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How to get the best ROI out of your influencer marketing campaign
When you talk about influencer marketing with an old school marketer, they likely won't understand what you're talking about since you're not working with major publications in order to send customers to a business. Most of these older marketers will usually ask "How can you measure your ROI when they're just posting on social media for you?" and that will be covered in this discussion. After talking to an older marketer and explaining everything, they are still on the fence and don't really want to risk any money on a system that isn't laid out and proven for them.
The reality of influencer marketing is that it's one of the best ROI marketing tactics you can do, if you're doing it right. There have been plenty of studies, all with very similar findings, who say that influencer marketing is 16 times more likely to increase engagement with your brand and business compared to traditional marketing strategies. There are also some studies out there that say if you're doing ifluencer marketing right, you will likely generate $6.50 for every $1 invested. Now, I'm not math genius but I do know a good ROI when I see one, and a 650% return is extremely good
In order to launch one of the best campaigns you can when it comes to influencer marketing, you need to do the following:
Be sure to use the right influencers
I can't say this enough, you need to find the right influencers for your business, not just anyone will be able to help you out. This is what most people get wrong, and they end up wasting their hard earned money on an influencer that might send then a sale or two, but the ROI is horrible. You need to obsess over who your audience is and figure out where they are on social media platforms. If you can do this, you will be able to figure out who is "talking" to them and these will be your ideal influencers, sort of.
This cannot be overstated. First and foremost, define your audience. Obsess over them. What details about their lives can you define and utilize in creating the ultimate demographic? You need to know exactly who you are targeting to find the influencers who will reach your audience. The ideal influencer is the one who is engaging with their followers, which will inevitably turn into clicks to your website and a great ROI since you'll be making more sales.
A common mistake is hiring the influencer wh o has the biggest following. You won't always get a great ROI with "bigger" incluencers because they could have inflated numbers, meaning they don't actually have the amount of followers that their profile shows. People can do this by purchasing followers that are created with bots in order to act like actual people.
This is a long game to play
You won't get instant results when it comes to infleuncer marketing. Traditional marketing, on the other hand, usually shows instant results but the downside of it is that it doesn't help build your brand for later sales. You'll be building up your relationships with the influencer, the people following the influencer, and eventually the people who come to follow your profiles.
You'll need to continuously work with infleuncers and other marketing methods in order to keep the sales flowing. You should never stop, even if you hit a wall, because stopping is just admitting defeat and you'll never stay in this game long if you are giving up.
Give your influencer a reward
Everyone likes to get a bonus for doing a good job, your influencers will appreciate the same thing. If an influencer is charging you $100 a post and you're making $200 or even $300+, be sure to send them a gift in the form of a $100 bonus. Sure, you'll profit a little less overall, but what you'll gain are better posts from the influencer because they know you'll likely reward them if your ROI gets better.
Don't do this on the first time, because their post could have been a fluke, so after a few posts you should be thinking about sending the influencer a sort of bonus or rewards as a sort of "Thank You!" since they're helping you make more money.
Influencer marketing isn't always the easiest thing to do, but if you go through my discussions, or anyones for that matter, you will be able to get a massive amount of information in order to run a better campaign. Infleuncer marketing isn't an overnight type of success, so you'll need to stick with it in order to see a great ROI. You'll essentially be building up your brand on social media platforms through people who are already trusted in your industry, so it takes time. Stick with it, find the right influencers for you, and you'll see a positive ROI coming into your business in no time.
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