Tag: Business Building

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How to Track Your Influencer Marketing ROI

When you engage an influencer to help you market your product and services, you must track the metrics just like anything else you do in your business. The only way you can be sure that action A causes result C is that you tracked and measured it.

 

Determine Your Campaign Goals

 

Before setting a realistic budget, you need to understand your goals for each campaign clearly. You will have different requirements for every goal, which means the costs associated and return on investment for each product will vary. Working with a micro-influencer will fees significantly less than working with a macro influencer, for example.

 

For example, you may have the goal of getting more subscribers to your e-mail list. If so, what exactly will that require? It’ll require giving the audience a reason to click through and sign up, for one thing. What else? Make sure you know and match all goals with the requirements.

 

Identify Key Performance Metrics

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Your goal needs to be clear and direct for each campaign to determine what key performance metrics to keep track of. This way, you have a more accurate representation of your return on investment. Tracking the wrong indicators like sales volumes when your main goal is brand exposure will provide inconsistent results.

 

While exposure can translate into more sales, it is better to keep track of your audience growth, engagement rate, or new versus return visitors before, during, and after the campaign. The point is to make sure you are watching the specific metrics that reflect your goal. For sales, keep tracking affiliate links, promotion codes.

 

Highlight Individual Campaign Expenses

 

What supporting details or materials do you need to run the campaign? Product costs, travel costs, influencer fees, agency fees, and more. You must first determine the influencer strategy or content you want to create to know what you need to budget for the campaign.

 

Track, Compare and Evaluate

 

You should keep track of all data before any campaign starts. If you don’t pull key performance metrics first, you won’t know if the results are really translating into a positive return. The only way to be certain of effectiveness is to check the metrics before, during, and after.

 

Your return on investment will be as good as your due diligence. Do your research and find the right influencers who offer the best services for the budget you have. The more you work with others in this regard, the more effective you’ll become over time. You’ll be able to use the numbers to figure out what is working and do more of that.

 

 

 

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Seven Influencer Marketing Campaign Types to Know About

When it comes to influencer campaigns, there are several types that you need to know about. Most people do a combination of these in order to help get the word out about their products and services. Mix and match as needed to develop a fun and effective influencer marketing campaign that works for your needs and the influencer’s needs.

 

The following are seven popular influencer marketing campaign types to learn:

 

  • Sponsored Content – With sponsored content, you simply pay the influencer to create a post, a video, or both that works to promote your product or service. The influencer will reveal to your audience up front that it’s a sponsored post. Depending on the rest of the deal, you can get a sponsored post starting at about 50 bucks and on up.

 

  • Reviews – One way to have an influencer recommend your product is by asking them to do an honest assessment of it. At the same time, they will provide an honest review. You usually pay a set fee for the review and offer a percentage of sales for their unique link.

 

  • Giveaways – You can also give the influencer a free product to give away to their audience as a way to boost your own sales. Usually, they’ll provide a review plus do the giveaway and have a link to those who want to buy.

 

  • Guest Blogs or Collaborations – Working with several influencers or doing a guest blog on an influencer’s website or channel, if you’re also a vlogger or blogger, is also a great way to use an influencer’s audience versa.

 

  • Platform Takeovers – Some people give the influencer the ability to take over their own platform to get the word out.

 

  • Product Seeding – Having an influencer simply wear your t-shirt, use your product, or otherwise show themselves using it without talking about it is product seeding. Again, you’re most familiar with this happening in tv shows.

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  • Ambassadors and Affiliates – Working with influencers as ambassadors and affiliates is a great way to work with them, too, because you won’t have to pay them until they make a sale with this method.

 

There are a variety of types of influencer marketing campaigns. The above are some ideas to try for helping you get the word out about your products and services.

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How to Create an Influencer Contract or Agreement

Developing your influencer contracts isn’t as hard as most people make it. The truth is that it’s always a good idea to get a lawyer to help you create your contracts but signing a document that you create is also acceptable in a court of law.

 

The following are the basic requirements for any social media influencer contract:

 

  • Parties To the Agreement – Include the legal names of the people subject to the contract terms, including their business name and entity type and address and contact information.

 

  • Terms Of the Agreement – One way to put all the terms you’ve agreed to in the contract is to just list out by number each person’s responsibilities in order of importance.

 

  • Timeline Of the Campaign – Dates and the timeline are imperative inclusions into any contract if you want it to be enforceable.

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  • Content Creation Expectations – Be very specific about what you’re expecting the influencer to create for your payment.

 

  • Compensation Amounts – Describe not only how much but what signals the payment to take place and how it’ll be done. For example, you might want to pay them half up front, half after the campaign, or some other schedule.

 

  • Advertiser Policies – Always include any policies that you want to have, such as not including bad language, grammar, and punctuation, as Facebook’s Advertising policy states.

 

  • Confidentiality Agreements – If you have one, put it in the contract and be very specific.

 

  • Non-Disclosure or Exclusivity Agreements – If there is something you don’t want to be disclosed, such as the private marketing stats you provided to them, make sure it’s in the contract. Likewise, if you don’t want the influencer recommending your competition, make sure to say so.

 

  • Breach of Contract Clause – What happens if either party breaches the contract? If you describe what should happen now, it’ll make it easier should something go wrong.

 

  • Governing Law – Always include which state, city, and county (or country) law’s will be the guiding force of this agreement should there be a disagreement.

 

  • Signatures of All Parties – Don’t forget to get it signed. It doesn’t have to be notarized, but this can help. Using software to sign is also helpful.

 

Lawyers aren’t required to make contract legal, but they are required to know what you are permitted to put in the contract as you cannot contract illegal things. If you write an agreement on a napkin and sign it, it’s legal as long as the items put in the contract are also permitted. A self-designed contract is better than no contract, but it is advisable to seek help from an attorney or paralegal to perfect your arrangements.

 

 

 

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Important Questions to Ask Before You Work with An Influencer

The following are important questions to ask your potential influencers and key information they should provide back to ensure you pick the right influencer for your campaign:

 

  • Who Is Your Target Audience? – Ask them if they have an audience persona created or if they can provide audience demographics so you can be sure their audience really will want what you have.

 

  • How Does Your Target Audience Algin with My Brand and Message? – You need your own brand message and reason for existing, and it should align in some way with the influencers you choose to work with. Let them explain how they align.

 

  • What Type of Content Do You Produce? – It will help you to know the type of content they can produce to start with. For example, some influencers do life-like vlogs and don’t do scripted commercials or advertorials. Work with influencers who give you what you need but be open to new ideas.

 

  • How Often Do You Publish Content? – Knowing their production schedule can help you ensure that your campaign is launched at the right time.

 

  • What Is Your Engagement Like? – They should tell you about some actual numbers regarding their engagement but understand if you choose to work with new influencers (which works great, by the way), they may not understand yet, but you can show them.

 

  • Have You Ever Worked with My Competitors Before? If so, Why and Why Do You Want to Work with Us Now? – This can help you ensure that they’re going to be upfront and honest with their audience about their recommendations.

 

  • Have You Worked with Similar Brands Before? How Successful Were You? – Getting these stats will really help you project the type of response they might get for your campaign.

 

  • How Often Do You Share Sponsored Content or Affiliate Links? – You want to ensure they have a good ratio of information and sponsored content or affiliate content. This will help you determine if they have staying power.

 

  • What Are Your Overall Expectations for Partnering with a Brand? – You want to know from them what they are expecting to gain from this too.

 

  • What Are Your Thoughts About Exclusive Brand Partnerships? – If you want them to work with you exclusively and not another brand that competes with you, this is good information to know.

 

  • What Is Your Content Creation Process? – Understanding their process can help you understand how you’ll work with them, including timelines and other info.

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  • Do You Want to Work with Us to Create the Content and Share Before Posting or Be on Your Own? – How autonomous will they want to be, and are you okay with this method? Of course, you can’t make them work how you want to work, but you can judge whether you can work together or not.

 

  • What Are Your Fees and Other Compensation Needs? – Try to get them to give you a fee schedule instead of telling them what you’ll pay. Not only will they feel more in control, but it’ll make working together easier.

 

  • What Sort of Timeline Do You Need to Get to Publishing? – Knowing the timeline will help you get your information to them promptly.

 

Use these questions to figure out whether you can work with the influencer in a seamless way that matches your own needs and includes their needs. You’ll be very glad you took the time.

 

 

 

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Affiliate Vs. Influencer Marketing: Key Differences to Know

While you will likely give your influencers an affiliate link to help them make money marketing your products and services, there are some differences between straight affiliate marketing and influencer marketing.

 

Let’s explore some key differences between affiliate and influencer marketing:

 

  • Costs – Most likely, it’s going to cost you slightly more to work with an influencer, at least initially. The main reason is that affiliate marketers do not charge anything up front, but influence marketers often make money both up front and per sale depending on the deal you make with them.

 

  • Compensation Models – You will pay your influencer a set fee according to their schedule to create the video or images or review for you. The cost depends on how many subscribers or followers they have, how much engagement they receive, and how motivated their audience is to follow them to purchase. You never pay affiliates anything unless they make a sale and how they make it is not usually your concern.

 

  • Marketing Goals – When you work with affiliates, you don’t involve yourself in their marketing or creation other than to provide the tools for them in your affiliate dashboard. Still, they promote when and how they want to within those guidelines. If you work with an influencer, it’s more likely that you’ll have more control over when they promote your products and services per your contract.

Are You Being Realistic About Your Goals?

  • Performance Tracking Metrics or KPIs – You probably don’t look at the stats of your affiliates as closely as you will your influencers. Mostly because you’re going to work with far fewer influencers over your business life than you will have affiliates, affiliate marketing is more hands-off.

 

  • FTC Guidelines Abidance – There are many guidelines for promoting products and services that you need to follow, and they all actually boil down to the same thing. Don’t lie, don’t mislead, and tell the truth. You may get away with an affiliate breaking a few rules against your TOS, but if an influencer you work with does it, it’s going to affect you more.

 

Both forms of marketing, affiliate, and influencer, can cross over. An influencer may ask for an affiliate link, and an affiliate who is doing an amazing job may actually be an influencer who found your product on their own. All types of marketing are essential to use, but the subtle differences need to be known.

 

 

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Influencer Marketing Vs. Brand Ambassadors

It can be easy to think influencers and brand ambassadors are the same thing. They promote your products and influence your audience in some way. However, influencer marketing and brand ambassadors are not interchangeable as they have many key differences.

 

Promote Vs. Example

 

Ambassadors promote your products and are seen as the experts on the product. This is made into a full-time position for larger brands where the company provides them the details they need to know to become a master. They are the ones consumers can go to and get almost any question answered.

 

While influencers show your audience by being the example and sharing how and why they use your products or services, they may love your products and understand them quite a bit. Still, for the most part, they don’t have the extensive knowledge brand ambassadors gain when working with one or a few brands.

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Influencers tend to work with many different brands and campaigns over the months and years, making it impossible for them to be a real expert on all the information your brand has to provide.

 

Long-term vs. Short-term

 

As stated above, influencers typically work with more than one brand or company. On the other hand, brand ambassadors only work with your company to master the knowledge and understand how your products and services work.

 

Influencers may recommend your business once or twice while brand ambassadors repeated it daily. They are your brand loyalists or journalists and will find them at the top of the pyramid of influence right above influencers.

 

Audience vs. Experience

 

Brand ambassadors are sought out due to experience and devotion to the product. They are committed to your brand and truly believe in the benefits. They are likely coming to you or directly applying. On the other hand, influencers are contracted due to their audience, engagement rate, or other important conversions you need for your business. They do not have to have tried your product or care too much about it. These conversions give you a clear insight into what kind of return on investment you can expect to see.

 

Their Similarities

 

Both brand ambassadors and influencers want to promote your product and see you succeed. Each can be added to your marketing campaign to drive more engagement, traffic, and brand awareness. However, they both need to sign agreements to protect their rights and promote your product authentically and enthusiastically through unique and creative content.

 

Overall, it is important to understand the difference to choose the right person for your campaign goals. Each offers many similar benefits, but the type of relationship, compensation, and metrics needed will determine who is right for the job.

 

 

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Define Your Influencer Marketing Goals

 

A successful and sustainable influencer marketing campaign requires a plan to maintain focus and direction and identifying your goals. This means before you make any content and before you determine your campaign type and find your influencers.

 

If you do these steps before identifying your goals and setting proper key performance metrics, you are less likely to see appropriate returns. This is because the content and influencer you pick more than likely won’t correlate. Thus, wasting your time and other valuable resources required to run a positively functioning campaign.

 

Each goal you set will require a different type of influencer, budget, and resource needs and for you to produce a set of relevant and unique content. You can’t just use any influencer and throw out poor content and think it will work. Over time this will cause more work, confusion, and eat up at your profits and other resources.

 

  • Brand Awareness and Reputation – Your customers need to notice you several times before they feel safe enough to spend money. The more touchpoints you create using your content, the more notice you will get. Running a social media influencer campaign can make all the difference for your business.

 

  • Increased Sales and Leads – Another goal you can have with your influencer campaign is to make more sales. One way to do that is to use the campaign to build your e-mail list. One tactic is to offer the influencer a freebie to give away that only requires their audience to sign up for a newsletter. This act alone will increase sales today and tomorrow.

 

  • Higher Engagement Rate – Another goal is to increase your engagement rate. When you have more engagement and communication that is two-way with your audience, they get to know you better, and you get to know them better. When this happens, they will be more likely to accept your offers because your offers will be more likely relevant to them.

 

  • More Followers or Traffic – If you want more followers, more leads, more anything, you need more traffic. One type of influencer campaign you can do is designed to bring traffic to your site so that they see what you have to offer. Another option is to get them to another social media account instead, but it’s typically best to push traffic to your website.

 

  • Product Launches and Promotions – Using influencers to promote your next product launch or your sale on your products is a no-brainer. Influencers love to help people announce a new product to their customers because it makes them seem like VIPs.

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Remember when you create your influencer marketing goals not to skimp on your goal-setting process. Instead, use the SMART goal-setting process to ensure that your goal is specific, measurable, attainable, relevant, and timely. Then, you’ll never regret planning and implementing an influencer campaign that you’ve seriously planned out because you’re more likely to be successful and reach your objectives.

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Be Aware of and Follow FTC Guidelines

If you don’t know yet, you have to follow certain guidelines before working with and sharing influencer marketing posts or anything to do with internet marketing.

FTC what they do

The Federal Trade Commission Act is used to protect both the consumer and the business owners. Its main purpose is to protect the credibility of information being shared on the internet while maintaining transparency.

 

You can expect the following consequences for not following the FTC rules:

 

  • Cease and Desist Orders
  • Fines Up to $43,792 per violation
  • Injections by federal district courts
  • Refunds to consumers
  • Costs associated with damages

 

Here are a few main points to be aware of and practice to avoid any legal fees and responsibilities:

 

  • Don’t Share Deceptive or Fake Information – If you do not know for sure that the information you are sharing or promoting is 100 percent legitimate and true and not fake, do not share it. If you do it, it will make you look untrustworthy, cause many controversies, and maybe even cost you money.

 

  • Always Display a Disclaimer – Disclaimers are not meant to allow you to mislead or lie, but they can help protect you from problems. For example, if your product is a special neck pillow, you may want to add a disclaimer that this neck pillow, while it helps you personally with your neck pain, is not a medical device, and you’re not giving medical advice. But, again, talk to a lawyer to help you with your disclaimers.

 

  • Don’t Fake a Product Demonstration – If you’re going to demonstrate anything, never do it in a fake way. If the product doesn’t work as you state it works, then the buyer will find out. Just be real and ask that the influencers you work with are too.

 

Be sure to visit the Federal Trade Commission website to fully understand the guidelines as much as possible before you get started. Knowing and following the law is your civil duty, and you can’t use a lack of knowledge and understanding to protect yourself.

 

 

 

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Top Social Media Platforms for Influencer Marketing

When you start using influencer marketing, it’s important to understand that not all platforms will be viable for your needs. Only the platforms that have influencers who market to your audience will work for you. It will help you understand what the personality is and the audience is of each platform to make the right choices.

 

Instagram

 

This visual social media platform has grown so fast that hardly anyone hasn’t heard of it. Over a billion people use the platform at least monthly, and most of them are based outside of the USA, with 140 million residing in the USA. Even during the 2020 pandemic, Instagram grew by leaps and bounds. So if you have a visual product or know how to make your offers visual, this platform will work for you.

 

YouTube

 

It’s hard to imagine life without YouTube. It’s only been here since 2005, but it has changed the landscape of media. Anyone can truly get their “15 minutes of fame” by starting their own YouTube channel. YouTube is still growing its influence by expanding its member base by 14 percent in 2020, and it’s still growing. Today, there are almost 2 billion active users on YouTube. So there is no doubt that your audience is also on YouTube. Even if you don’t have a particularly visual niche, you can usually find what you need here.

 

TikTok

 

As a micro media visual platform, this social media network has taken off in a big way. Some of the explosion is due to “bad press,” which proves that there is no bad press if you’re ready to use it for your needs. This platform is in over 150 countries and is most loved by the younger generation.

 

Twitter

 

One of the most long-lived platforms on social media platforms has gone from a text-based solution to a multimedia solution used by millions every day. Many people use Twitter to get all their news and information. The audience on Twitter is mostly from the USA, and in fact, more than half of all citizens in the USA are using the platform regularly.

 

Blogs

 

You may not initially think of a blog as a social media platform, but it is because you can have plenty of engagement through the comment section of any blog. Influencers who have very popular blogs can help you get more views for your offer just as easily as a YouTube influencer can. If they have an engaged audience that needs your solutions, it will work for you.

 

Research each platform to see if you can find influencers who entertain or inform your ideal audience who wants and needs your offers. If so, you can surely work out a deal to get the word out that is beneficial for you both.

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Influencer Marketing and the Pyramid of Influence

The pyramid of influence is a great model or image to categorize your different audiences and the influencers who represent them. It’s designed to quickly show you who and what makes up the most of your engagement to create the right content and materials to develop and run a successful campaign.

 

To put it simply, a pyramid of influence is designed to allow you to quickly understand who makes up your community and how they each influence your audience. This way, you can easily develop content and strategies to reach your target audience more efficiently and ensure you get the right influencer on board.

The pyramid of Influence is made of the following levels:

influencer Pyramid

First Level: Brand Content Creators

 

They are the brand experts and make up most of your content that your influencers can’t wait to use, share with their audience, or use inspiration to make new content. The content is produced by your company, by those you hired, or even mega-influencers.

 

Second Level: Influencers or Leaders

 

This is where digital influencers come in and make up the bulk of the content and engagement. They spark interest within those who want and must get your products. They inspire and influence transactions and engagement. They are the ones that will do anything to get their hands on your product and share it with their audience because they love your products or services. They are the leaders of your content and mission.

 

Third Level: Prosumers or Seed Planters

 

Prosumers are active in the community consistently, usually using third-party platforms such as Facebook or YouTube. They are the ones that build groups and posts questions or spark interest in topics supporting your niche or brand. In other words, they plant the seed of interest and increase engagement and interaction.

 

Quite a few people in this level of the pyramid will eventually move on to the second tier as low level, or nano influencers can also be found in this level as they often plant the seed. They look up to those above them in the tier to help them create content, answer any questions, or sound the alarm to a common problem within the industry.

 

Bottom Level: Consumers or Readers

They consume content but don’t generate it. They are known as consumers and will make up the bulk of your audience and are responsible for revenue. They are the ones that are influenced by the rest of the pyramid and make purchases or other actions that can positively affect your conversions.

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Understanding the pyramid of influence helps you see how your customers, influencers, and content writers can influence different types of people. The ones on the top have the most impact, while those on the bottom make purchases and increase your conversions.