4 Influencer Marketing Tips to Get CMOs Started
Getting started in influencer marketing interests CMOs, but scares them, too. So here are four easy influencer marketing tips to get started in the social media milieu.
CMOs know influencer marketing is mostly a branding tool that eMarketer predicts will see increased investment in 2018. The research released in May says CMOs mostly measure the impact of influencer marketing based on earned media, with press coverage being a more likely result than ROI. About half of marketers believe the method results in money. (Although CMOs will have to ensure influencers disclose payments or gifts in order to stay in line with the FTC’s disclosure requirments.)
“A large share of respondents (89%) believe this form of marketing can positively impact how people feel about a brand,” writes eMarketer. “And almost as many consider influencers to be a genuine form of media with an impact that can be measured.”
On Friday, Tom Ward creates a 10-step list for Forbes.com. The author and influencer marketing consultant says, in part, getting started in this branch of marketing involves:
Researching Platforms and Your Target Audience
Despite his examples, Target Marketing advises doing more research — collecting data, perhaps from site analytics — in order to determine which platforms your target audience uses most to connect with you. As for the audience, who stays after landing on your site from those social media channels? What do you know about them?
“Who are you trying to reach? Is your demo young? Then Snapchat might be your best bet. Are you a beauty company, trying to introduce a new product to women? Instagram or YouTube would be the best platform. Don’t try to master all the platforms at once. Pick one or two at most and focus on them.”
Influencer marketing is different from what a social media platform describes as an influencer. You’re a marketer. You have a specific product or service. Your influencers may be different from another brand’s influencers. And your influencer probably isn’t Kim Kardashian.
For instance, Panviva — a cloud-based knowledge management and performance support platform — sent Target Marketing a list on Thursday of the “Top 25 CX Influencers to Follow.” That means if marketers want to have positive brand impressions among the followers of those CX influencers, those may be the ones to contact.
“The first thing to do is to perform some hashtag searches on Google. The beauty of searching hashtags on Google is that they search all the social platforms. So, if you’re trying to find gamers in LA, you could search #LAGamers and it’ll pull up the most popular posts from Instagram, Twitter, etc. Start looking for people who are using those hashtags and see who’s getting engagement. You can also do relevant searches on YouTube to find influencers over there. Every Instagrammer or YouTuber will have contact info in their bio. Send them an email, a DM or tag them. Trust me, they want brand deals so they’re going to make it easy for you to connect with them.”
Setting an Influencer Marketing Budget
Consider how much time and money it will take to implement influencer marketing. Ward says this will help CMOs set realistic expectations for themselves.
“You’re not going to get Jake Paul for $5,000 so don’t try to. A really big influencer (over 10 million followers) told me that a popular publication offered her $20 for an Instagram post. She was so offended that she vowed to never work with them and she told all of her influencer friends to do the same. That ridiculous offer had real repercussions. Be realistic on your budget. The average cost of a post, with someone who has less than 100,000 followers, is $300. So, except a real campaign to cost at least $5,000.”
Determining How You’ll Measure Influencer Marketing
Marketers remember the beginning of all social media marketing, when it felt like there was no ROI to be had. But there was and there will be in influencer marketing, too, Target Marketing believes.
But for now, Ward advises marketers take the branding route for measurements:
“How will you determine if your campaign is successful? Typical KPIs include: Reach, impressions, views, engagement rates, and increase in followers and shares. Begin with one metric. Be clear on the purpose of your influencer strategy. Are you trying to build brand awareness? Then track the traffic to your site or watch new follower growth. Is your goal conversion? Then measure the specific conversions like sales, downloads, etc.”
These steps will get CMOs started on influencer marketing. To keep it going, Ward suggests marketers sit down with the influencers and explain campaign goals, negotiate contracts, establish whether there’ll be content approval and what kind, monitor their publishing habits, test and go from there.
What do you think, marketers?
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