Influencer marketing is a form of marketing in social media by the people known as social media influencers. Influencer marketing is helping big brands reach out to more people and it’s helping small businesses scale bigger by giving them more publicity. People often mix influencer marketing with content marketing and social media marketing. Influencer marketing is like a complete blend of old and new marketing techniques, taking the idea of the celebrity formalization and placing it into a modern day content activated marketing campaign.
Influencer marketing involves using key words to spread your message to the larger market in an easy way. It selects people with large social followings who have impact over the target audience, then focuses on marketing attempts featuring those key influencers. Influencer marketing works because it uses methods like the word of mouth marketing and social proof, which are now critical aspects of any successful marketing strategy. Customers trust their peers, friends, and people they admire more than the companies selling the products and services they buy and use.
Influencer marketing can contribute to a large portion of an unidentified marketing campaign. Influencer marketing is an investment, where you have to devote time to ensure that you find the right influencer to promote campaign that appeals to your target audience. A person may also have to spend money or resources to appreciate the influencer, run several campaigns, and depending more on their specific marketing goals.
An influencer is an individual who has the power to affect purchase decisions of other people because of their power, knowledge, position and relationship with their audience.An individual who has a following in a particular field, which they actively interact with, the size of the following depends on the size of the field chosen. Influencers in social media are people who have built an image from their knowledge and proficiency on a particular topic. They make regular posts on a topic on their preferred social media channel and create large followings of energetic working people who pay close attention to their viewers.
Influencer marketing is growing rapidly these days.Being risk averse, Indian consumers are increasingly relying on influencers and word-of-mouth to decide on their purchases. This can be seen as an opportunity to influence the available influencers to bring about more sales through the online platform.
To be able to influence, the influencer marketing provides a form of reassurance to the consumers that would definitely bring positive impact for your brand’s ROI. Influencer marketing is hence a great platform to reach out to Indian market, especially the young generation who constantly look online for reviews. These characteristics of the community makes the influencer marketing veruy effective in India. Indian Brands are leveraging on information gathered from digital and social touch points to gain better customer insights, improve customer experience and also for new product development.
Brands are advertising on the internet, socially and through mobile, and activating traffic across channels by linking the various platforms that may attract the users to their digital touch points. Brands are also looking to create compelling content such as storytelling, contests to drive users to digital and social media channels.
Influencer marketing return on investment – the holy grail for brands wanting to justify increasing spending – is yet to achieve clear definition within this still relatively new sector of digital marketing. Influencer Intelligence’s latest report, Influencer Marketing 2020, reveals 84% of marketers feel proving the ROI is a big challenge in influencer marketing. As investment continues to rise, it’s inevitable that stakeholder demand for budget justification will increase in kind.
STEPS TO CALCULATE ROI IN INFLUENCER MARKETING:-
Set campaign goals for accurate ROI tracking
Setting clear objectives and goals is the most important step for any market. Determining the goals lets you determine what kind of influencers to work with, types of content, distribution platforms, etc.
Define benchmarks to measure the campaign performance
One doesn’t need to pick a single metric to understand whether they have achieved the goal. For instance, let’s say a person’s campaign objective is to increase the brand awareness. Their performance metrics could include number of impressions, clicks, brand mentions, follower growth, increase in brand engagement, etc. If a person is unsure of which metrics to choose, look at the common performance metrics used by other marketers.
Develop goals and performance benchmarks for individual influencers.
It’s important to understand which influencers are contributing and which are lagging behind your expectations so you can focus on what works and cut resources spent on underperformers. Individual influencer goals must align with your campaign goals. For instance, let’s say your main campaign goal is to generate a certain revenue within a certain time frame. An individual influencer objective will be to detail the minimum amount a person would generate within the time frame.
Choose the influencer marketing platform
Rather than effortly tracking the campaign ROI, find the influencer marketing platforms that can help. These platforms will make it easier for you to accurately track your campaign performance and the performance of your influencers. Plus, you will free up time for other tasks that need manual involvement.
Measure the influencers
While most brands measure the performance of the overall campaign, that usually is not enough. Select a group of influencers to start the campaign. Track each influencer’s performance at the start. Document the engagement rates for each influencer’s post and compare them to the collective group of influencers.
Assess the results
With the information about the performance of each influencer, you can filter out the poorly performing relationships and retain only the top-performing influencers. Add a few new influencers from your initial list and run the next short-duration influencer program using this new mix of influencers. Through this process, you can improve the effectiveness of your next campaign and run a successful influencer program for your brand.
The influencer marketing is a type of marketing that focuses on using key leaders to drive the brands message to a larger market.