Influencer marketing is quickly becoming one of the most effective ways companies and brands use to speak to their consumers directly. Social media is such an integral part of people’s everyday lives and businesses have recognized the value it has as a marketing platform.
As such, Influencer marketing is a particularly impactful technique that uses the power of social media effectively by creating a level of outreach which engages online audiences to invest in a given company or brand. On a personal level, the authenticity and reliability found through an Influencer’s call-to-action content prove vital to mobilize their followers. On a business level, Influencer Marketing ROI is far greater than traditional marketing ROI, which is why many companies now integrate this method in their digital marketing efforts.
In 2017, a research carried out by Bloglovin’ showed that 63% of marketers raised their company’s Influencer marketing budget with a primary focus on increasing engagement and driving sales. This shows marketers and brands understand the sizable effect Influencer marketing has on a campaign’s ROI. Furthermore, according to a research by Tomoson, every $1 invested in Influencer marketing generated, on average, $6.50 in revenue.
Getting the most out of your Influencer marketing campaign and maximizing your ROI requires a strategic inclusion of the following five steps:
How to Calculate Influencer Marketing ROI:
- Research and identify your target audience
- Find the perfect influencer for your influencer marketing campaign
- Analyze your potential influencer’s feed
- Define your objectives and goals to get more influencer marketing ROI
- Choose a perfect social media platform
#1. Research and identify your target audience
The most important part of your campaign is your target audience. Before contacting an Influencer, you need to research and identify who your target audience is first. Are they male or female, young or slightly older, trend-focused or standard-based? This all depends on what product or service your company provides, what your campaign seeks to accomplish, and who represents your consumer base.
#2. Find the perfect influencer for your influencer marketing campaign
After identifying your target audience, find the right Influencer who can connect with that audience. Finding the right influencer is the most difficult aspect of this marketing strategy. Based on your campaign goals, make a list of qualities you want from your Influencer. This will help you focus on the Influencer who best represents your company and your campaign. Look for qualities like activeness, expertise, engagement, authenticity and leadership.
#3. Analyze your potential influencer’s feed
Examine your influencer’s feed provides insight as to how well their followers interact with posts. If there is not enough scope in the feed or if the feed is already saturated with other similar ads and promotions, you may need to look elsewhere. Feed analysis will help you to calculate their overall engagement rate which gives you a better understanding of Influencer marketing ROI you should expect.
#4. Define your objectives and goals to get more Influencer Marketing ROI
The success of your Influencer marketing campaign depends on your objectives and goals. Make sure your they are clearly defined before you launch a campaign. Whether your aim is to boost your social media presence or increase sales, clear objectives and goals can impact your campaign greatly. An Influencer needs to know what the campaign objectives are in order to create the most compelling content.
#5. Choose the perfect social media platform
Choosing the right social media platform is the last crucial step in your Influencer marketing campaign. Different social media platforms have different audiences and one type of campaign that performs well for professionals on LinkedIn may not work for a younger audience on Snapchat.
Your campaign’s success has a lot to do with the platform you choose. Facebook and blogs, for example, are among the best platforms where you can generate great ROI. According to Content Plus, 37% of marketers generated great ROI using bloggers with huge followers, while 21% marketers report that they generated a great ROI through Facebook Influencers.
If designed properly, Influencer marketing can generate an impressive ROI with notable results given its cost-effectiveness and well-rounded marketing approach.
Finding the right Influencer and creating the most engaging campaign around them may be difficult, but why stress. Let the experts at Americanoize run your new Influencer marketing campaign and watch as your ROI skyrockets while your company/brand gains the exposure the present marketplace requires.