/ Influencer Marketing How to Develop and Measure the Strategy
Influencer Marketing How to Develop and Measure the Strategy
Influencer marketing has become a hot marketing channel. In fact, data from BigCommerce shows that 17% of companies spend half of their marketing budget on influencers.
Influencers are people who have the power to influence people to do something because of their knowledge, skills, position, authority, and relationship with their followers.
What is Influencer Marketing?
Influencer marketing is a combination of celebrity endorsement and online content marketing on social media. But instead of involving many celebrities, this channel mostly involves online influencers who may not be famous offline. However, they have many followers on social media or loyal readers on a website.
As social media marketing is a slow game of acquiring loyal audience and converting them into loyal customers. So be patient to get the result. By working with influencers, the brand will slowly but surely be able to reach the influencers' followers and convert them into loyal customers.
The brand has to give a clear brief to the influencers and allow them to be very creative in creating content. The content will then be posted on their social media account to reach and engage their followers.
Nowadays, you can find many influencers online based on your needs, whether through websites, Instagram, TikTok or influencer management. You can choose influencers based on niche, rating card, number of followers, engagement and many other indicators.
Based on their social media followers, there are 4 types of influencers:
- Nano influencers: 1000-9999 followers
- Micro influencers: 10000-99999 followers.
- Macro influencers: 100000-999999 followers.
- Mega influencers: 1000000 followers and above.
Based on their niches, there are 10 types of influencers:
- Food
- Travel
- Gamers
- Sports
- Beauty
- Fashion
- Entertainment
- Lifestyle
- Technology
- Parenting
How to Develop an Influencer Marketing Strategy?
To develop a solid and right strategy, the first thing to do is to set a clear and realistic goal. This will help you decide what success looks like, create the right strategy and campaign, choose the right influencers, track the progress and measure the success.
The goals can be varied, such as increasing brand awareness, promoting new products or services, building reputation, generating sales, and growing the community.
The next step is to hold a brainstorming session to discuss the strategy and campaign. Remember to consider the budget and capability of the company. Also, determine the key performance indicator (KPI) to simplify the monitoring process.
Next, it's time to select the influencers. To find the right and high quality ones, choose based on these indicators:
- Visibility: the number of reach, views and impressions.
- Engagement: the number of likes, comments, shares and saves.
- Web traffic: the number of clicks, page views and bounce rate.
The next step is to implement the strategy. The brand and the influencers will work together to create engaging and compelling content to reach a wide audience.
How do You Measure an Influencer Marketing Strategy?
After implementing the strategy, it's time to measure the performance and success of this strategy. This can be done through some indicators such as: engagement and visibility.
There are some tools that can simplify this process, such as:
- Google Analytics to analyze website traffic for free.
- Google Sheet to manually analyze the number of engagement and visibility based on the screenshot of the influencers. This is also free.
- Influencer marketing platform like Meltwater and Klear to get data from all the content generated by the influencers and measure the different KPIs. This will cost you a few dollars depending on the package you choose.
After measuring the strategy, create a report that allows you to analyze the effectiveness and success of the campaign. Focus on the campaign goals (brand awareness, sales, or other goals).
Compare this campaign report to previous ones to determine what to keep and what to stop. But if this is your first campaign, use this campaign report as a benchmark for the next ones.
