Brands which invested $1 in influencer marketing got revenue of $5.20. This compelling statistic shows how important influencer marketing can be for brands. It is due to this solid ROI of influencer marketing that its popularity has shot up in recent years. In fact, influencer marketing has become more popular than print marketing.
Image via Google Trends
However, to achieve a high ROI, you need to have a solid influencer marketing strategy in place. When you have a plan of action, you’ll be able to execute it better and make the most of influencer marketing.
Here’s how you can create a failproof influencer marketing strategy.
1. Set Your Goals (and Document Them)
Before you start your influencer marketing campaign, you need to figure out your final goals. Doing this will help you ascertain what you need to do to reach your goals. Setting your goals will also help you track your success by helping you determine the right metrics to measure it.
You may have a variety of goals for your influencer marketing campaign.
Some common goals are:
- Increase reach and brand awareness
- Gain the trust of your audience
- Generate leads
- Increase website traffic
- Generate sales
Take enough time to figure out your goals and document them thoroughly. When you document your goals, they will help keep all of your teams on the same page.
Also make sure that your goals are SMART – Specific, Measurable, Achievable, Relevant, and Time-bound.
2. Find Relevant Influencers
Once you have your goals documented, you need to start looking for reliable and relevant influencers for your brand.
There are numerous types of influencers; some are bloggers, journalists, and even social media influencers. Similarly, based on the audience size, influencers can be classified as nano-influencers (<1,000 followers), micro-influencers (<50,000 followers), macro-influencers (50,000-1 million followers), and mega-influencers (>1 million followers).
It is also essential that the influencers you partner with are from your niche. Their ideals and tone should match those of your brand too. This will ensure that they will be passionate about promoting your brand and their voices will match yours.
There are many fake influencers out there who buy followers and likes. Partnering with them can be harmful to your brand.
3. Reach Out
After finding your influencers, you need to establish contact with them. You can do this via email or social media. However, when you’re reaching out, keep in mind that your goal should be to first establish a relationship with them. Do not inquire about collaboration right away beginning.
While a one-off influencer marketing campaign may offer some benefits, it is better to have a long-term relationship with influencers. This way, they may become long-term brand advocates for you.
You can start the conversation with them by complimenting them about their achievements or offering feedback about one of their recent posts.
Once you’ve established a connection with them, you can present your idea for collaboration. This will help you make the most of your influencer marketing campaign.
4. Create a Contract
After getting the influencer on board, you should consider creating a contract. This will make the collaboration official. The agreement should include details about the type of influencer marketing campaign. This could be a social media takeover, a product review, a competition, or something else.
The contract should also include the deliverables that are expected from both parties. This will make the entire influencer marketing campaign more transparent for you and the influencer. It’ll also help you keep accountability.
This is especially important when you’re doing a social media takeover during which the influencer will have access to your social media account. In this case, the contract should include the duration of the takeover and the rights of the influencer over your account as well.
5. Track, Measure, and Optimize
Once your campaign goes live, you need to start tracking it. Ensure that there are no mistakes in the content of the posts.
The performance of your campaign should be monitored at all times to see if it’s performing as you want it to. Tracking will also help you figure out what’s working and what isn’t. Based on this, you’ll be able to make adjustments to it and improve your results.
You’ll also be able to figure out your ROI by tracking your campaign. Measure the metrics of your posts based on your final goals to see how well your campaign is performing. This will give you an idea of your ROI as well.
Influencer Marketing Tools to Help You Creating Your Strategy
To find authentic and reliable influencers, you can use platforms such as Influence.co. It also serves as a place where influencers can post their profiles by connecting their accounts with Instagram. They can also reach out to brands who have listed their campaigns and apply for collaborations. This can make the process of finding influencers easy.
BuzzSumo is yet another tool that can come in very handy for influencer marketing. You can not only find influencers but can filter them based on their reach, engagement, and authority.
Additionally, it shows you the content that influencers share and who they regularly write about. It even helps you do influencer outreach and connects you with key influencers for your brand.
HypeAuditor is an immensely helpful tool that can help you assess an influencer’s Instagram profile. All you need to do is enter an influencer’s Instagram handle and the tool will fetch their statistics for you. This includes their followers, engagement rate, and their audience demographics and interests. You can also see how quickly they are gaining followers.
Klear not only helps you find reliable influencers for your brand but even lets you manage your influencer marketing campaigns. You can search for influencers, and check their influence, reach, and even their engagement levels. The tool also allows you to reach out to them for partnerships. After that, you can manage and monitor your entire campaign from Klear.
Influencer marketing can help you market your brand to your target audience in a cost-effective manner. All you need to do is decide on your goals and find the right influencers to partner with. Continuously tracking your campaign and measuring your success can help you optimize it as well.