Set goals for influencer marketing
1. Assess whether influencer marketing is suitable for your company.
What can influencer marketing do for your brand that other options – like paid ads – can’t? Will you need niche influencers who understand your industry in depth? For example, if an influencer can’t explain your software product’s value for end users, your campaign is unlikely to gain much ground. Does the profit margin on your product give you room to offer discounts to an influencer’s audience? Is influencer marketing in harmony with your overall sales strategy? Do you usually leverage discounts, freebies, gifts, or coupons to sell your products and services?
2. Identify your marketing objectives. Make sure they are specific, measurable, attainable, relevant, and time-bound (SMART). Clarity of goals infuses consistency in influencer marketing.
Develop goals you can achieve depending on your resources and timelines. Whether your goal is increased sales, lead generation, or brand awareness, ensure that it syncs with your marketing mix for it to be achievable. Influencer marketing goals should matter to your business and align with other company goals. Brainstorm with your team and ask several questions to come up with a master plan. Is this the right time for integrated marketing? Do you have enough resources to build consumer engagement? Do you have the right people for the project? Is influencer marketing applicable to your current financial situation? Does it match your current goals and overall influencer marketing vision?
3. Determine the viability of mega-, macro-, micro-, and nano- influencer strategies for your particular industry and product.
Mega influencers can create awareness of your products on a larger scale. They are helpful when you need to target millions of consumers. Use macro-influencers if you intend to reach a wide but specific market. They’re useful in boosting brand engagement, increasing sales, and improving customer retention. Micro-influencers are suitable for companies that want to target a niche audience. Nano-influencers market local content by targeting an even narrower audience. For example, a Dallas auto dealership with local customers can benefit more from nano influencers than macro or mega influencers.
4. Identify an influencer who is a leader in your niche industry or has the technical expertise to appeal to your target audience. Match the solution your audience wants with the influencer’s profile.
Consider these factors: The reputation of the influencer. The tone of the influencer’s social messaging. Whether the influencer posts unethical, immoral, or unprofessional content. Whether the influencer engages in controversial issues. The influencer’s market reach. Whether the influencer appears authentic and trustworthy.
5. Use metrics or KPIs such as leads, conversions, and sales to measure the success of your influencer marketing.
What is your influencer marketing ROI? Is it increasing your reach or driving sales? Influencer marketing KPIs provide a way to track workflows and measure their performance. For example, if your goal is to use influencer marketing to increase traffic to your site, your KPIs are: New visitors. Referral sources. Bounce rates. Total page views.
6. Estimate influencer marketing spend by using a payment model suitable for your business.
Brainstorm with your influencer and identify a payment model that suits both of you. Consider the following models: Cost per Engagement (CPE). Base payments on the number of likes, comments, or shares. Cost per Click (CPC). Pay influencers according to the number of actions consumers take after interacting with them. Cost per Acquisition (CPA). Base payments on the number of sales or conversion rates.