Influencer marketing spending reach $7 billion By 2024, it will almost triple from 2019.
Brands looking to break out of an increasingly noisy and saturated digital landscape are reaping growth by leveraging social media content from third-party personalities to promote their products and services.
But of course, mistakes happen as brands flood into this space. Here are four common mistakes that can hinder the success of your influencer campaign, and advice on how to get them right.
1. Choosing the wrong influencer
The flashiest influencers have a lot of influence, but they aren't always the best choice. The most effective influencers aren't the ones with the biggest audiences. Rather, they The right audience for your brand, product, or service.
A micro-influencer with a solid following of thousands of followers may be a better fit than a mega-influencer whose only goal is to chase cash and sell any product.
To create your shortlist, look for influencers and creators whose content naturally ties in with what you're selling. For example, a brand that sells sustainable jewelry might look for influencers who are passionate about protecting the environment.
The benefits of well-chosen influencers are powerful: they connect with new, relevant audiences and build brand awareness with credibility. Equally important, being thoughtful and intentional about influencer selection can help reduce the risk of potential negative effects from poor fit.
2. Selecting the wrong channel
Influencer marketing is not immune to upper management wanting to explore trendy channels like TikTok.
But “we should run ads.” [insert channel here]” is a misdirection. No matter how popular, the newest and most popular channel may not be the right space for your brand.
influencer marketing can Almost any channel will work as long as your campaign goals, channel audience, and influencer preferences are aligned. For example, a YouTube star sharing high-end home improvement recommendations in 15-minute increments may not be the best fit for his TikTok format, which skews toward a younger audience and prefers short stories.
Get our editor's roundup delivered to your inbox every weekday.
3. Setting the wrong goals
This typically takes one of two forms: not setting any KPI goals at all, or attempting to tackle multiple KPIs per campaign.
Influencers are generally effective at driving brand awareness and revenue.
If you lean toward the former, track metrics such as your brand's social media following and reach, engagement, and lift in brand searches during your influencer campaign.
If you want to increase your revenue, you should create custom affiliate links for each influencer campaign and track performance (clicks, conversions, etc.) with backend analytics provided by affiliate and influencer network platforms. (e.g. Impact and ShareASale).
Note that last-click attribution cannot fully track the true effectiveness of an influencer campaign, especially when it comes to revenue generation, as most users need to see a brand/product/service multiple times before making a purchase. please. To get an accurate picture of how your campaigns are performing, you'll need to track this set of metrics over time (up to a year).
4. Setting the wrong expectations
Trouble can arise when there is a mismatch between your internal expectations and those of your influencer partners.
Internally, KPIs are clear and communicated to all teams that may be affected downstream.
If the main goal of your influencer campaign is to increase brand awareness, make sure that those responsible for your paid search campaigns can stay on top of growing interest in your brand or product and plan your budget accordingly. please. If your goal is to increase direct response sales (perhaps you're offering discount codes to influencers), make sure you have the inventory to handle the spike in purchasing activity.
On the external side, we communicate our priorities to our influencer partners. For example, the features you want to promote, the specific audience you want to reach, or the brand attributes you want to highlight. Have a clear understanding of what influencers are expected to deliver (specific number of posts, preferred timing, etc.) and how they will be compensated.
Remember: The majority of influencers require monetary compensation in addition to product gifts. Make sure you have budget set aside to get the right creators for your campaign.
Done correctly, influencer marketing can be a huge asset in a brand's marketing portfolio. Build rich connections with relevant new audiences.
Whether you've tried influencer campaigns in the past without success or want to explore all possibilities for growth in 2024, be sure to avoid these common pitfalls.
“on TV or video” is a column that explores the opportunities and challenges in advanced television and video.
to follow DMi partners and AdExchanger On LinkedIn.