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Influencer Marketing Strategy: How to Do Influencer Marketing?

Vitalii Malets
Author
Marketers don't doubt the effectiveness of influencer marketing anymore. It's all crystal clear to them: they know influencer marketing works and brings tangible results: better brand awareness, higher sales, more customer engagement after all. Marketers are busy looking for the new opportunities to use this new approach in their strategy.

For those who still hesitate if influencer marketing worth the game, I've prepared these 5 indisputable facts. I know that smart marketers believe numbers, not words. That is why I will start this article will have reliable influencer marketing statistics:

1
In 2018 90% of marketers expecting to launch an influencer marketing campaign. They don't ask themselves " Does influencer marketing work?" anymore! The question that is bothering them is "How to make influencer marketing more effective and how to do it right?".

2
Influencer marketing proves that a trend can be effective. Many companies are actively investing in influencer marketing for a reason: according to SocialMediaToday, companies get $6,5 eventually for every $1 spent on this type of marketing.

Just think about it: the ROI of influencer marketing is much more tangible and much more impressive compared to all the traditional types of marketing.

3
Influencer marketing is more than a channel, it's a new philosophy. The emphasis is made on the individuality, not on the advertising. As modern consumers have "the immunity" to direct advertising, representatives of B2C (and even B2B) are trying to find new forms of interaction with consumers, and opinion leaders play an important role here.

Traditional advertising interrupts content, while influencer marketing is based on native advertising, which is part of the content, without interfering with user interaction. For this reason, the effect of sudden irritation is almost completely absent. The reason for this is the customer's trust.

4
Influencer marketing is organically wired in all existing digital communication channels. Simply because they are very dynamic, and most information is exchanged in them now: social media, e-mails, messengers.

Influencer marketing is the beginning of a new trend and significant changes in the marketing world. With such marketing, successful brands can improve their reputation thanks to real feedback and an authoritative point of view by working with influential people.

5
Influencer marketing has a positive effect on the SEO of your website. Links on your official brand's profiles that influencers add to their posts are gaining more and more weight for Google.
How to Price Influencer Marketing?
This question is tricky for many marketers, CEOs, brand managers who want dive into influencer marketing. They feel that something stops them. Yes, influencer marketing is not as easy and predictable as email marketing for example.

Influencer marketing is a story about human relations.

That is why it's impossible to predict its development with 100% accuracy and therefore, it's difficult to calculate the exact price. In influencer marketing, everything is very individual, and there are no ready-made scenarios.

Who will become the hero of your strategy - celebrities with millions of followers or niche bloggers? It is not always obvious what choice will be right. When you are fresh and inexperienced in influencer marketing, these questions might bother you a lot. Another sensitive sphere is the dynamics of the relationship with content creators. But this does not mean that the brand cannot affect this.

The question is: how to calculate the price of the influencer marketing campaign?
Imagine that your company is selling stationery, and you are a responsible brand manager who is passionate about the company's development. The good thing is that your stationery deserves the attention because it's reliable and you have loyal customers. Now you need to attract new customers. "Students and pupils can be my new target audience!" - that thought pops up into your head one rainy morning.

You think about cooperating with bloggers that your potential target audience reads. You need to calculate how many bloggers will be involved, how many posts they will have to make to attract the attention. You will have to do a big research to attract the right audience, and, what is more important, to create the ecosystem for these bloggers.

Good news is that there are influencer marketing platforms that can shorten this process immensely and can provide with tangible and PREDICTABLE ROI.

In other words, instead of thinking about your influencer marketing strategy, calculating, losing time and resources of your workers you lean on someone who has an effective and working mechanism and a real ecosystem of influencer marketers in action!

Yet there are common rules that will define the price of the influencer marketing campaign even if you cooperate with an influencer marketing platform:

  • Prices vary greatly depending on the target audience and the niche. For example, influencers in the fashion niche, photography or food can earn almost twice as much as those who work in the music sphere. Therefore, if your target audience is in this niche, be ready to pay more.
  • The discrepancy between niches is also related to the audience size. To gain the reputation of influencers in the music industry, 26,000 followers are required. For the sphere of fashion, fitness, and pets, influencers must have about 100,000 followers.
  • The number of influencers you want to have for your campaign. Influencer marketing is not about quantity, it's all about quality. Building a healthy relationship with several influencers is a real challenge, and you need to have time and motivation to do it.
  • The social network you will choose for promotion (which largely depends on the product you are trying to sell) will also influence the price of a campaign. Facebook is the oldest kid in the family of social media channel, yet it's more effective to use Instagram and Twitter as well. Youtube bloggers are probably the most popular and the most demanded today. Influencer marketing platforms use multiple channels almost automatically while brands that only try this type of marketing can get stuck doing hundreds of small operations.
How to Measure Influencer Marketing?
You know very well that statistics rules in marketing. You are a data-driven marketer and you always ask "How the heck can I measure it?" Luckily, over the past few years, there have been major platforms for tracking and optimizing, including influencer marketing.

There are five indicators used to analyze ROI impact marketing. Using any of them it is easy to track marketing campaign effectiveness:

Cost per Impression - each time an ad is displayed is counted
Cost per Engagement - is calculated each time a follower engages with the post in which your brand's product is promoted
Click Through Rate - the difference between the number of clicks to the number of views of a certain post
Cost per Lead - the number of clients who addressed the brand with the request for additional information
Cost per Acquisition - the number of customers who actually did a purchase
A brand manager or a marketer can choose any of these metrics to calculate ROI. Choosing several different metrics is the best way to be 100% sure in reliable results.

Influencer marketing is a bright phenomenon of modern marketing. It's utterly and absolutely effective, reliable, and what is the most surprising, measurable! In influencer marketing paradigm bloggers play the role of advisers for buyers who want to purchase a particular product.

More and more people are beginning to trust bloggers advice from social networks, and their power and influence are increasing every day. This is the most actively growing type of online marketing, which gradually displaces all its competitors. So if you've decided to place a bet on this type of marketing, find the platform that can squeeze the most out of it. Content creators are waiting for cooperation!
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