When it comes to picking the right online marketing strategy, one of the most excellent marketing tools is the use of influencer marketing. Influencer marketing stands as one of the most popularly used marketing strategies in recent years as it is a unique way to communicate and maintain engagement with the target market effectively.
To ensure a successful marketing campaign, quality and authentic content is the most carefully prepared tool that has made the influencer marketing campaign so powerful
According to a research in 2017 by Bloglovin, this study revealed that about 63% of marketers place more of the marketing budgets plans in influencer marketing.
Another survey done by Influencer Marketing hub, it was reported in this survey that Influencer Marketing is an effective strategy for acquiring customers.
But before you can have an effectively attain an effective Influencer marketing strategy; there are some factors you should consider. One of that is to achieve an understanding of what ROI truly means and the perfect approach to maximize your ROI.
What is ROI?
ROI or Return on Investment in the evaluation of performance used to measure the effect of investment. It simply measures the amount of return on investment, and when related to this concept, it is used to gauge just how effective your Influencer marketing campaign is regarding the returns generated.
Pay close attention
When you do have an excellent Influencer campaign, there is only one way to know just how great your campaign has been. It is by the measure of your returns, the number of customers achieved via that campaign.
This is where the ROI metrics come into play. Simply making a marketing campaign without having an idea of just how practical, your hard work has been being a weak effort at developing your business.
According to a survey done by Social chrome, Influencer marketing campaign can give as well as 16 times the engaged or paid media. It is viewed as one of the cost-effective methods of advertising and among the very best in getting a very high ROI. While the need for the social media, quality content and influencer is essential. You have to understand the basic rudiments required to maximize your ROI.
Bearing this in mind, we will be paying a closer look at the essential factors that will increase your ROI effectively and ensure rewards for all your efforts.
1) Identify your Target Audience
There is no substitute for achieving a full understanding of the target audience. This is central and critical to your influencer marketing campaign.
You have to know who, where and how your audience interacts. Therefore, this is essential because you must select an influencer who will connect with your target audience. Therefore you need to identify and research your target audience.
2) Get the Perfect influencer
When you are done observing over your target audience, you will have a fair idea about who you are targeting and a great design of the right influencer that will interact reasonably with any chosen niche.
Naturally, many influencers have just the right amount of followers /fans and are amassing so much a more passing day, but not just any influencer can be right for the job. You have got to get the influencer, whose followers are relative to your given niche; this ensures that you keep your focus on your given niche.
Some other mistakes can also be made, a lot of businesses higher influencers for the number of followers, sometimes simply because they have millions of followers. This is a great mistake because that kind of wide berth of followers also figures to a broader range of niche and it’s even possible they may not have the right type of followers that will be interested in your products/services.
You should aim for an influencer with an average amount of followers all suited to your demographic and target market analysis so that by large engagements on their page, you will translate correctly to your ROI.
3) Select the Right Influencer Marketing tool
Influencer marketing maybe one of the most economical forms of marketing but you must have the right marketing tools to help you stay connected to your influencer as well as find the right one.
First, you should track and measure all Facebook and Twitter metrics as well as other social media platforms you choose to use.
Next, ensure your company has monitoring tools such as hashtags and promo codes and check through rates to calculate your ROI. There are many other ways to calculate your metrics you should find them out so you can stay focused on your target audience. When on a budget, you can use the free tool-NoxInfluencer to help find the most suitable influencers and manage them.
4) Patience is Critical
Unlike traditional marketing which can be measured and seen to achieve results in the shortest time, Influencer marketing which plays a much more useful tool requires that you be ready to play the long game.
Influencer marketing is all about developing relationships and trust. This means a lot of determination, time and effort are necessary to establish a connection.
Therefore, you should spend time designing your best content, reaching the right social media platforms and then deliver content with content to keep your audience engaged before advertising your products/services.
When you have developed a reliable and stable relationship with your influencer as well as your influencer’s audience, then you will have an active influencer engagement and an even higher return on your investments.
You should bear in mind that long after your campaign, the demand of your product or service will remain, therefore, ensuring that you have a sufficient connection with the audience of your Influencer in necessary.
5) Establish a Positive Connection with your Influencer
Bear in mind that keeping your influencer happy is vital to have exclusive access to his/her audience. Therefore, you should take caution in planning the kinds of rewards that you will give to your Influencer. You can do this by negotiating with your influencer, keeping them in the loop and creating an air of family connection with each one of them.
Rewards given may be in the form of products, shout-outs, discounts, commission and so much more. You should also note that Money should be in the picture, this can be structured into pay per click or per view formats depending on your negotiation terms.
When you have your influencer feeling loved and valuable, you will receive so much more of their time, effort and loyalty.
6) Pay Close attention to your competition
Your business is not a single isolated niche, not in the present age anyway, there are many other businesses with similar products and target audience. Therefore, it is vital that you pay close attention to their successes and weaknesses to make much more effective plans.
Observe their strategies and ensure to design an even better influencer marketing plan, so you will reach the heights of your goals and maximize your returns on investments.
Lastly, when you have got all your aspects of in your planning, your influencer marketing campaign will be a sufficient boost to your business. Your ROI remains the center to all your marketing strategies when you have fully maximized all the steps, listed here; you are sure to have an incredible ROI on your Influencer marketing campaign.