Why big businesses typically fail at influencer marketing

Why big businesses typically fail at influencer marketing

Almost 80% of marketers who dabbled in influencer marketing said that figuring out the exact number for an ROI was a challenge.  Many companies are targeting influencer marketing because it makes sense.  Why not get someone who is already popular in your industry to spread the word about your service or product?  They already have a massive following on their social media platforms, so hiring them to push your website and business just makes sense.

Some brands, many of them being the biggest in the world, fail miserably when it comes to influencer marketing.  Maybe it's because the person setting up the campaigns is just out of touch with what people want, or the business just doesn't know what they're doing.

I've recently launched a website and I can pay between $10 and $20 for a "Sponsored Post" with an Instagram influencer in my niche.  It's much less than most niches, but the payoff isn't as high either lol.  I've invested around $100 in Instagram Influencer Marketing and I've made around $70.  Some of you will think that's a failed campaign, but I don't because people are seeing my posts and spending money on my website   I just need to tweak it a bit so that I can get more money than what I'm spending.  I could make more in the next few weeks with my abandoned cart emails going out, so my ROI isn't 100% accurate just yet


But let's get back to the big brands failing with influencer marketing.  Here are my theories on why they are failing.


1. They don't focus on niche influencers
Big brands will usually have the bank roll to spend on the biggest influencers, but that's not always the best.  It's not the best because bigger isn't always better in this type of marketing.  I paid a broad niche influencer $20 to give me a post and $10 for a much smaller niche specific influencer to post for me later on, and I made more profits from the niche specific influencer than the broad match.  Now my profits aren't that much right now, and I haven't done a whole lot of split testing, but at first glance it seems that the niche influencer is better to target even though they had less followers.

What you'll need to do is build relationships with the niche influencers now so that you can always have a spot with them after they gain another 50k or 1,000k followers   They will remember you when they get huge and they will usually cut you a discount

If you're spending $100 on a broad match influencer to post to his 1,000,000 followers... Just imaging the affect of paying $15 to 10 different niche specific influencers


2. They aren't spread out
Most people who start out with influencer marketing are targeting just Instagram.  I myself love Instagram for this type of marketing, but it's not the only platform you can work with.

You can also target Snap Chat, Pinterest, Facebook and even YouTube.  The list goes on and if you can find niche specific influencers on each platform, you're golden


3. They Never Learn
Most big brands will just see a number of total followers and throw money at the influencer.  This is the wrong approach because those numbers could be fluffed up and not work well because it's not niche specific.  The big brands will do this time and time again, throwing money away at anyone with millions of followers just to have a chance at getting some fish to bite.

The big brand won't ask about how the influencer is going to pitch their business, they just pay them and give them some content to work with, that's all.

What you need to do is figure out what you'll get for $XXX and get examples of what the influencer has done in the past.  A lot of times you'll see influencers posting something with just a link and no content, which never helps you as much as it could have if they just added some content and tags along with the post.

You'll want to get what you pay for, so be sure you're paying the right people.




What you'll need to do is look over every influencer of interestes profile and see what they're doing for other businesses.  If you're not too impressed with the content or engagement with the post, move on to another influencer and start the background check again lol.  After you find a handful of these top notch influencers, ask them if they have other platforms or profiles they can post to within the same niche.  Usually they will have something going on each platform, but they might not always be as popular.  That's not a huge deal though because you can get discounted rates to post to their less popular platforms and profiles



In Conclusion:
If you want to be successful with influencer marketing, you need to know what you're getting into before you start throwing your money around.  Get niche specific and learn from what you're investing in.  Do your due dilligence and you will be able to figure out what you'll get from the influencer before you even pay them


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Thanks!

Razzy