Influencer Marketing: Top 4 Problems & how to solve them!
Influencer marketing is an appealing combination of celebrity endorsements & word of mouth! It is when an Internet celebrity promotes your product in return for a compensation. Your celebrity could be a micro, macro or mega influencer– completely depending on your marketing budget & strategy. It’s more like word of mouth because these Internet celebrities have influencing personalities and have gained followers over time building a trustworthy audience.
Influencer marketing is certainly the marketing trend that’s going to stay with over 63% marketers increasing their Influencer Marketing budgets for 2017. In this post, we will talk about top four problems that you face when you add Influential Marketing to your marketing campaign and how you can solve them!
Allocating the right budget & time to your Influencer Marketing Campaign
Most of the small businesses have a restricted marketing budget and adding Influencer Marketing to their strategy means a thorough analysis of how it can benefit in cost & returns compared to other marketing strategies.
So, it’s crucial to plan your budget & time that you want to invest in this. Do you want it to be a one-time thing or do you want your influencer to post something every month for you? What budget are you comfortable to start with?
A free tool to help you with this is Influence.co. Create your free account and you can find top influencers as per categories. And, they also have filters to see how many Instagram influencers are there depending on your budget, location, category, follower requirement and their engagement rate.
Image via Influence.co
Along with this tool to help you decide your budget, let’s also look at some more points:
- According to a research conducted by Linqia, most marketers spend between $25,000 – $50,000 per influencer marketing program.
- However, you don’t always need a budget to start an Influencer Marketing Campaign. You can compensate them by giving them your product for free. You can also pay them per click or engagement.
- And if you are just starting, you can also look for micro influencers. According to a research conducted by Bloglovin, 84% of micro-influencers charge less than $250 per Instagram post & 97% of micro-influencers charge less than $500 per Instagram post.
- The research by Linqia also states that 50% of in-house program managers estimate spending more than 25 hours managing each program while 25% spend more than 50 hours managing each program.
Using the tool and taking the statistics above into consideration, decide a rough bracket for your marketing budget and time, and as we go on solving other parts, you will have an accurate estimate.
Finding the most appropriate Influencers
You can’t guess the most appropriate influencer for your company, you have to do an acceptable research & analysis to make a list of Influencers you can contact.
But, before we jump to the tools, answer some questions for yourself:
- What are social media platforms that your customers are using the most? Are they on Instagram, Facebook, Twitter, Reddit, Medium, YouTube, Pinterest, or somewhere else? This will help us drill down your Influencer’s social media presence.
- Where are they located? The geographic area that you are going to target.
- What are common topics & hashtags that your customers are searching for and using?
Now, let’s look at some tools you can use to find your Influencer:
- Influence co: Find Influencers by category, location, and follower count. You can get their Instagram statistics, brands they promote, their engagement rate, contact information, and avg. likes & comments per post. You can also check their influence in other social media platforms.
- Followerwonk: Compare Twitter accounts to find overlaps and target new influencers.
- Hey. Press: Find relevant journalists by entering your keyword.
- BuzzSumo: Find Influencers for any keyword and their Twitter Statistics.
There are many paid tools also available for Influencer Marketing. Traackr, InkyBee are few of them. They offer complete services from finding your Influencer to managing them and evaluating your campaigns.
Maintaining the relationship with the Influencer & tracking campaigns
Developing a relationship with an Influencer is important because it is not going to be a one-time business in most of the cases. If your Influencer is increasing your sales or brand awareness, you might want to collaborate with him for long-term. Understand your influencer’s personality and look at the brands he has worked with previously so you can offer him a fair compensation.
When there are more than one influencers, certainly managing all the campaigns can be a hassle. According to research by Linqia, 64% marketers use managed service provider in executing their Influencer Management programs. So, if you have many influencers taking up your marketing, you can use an Influencer Management tool like Traackr to track all your campaigns at one place.
Measuring the ROI of your Influencer Marketing campaign
Before starting your Influencer Marketing campaign, think through your goal and what do you want to achieve from it. Is it just brand awareness or increase traffic or conversions? Measuring your ROI can be easier if your campaign’s purpose is clear from the start.
You can measure ROI for each of the goals by executing the following:
- Social Media Reach & Campaign Engagement: You can create a new hashtag for your Influencer Marketing campaign and then you can see how the hashtag worked by tracking it on different social media platforms. If you don’t know how to use hashtags effectively, look at this infographic.
- Increase in Traffic & Follower growth: You can link the campaign to your Google analytics or set Pixels. This will help you know where are your visitors coming from and you can see if your Influencer is sending you traffic. You can also create events in Google analytics and analyze how your campaign worked.
- Products Sale & Conversions: You can either create a coupon code or an affiliate link for your Influencer. Every time, your customer makes a purchase using the coupon code or affiliate link, you would know the Influencer from whom the conversion has happened.
Influencer marketing is the marketing strategy that everyone is going to run to in the near future. The untapped micro-influencers are going to give you the benefit of reaching your audience for a small budget. Just remember to create a new hashtag, coupon code, or tracking links to monitor your Influencer Marketing campaign.