12 Ways to Actually Get an ROI Using Influencer Marketing
Influencer marketing is all the rage in today’s day and age. Yet, it's no guarantee: You may have every intention of generating high-level results, but getting a return on investment (ROI), much less a solid one, using influencer marketing, is easier said than done.
Here’s the problem: Many people assume that getting an influencer to mention their product or service is the difficult part. They assume that once this happens, sales will follow. And this isn’t always the case.
Instead, to get a solid ROI using influencer marketing, you need a plan. Here are 12 things that plan absolutely needs to include:
1. Keep your budget in check.
Just as with any marketing strategy, "more money" doesn’t mean better results.
Instead, set a budget and work within it, to give you the groundwork necessary to achieve all your goals. For example, sponsored Instagram posts have an average cost of $300. How many of these can you afford each month? Is it a good idea to push your budget to the limit?
2. Track everything.
This goes back to what was mentioned above: You can’t assume that a mention is all it takes for the money to start flowing. You need to track everything from the actual influencer, to the time of the day, to the content. By doing this, you’ll gain a better understanding of what is and isn’t working.
3. Know your target market.
Who’s your target market? Answering this one question will give you a better idea of the type of influencers you need to connect with. Get this: 70 percent of teenage YouTube subscribers trust influencers more than traditional celebrities.
4. Give creative control.
It goes without saying that you want some control over how your message is conveyed. However, don’t be so “hands on” that the influencer finds it a challenge to communicate in his or her unique voice.
5. Consider every available platform.
Don’t get so caught up on Instagram (the king of influencer marketing) that you overlook other platforms that can also have a positive impact. For example, more than 50 percent of marketers believe that video content produces the highest return on investment. Could this lead you to turn your attention to YouTube?