With all the rapid progress and developments made online, today’s digital marketing landscape is different. Influencers have become massive stars, and there are plenty more on the rise. As marketers, almost everyone has taken the opportunity to explore this new marketing avenue and found varying levels of success.
Despite being a very popular marketing strategy, influencer marketing is not always 100 per cent effective. It’s just as risky, if not riskier, than other strategies. The key to finding success through influencer marketing is by doing your research. Not every influencer has the talent, creativity, and reach to help your brand.
You need to know how to work with influencers to yield good results.
That said, here are a few tips to avoid some influencer marketing mistakes:
Do Research and Background Check on the Influencer
The most important thing you need to do before working with an influencer is to get to know them. There are hundreds, if not thousands, of active influencers out there, but not all of them are necessarily good influencers. First, you need to filter them out based on your industry, relevant interests, and so on. To make this a little bit easier, we highly recommend keeping an eye on the influential voices in your industry.
After you’ve shortlisted a few people, it’s time to look at their following. However, note that you still have to look at them beyond their following, as that can be fabricated or bought these days. You need to check their following, engagement, and history. You don’t want the brand to end up associated with an influencer with a compromised reputation.
Set a Clear Goal for the Influencer
There should be a clear goal before you even start looking at influencers to work with. Again, some influencers are better than others at different things. One influencer might be good at creating content but has a smaller following. Another influencer might have moderate content creation skills but have a large following.
Your goals will determine who is the right influencer for your brand. This way, you can also have a straightforward way to measure success. Without a clear goal, you might be left scratching your head whether the strategy is effective or not. You also won’t know what parts of the strategy are succeeding. This can affect the whole campaign moving forward.
Choose the Right Compensation Model
Choosing a suitable compensation model can help your strategy and relationships with influencers become successful. What you choose can affect the goals you’ve set and the results you get once things are moving along. You don’t want to end up paying more for less or getting less because you didn’t pay enough.
There are many payment plans to choose from. But it all depends on what you want to accomplish and who the influencer is. Most likely, you won’t only be working with one. If that’s the case, you should establish a priority and task list to differentiate between them.
If you’re offering exclusive previews, trials, or luxury experiences, the payment might not be necessary. If you’re looking for an ambassador and someone to influence customer behaviour, that’s a different conversation. Be open to negotiating terms and conditions with the talent but don’t be afraid to look elsewhere if it seems that you and the influencer aren’t aligned.
Here are some of the most common influencer marketing campaign compensation models:
Pay Per Post
Cost Per Engagement
Cost Per Click
Free Products or Experiences
Cost Per Acquisition
The Bottom Line
Influencers are a new type of creators. There are plenty of talented and bright personalities out there that will be perfect for your brand. However, you must do your due diligence before any contracts are signed. They can do a world of good for your business if given the right amount of freedom and fair incentive. Be sure to work with people who are the best fit for your brand.
To maintain good relationships and find success with influencers, your company must stay on top of the accounting side of the business. The Ecommerce Accountant is an online accounting firm that aims to help clients minimise tax and increase profit. We hope to help you achieve your goals. For more information, contact us today and let us know how we can help you!