Keep reading to know more tips to create an influencer marketing strategy.
6. Finalize campaign expectations with your influencer.
Finally, review all of the expectations you have for them in addition to any expectations they have for you. Keep in mind that your chosen influencer may have worked with other brands before yours. It means they may already have their own processes in place for the way they do business.
Moreover, their expectations are going to differ depending on the type of influencer they are. For instant, a micro-influencer is going to have different expectations for the way you react to them vs. a celebrity. A micro-influencer may speak directly with you whereas a celebrity may have an agent conversation on their behalf.
Lastly, you’ll want to ensure these expectations are written, agreed upon, and signed by both you and the influencer — you can organize all of this information through an influencer contract. This will help you avoid any issues and discrepancies down the road.
To help get the ball rolling, here are some examples of the expectations to review:
- How this influencer will be paid or rewarded (money, swag, discounts, coupon codes, etc.)
- How long you’ll be working together
- And, how you and the influencer will be communicating with each other
- Any other terms of contract important for your specific business to review
7. Reward your influencer.
Influencers don’t work for free. You’ll need to reward them for their work. Then discuss the form of payment when you review expectations together as mentioned in the above step. There are several ways you can reward an influencer. Here are some examples.
- Money (payment prior to or after the content is created and shared, depending on your agreement)
- Swag (such as clothing, accessories, or product samples)
- Free product
- Access to discount codes and coupons
- Promotion appears on your website, blog, and/or other social media platforms
8. Measure your campaign results.
Lastly, you must track your influencer marketing strategy results. This is how you’ll determine the level of success you’ve had in reaching your audience with the help of the influencer. You should refer back to the SMART goals you set (as well as influencer marketing metrics) to help you determine whether or not you’ve achieved your objectives.
Here’s more detail on which metrics you’ll want to focus on when analyzing your influencer marketing strategy success:
- Engagement: Pay attention on all engagement involving content shared by the influencer about your brand and products. Engagement includes various interactions such as Likes, shares, Comments, Retweets, Mentions, Direct Messages, and Reposts on channels such as social media platforms or blogs.
- Reach: Determine how many people are actually seeing the content your influencer is sharing about your brand, by analyzing your overall number of views.
- Resonance: Learn about the level of resonance — or the actions that were completed — by your audience members after they consume and/ or interact with the influencer’s content involving your brand.
- Brand Awareness: Track your brand awareness among the audience members of your influencer as they begin sharing content related to your brand. There are quantitative — such as direct traffic and social engagement — and qualitative — such as social listening and awareness surveys — ways to measure your brand awareness.
- Clicks: Review how many clicks on the content the influencer shares about your brand. Whether it’s a direct link to your website, a CTA, a social media giveaway, or a signup form.
- Conversions: Calculate your conversions (the number of leads who become customers) as a result of your influencer marketing strategy. You can calculate conversions on your website or through URLs by dividing your conversions by your overall number of visitors.
- Return on Investment (ROI): Calculate the return on your influencer marketing investment by dividing the return (or benefit) by the cost of the influencer marketing investment.
- Follower Count: Measure the increase and decrease of your number of social media followers over time to see whether or not the influencer is helping you boost your follower.
In terms of measuring the success of the influencer’s work, BuzzStream and BuzzSumo both have analytics tools built into the software. That help you measure the success of the influencer’s work. These types of software are especially helpful in allowing you to determine ROI from your influencer marketing strategy, which is known to be the most difficult metric to measure when working with an influencer for businesses.
Google Analytics is great if you want to track overall traffic directed to your website and the number of leads converted. The software provides you with a deep look at acquisition, behavior, and conversions related to an influencer and your visitors.
For example, if you ask the influencer to conduct a giveaway or contest, look at the number of people who participated in these. You give the influencer a discount code for audience members to use at checkout. Then look at how many people used it and, therefore, made a purchase thanks to their content. In case you provide the influencer with specific URLs with tags to specific posts or landing pages. You can track their performance by looking at the number of leads directed to those pages via the given URLs.
Those are step by step guide to create successful Instagram influencer marketing strategy. Now, apply them on your own business!