There are several steps that companies need to take when developing influencer marketing campaigns.
One of the first steps is finding influencers who operate in a similar niche to the company’s own, and who have similar values to the company and to its target audience.
Companies also need to track the return on investment of their influencer marketing campaigns in order to understand whether their campaigns are performing as expected.
This requires monitoring social media analytics and sales.
Social Media Platform
The right platform for a given company’s influencer marketing campaign depends on the goal of the marketing campaign itself, as well as the company’s target audience.
For instance, companies that are looking to target audiences of business owners might benefit from creating an influencer marketing campaign on Twitter.
Companies need to be aware of which social media platforms the target audience prefers to use. They also need to ensure that those platforms have active influencers who share their business niche.
Types of Influencers
By utilizing social listening, companies can figure out which influencers are the most popular with their target audiences.
Social listening means tracking all the mentions that a company gets on social media. Once a company selects a handful of potential influencers for the campaign, it has to keep track of the social media mentions of those influencers.
This way, the business can learn more about the influencers and their audiences, understand how they interact with their followers, and decide which are the best influencers for their campaigns.
One of the most reliable ways that companies can determine how active the followers of an influencer are is by calculating their engagement rate percentage.
To do that, companies need to average the number of likes on their ten most recent posts, and then divide that number by the total number of followers the influencer has.
Generally, if an influencer has an engagement rate that’s above 2% or 3%, they’re a great choice for a marketing campaign.
As with any other promotional efforts, companies need to create a budget for their marketing campaign, as well as an estimate of the campaign’s expected return on investment (ROI).
This helps in figuring out whether the marketing efforts can generate the results that the company wants to achieve.
For influencer marketing campaigns, companies should also include any influencer fees, ad spending, production costs, and software costs in the budget.
The ROI for influencer marketing campaigns is generally calculated with the Earned Media Value, which is the total monetary value of the exposure that the campaign ends up generating.
On average, companies can expect nearly $5 of earned media value for every dollar they spend on an influencer marketing campaign.