Influencer marketing is growing, and it’s growing fast. Industry leaders have highlighted that of all the online marketing channels, influencer marketing is growing the fastest. With a recent survey indicating that over 80% of marketers are set to launch an influencer campaign within the next 12 months, the rise of influencer marketing is apparent. And it shows no signs of slowing down.
The golden rule is to treat influencer marketing in the same strategic and scalable way as you would any other marketing channel. Once you do this, you will be able to fully measure your success and accurately calculate your return on investment (ROI).
To help you effectively implement your next influencer marketing strategy, we’ll show you what to consider and how to plan for success.
Step 1: Preparation
Before you can start the planning process, you have to prepare. Make sure you fully understand all the objectives of your influencer marketing strategy before you begin. Yes, influencer marketing goes hand-in-hand with increased brand awareness. But the benefits do not stop there. Click through rates and increased sales can also be a direct result of an astute influencer marketing strategy.
Once you have a full understanding of your goals, you’re ready to move onto the next step.
Step 2: Planning
Always keeping your targets from the preparation stage in mind. Then it’s important to identify the channels that you are going to focus on and decide upon the type of influencer that you are looking for.
For more guidance on setting KPIs, as well as how to choose the best influencer and channels, download our free white paper on the five rules of successful influencer marketing.
Step 3: Implementation
There are no two ways about it: implementing your influencer marketing strategy can be a mammoth task. Not only do you need to find the perfect influencer for your business, you need to negotiate a good fee, assist in the content creation process and measure this against your goals before publishing. This can take a lot of time and resources to get right, especially when you’re starting out.
This is where blogfoster can help. Our brand strategists determine the best strategy and approach for each brand. Once a bespoke brief has been agreed, our platform takes care of the rest. It matches the brief with influencer profiles and only makes the collaboration visible to the most suitable influencers. From there, influencers apply to participate in the campaign by writing a tailored pitch. Brands can then select the influencers that they wish to work with and blogfoster oversees the rest. Finding an influencer for your company has never been more simple.
blogfoster brings the most suitable influencers for your brand straight to you and gives you options and analysis so that you can assess the success of your campaign as you would with any other digital marketing channel.
Step 4: Reporting
When reporting and evaluating the success of the influencer marketing strategy, it is essential to understand which Key Performance Indicators (KPIs) to measure. This provides the best benchmark for measuring performance and outcomes.
Click-through rate (CTR), conversion rate and engagement rate per social media post are the leading examples of KPIs in influencer marketing.
At blogfoster we use our analytics tool – blogfoster Insights – to thoroughly analyse every collaboration at the touch of a button. While other methods rely heavily on manual analysis and inaccurate data, our unique technology enables us to accurately measure the impact of a campaign, calculating key information including reach, engagement, CTR and cost per engagement (CPE).
Once the campaign is complete, we can then provide an enriched report that can be incorporated into wider marketing reporting, analysis and reviews. This means that brands can effectively target their budget for maximum impact and ROI.
If you are interested in a free consultation with one of our expert brand strategists, complete the form below.