The influencer marketing campaign or social media influencer strategy may seem like another buzzword, but it’s just as effective as other proven marketing techniques. The technique is based on the supposition that people trust people, more than the brands. Under this new online campaign, companies and brands use influencers with sizable following and persuasion to promote their products and services on blogs and social media platforms.
The exposure makes it possible for brands to stand in front of the audience in a positive, meaningful and unpretentious manner. The strategy is popular with both small and large businesses. According to a report by the Content Marketing Institute, about 80% of brands say they have set aside a budget to cover influencer marketing in 2019. The report also shows some $8 billion will be spent on Instagram influencer marketing campaigns by the end of 2020.
How to calculate ROI generated by influencer marketing campaigns
The success of influencer marketing campaigns can be measured by tracking performance and Returns on Investment (ROI). The quantifiable metrics needed in the calculation include social media following, sentiments, engagement (measured by analyzing comments, shares and likes), content quality, impressions, sign ups and conversions. According to Social Media Examiner, here are steps to prepare and establish ROI from influencer marketing campaigns.
1. Set your end-goal
The first step in the campaign is establishing your goals. Most brands are focused on growing brand awareness, lead generation and direct sales.
• Brand awareness – the awareness can be measured by analyzing the amount of content generated by the influencer and the accompanying impressions.
• Direct sales – this is a broader strategy that involves the use of discount codes to track sales generated through the influencer marketing campaigns.
• Lead generation – this is an inclusion strategy that encourages the audience to register for campaigns.
2. Turn metrics the focus of your influencer marketing campaigns
Once the goal is established, the next step is designing a campaign and giving influencer’s the necessary tools and tips to pitch products and measure campaigns. The tools include direct sales, impressions, social media following, sign ups and conversions. Social media following is a key metric in measuring influencer’s reach. Marketers can designate a value on each follower and assign a dollar amount on them to effectively track the resultant ROI.
3. Use compiled data to figure ROI
The campaign ROI can also be compiled from a report of direct sales, social media following, sign ups, impressions and conversions. An impression is a product of optimal exposure. To boost impressions, influencers often share positive sentiments about a product on their social channels. This number is closely tied to the influencer’s social following and unique blog visits. Signups, on the other hand, are useful in showing why a product is not selling.
Conclusion
The influencer marketing campaigns will remain an important marketing strategy in a world where social media cannot be wished away. The strategy recognizes the important role of social media sites and channels like Instagram, Facebook and SnapChat in marketing. Behrman is a leading communication entity based in New York. The firm offers cutting-edge public relations solutions. The company’s success is tied to the strong bond that exists with retailers, physicians, influencers and media houses. Under Nancy at Behrman, behrmanpr has experienced steady growth. She is the company President and Founder. The company currently employs 30 people, serving more than 60 clients.