or social media marketing. Influencer marketing raises brand awareness and generates social proof with a wide reach. However, you can not control everything, unlike the messages of a social media campaign, for example.
Before choosing influencer marketing, you have to go through several steps.
Get to know your Why-s
Being clear and familiar with your brand identity, messages, and desired results will determine the type of influencer you need. Think of the values and approach the influencer and the brand share and try to predict possible worst-case scenarios.
Set the strategy
The two most common reasons for using influencer marketing are to elevate brand awareness and increase sales. However, instead of setting these broad targets as your two goals, it will be more effective to kick off your strategy by honing in on your brand’s needs.
Set the budget
Research is key, and you’ll find yourself returning to this step often.
How to find the right influencers
Researching is the first step. Choose the platform you wish to focus on first. If you’re new, stick with one for now – expanding later isn’t a problem either. A brand should already have some foothold on this network or look for ways to break into it. Once again, if you’re completely unsure which direction to go in, listening to what people are saying via social media will give you an idea of where your potential audience may lie and who your industry’s most influential speakers may be across all networks.
Are you going for celebrities with massive followings? Or micro-influencers with less than 2000 followers? Whatever you decide to focus on will determine your budget. Also, consider the expected ROI of your social influencer marketing campaign.
Influencer analytics and social media monitoring
Brands and marketers should always keep in mind the ugly truth behind those beautiful images and upbeat comments that cover so many influencer posts. The best way to do this? Look closely at an influencer’s audience, including who they follow and how often they post things – this is where influencer analytics come into play.
Influencer analytics measure, analyse, and evaluate an influencer’s reach and performance; they tell you which channels followers use most often when checking out their account.
The influencer analytics you should know
Whether you’re already partnering with influencers or about to collaborate with one, influencer analytics can help you map out a successful campaign.
An influencer’s reach is the number of followers they have on each social media account. Influencers’ followers value the content that influencers create. A smaller reach doesn’t necessarily mean anything because your brand can still use them even if it reaches a specific niche market.
Knowing an influencer’s relevance to your brand’s social media marketing campaign is important. Influencer analytics can help you determine whether they are the best fit for your marketing campaign.
This metric allows you to see which social media channels the influencer participates in and how often they post. You can confirm that this influencer will produce quality content before committing to them.
Performance and Engagement:
It measures the clicks, comments and views an influencer’s posts generate. You can measure engagement per post, overall engagement, and the consistency of engagement performance. The performance also measures how much traffic influencers send to your website or business through their social media posts and how many people convert because of this exposure.
Benefits of influencer analytics
Following influencer analytics is beneficial at all stages of a marketing campaign.
- Helps you find the right influencer for your target market
- Helps you craft your content and messages
- Helps you choose the right channels for your campaigns
- Helps detect fraud
- Finds who’s mentioning your brand
- Helps you adjust the content and strategy
- Saves you the headache, frustrations and failures by preventing you from working with an influencer who doesn’t know your target market
How to measure the impact of your influencer marketing campaigns
- You can create a specific hashtag
- If you’re aiming for more sales, giving out affiliate codes or tracking links is easy to see how much is generated from influencers
- To measure the effectiveness of a campaign, you have to understand its value in terms of return on investment
- Use UTM parameters
- Use social media analytics
- Check website analytics
Look for the right KPIs
Social media can quickly become an exercise in vanity if one does not properly align it with work-related goals. While it might be tempting to only focus on how many people click on your links or interact with you on social media, it is equally important to track what those individuals do once they land on your company’s website and start interacting with the lead generation tactics that are built-in there.
So while using influence marketing, mind the following KPIs:
Provide the sales team with high-quality leads through social media.
Increase awareness of new products before they launch and remove competitors’ attention.
Turn our customers into loyal brand advocates by improving customer service.
Using influencer marketing is a continuous trend that doesn’t deserve to be underestimated. Before jumping into that adventure, carefully tailor your:
Identifying the right influencer is the greatest challenge for many brands. Often it is due to a lack of knowledge about the right influencer analytics tools to search.
- Performance and Engagement
Following the right influencer analytics will help you boost your performance based on your objective. Don’t know where to start from? We can help.