You’re familiar with influencer marketing. You already know the benefits it can offer your business. Now you want to launch your very own influencer marketing campaign, but you want to make sure you’re doing it right.
As Denis Waitley said, “Expect the best, plan for the worst, and prepare to be surprised.” Planning for the worst means learning about the potential problems you could encounter, and being prepared to face them.
In this post, you will get an in-depth look at some of the biggest influencer marketing challenges, and how you can overcome them.
Linqiarecently surveyed 170 marketers from a variety of different industries about “The State of Influencer Marketing.” According to the report, the biggest influencer marketing challenge is determining ROI.
Since an influencer marketing campaign is typically run alongside other marketing programs, it can be difficult to determine which conversions were generated by influencers.
There are several ways you can determine the conversion rate and measure the ROI of your influencer marketing campaign. Some of the most effective methods are:
To understand the ROI of your influencer program and the difference between individual influencers you are investing in, you need to be able to:
With Simply Measured’s Social Attribution solution,you can measure how your influencers’ activities directly contribute to business value, including:
Instead of having all your influencers promoting one link, you could create a custom link for each influencer. The link should include their name or handle so it’s easy to remember.
These custom URLs can help you track the conversions resulting from your influencer marketing campaign. They can also help you track the individual performance of each influencer. You can then run a more effective campaign by focusing your efforts on the high-converting influencers.
The Dollar Shave Clubcreates custom URLs for each of the influencers they work with. In the screenshot below, you can see a sponsored video created by YouTuberLEGIQN, who has more than 500,000 subscribers. As you can see, the link to become a club member is customized with his username.
Your influencer marketing campaign may involve promoting discounts, or using other offers through influencers. You can track the performance of these campaigns by using custom promo codes, unique to each influencer.
Like the custom URLs, these promo codes should ideally contain the name, username, or handle of each influencer. Using these codes, you can track how many people took advantage of the offer, thereby helping you track the conversion rate. You can also track the individual performance of each influencer, just like with the custom URLs.
Loot Crateassigns unique promo codes for different influencers to promote. The screenshot below shows influencer Bunny Meyers (@grav3yardgirl) promoting an item from her latest Loot Crate box. And she’s also encouraging fans to use a unique code that includes her handle name to get a 10% discount.
Based on the Linqia study, many marketers still struggle to find the right influencers. Nearly half (45%) of the marketers surveyed said that this is one of the biggest challenges they face. In another study, byEconsultancy, of fashion and beauty marketers, 73% found it to be the biggest challenge in influencer marketing.
There could be many reasons behind this. Some brands may be focusing on reach alone, which means they’ll be working with mega-influencers with millions of followers. While these influencers may be able to help you boost your visibility, they may be unable to drive conversions if your product isn’t relevant to their audience.
While you’re probably already usingtools to find influencers, the hard part is choosing which influencers to work with. And the factors that determine what makes an influencer “right” for your campaign differ based on the unique goals of your business.