The marketing process has been evolving through decades with different platforms, customers and techniques. As a result, different ways of marketing are also discovered and have been integrated in the modern world. For example, the decline of Blockbuster and the rise of Netflix is the perfect example where people prefer online purchase than physical cd at a retail shop. Consequently, social media and online marketing play a crucial part in reaching customers, proving its effectiveness than the old-fashioned TV advertisement. With no exception, the term influencer marketing also changes. We will discuss how to choose an appropriate influencer and how to evaluate him/her.
What is Influencer Marketing?
In brief, influencer marketing is a non-promotional approach to marketing in which brands focus their efforts on opinion leaders. It involves partnering with the new generation’s celebrities or individuals who create content which is relevant, funny, entertaining and informative. These people operate across social media platforms like Facebook, YouTube, Instagram, Twitter, etc. They are the ones who are able to integrate your brand message within their content.
Pricing an influencer program
Before choosing an influencer, it is essential to assess your plan and target. To put it simpler, you need to determine what your targeted goal is, how much you want to gain, what kind of messages you want to deliver. There are different influencer programs with distinctive measurement for results on performance at different costs, each provides a certain outcome which you need to consider thoroughly. In more detail, we will dive deep into these influencer programs.
According to WebFx, we have different categories:
Pay-per-post or flat-rate pricing: A go-to pricing model, pay-per-post scales off the number of posts requested. No matter the content type, from text to video, your business pays a flat rate. In some instances, influencers may set specific amounts, based on the post type. This process has high risks.
Pay-per-click: A performance-driven pricing model, pay-per-click depends on the number of clicks driven by a post. That means that users follow an influencer’s calls-to-action (CTAs) to visit your website, for instance. While businesses like this pricing model, it’s uncommon for influencers to offer it. It is based on performance but bots can distort it.
Pay-per-acquisition: A more aggressive results-driven pricing model, pay-per-acquisition scales off a post’s conversion rate. A conversion can range from someone purchasing your product to joining your email list. This pricing model is sale based which is not common and rare due to the fact the influencer prefers to improve brand awareness.
Pay-per-subscribers: Another common pricing model, pay-per-subscribers relies on an influencer’s subscriber or follower number. While a convenient pricing model, pay-per-subscribers is a vanity metric. In most cases, only some of an influencer’s followers see and interact with their content. Sometimes, those subscribers are bots or duplicates.
Pay-per-view: A results-driven pricing model, page-per-view scales off the average number of views earned by an influencer’s content. This pricing model is more accurate than pay-per-subscribers, which is why it’s becoming popular among companies and even influencers.
Depends on your campaign and your budget, the appropriate pricing program may vary. However, with careful consideration and deep understanding those programs, you can nail this easily.
How to evaluate an influencer provider?
One of the toughest parts of influencer marketing is definitely choosing an influencer. On one side, they have different content on different platforms with their own audience. Most of the time, if an influencer’s job is to promote your brand, it usually ends up as a success. However, occasionally, some backfired hard because of the ill-prepared content, inappropriate approaches, the selected influencer doesn’t fit the company’s brand. As a result, picking the right influencer is important and difficult, sometimes it requires extra brainpower. Here some questions to assess one’s performance and his/her legitimacy.
Technology platform: This is the place where they operate, learning more about it provides solid decision making’s infrastructure. You can learn more about their operating process and their methods of interacting with the audience.
● How do they measure success and what level of reporting is available?
● What social channels and content formats do they offer?
● What are their audience targeting options and what is their process for matching brands with influencers?
● How do they manage their influencer marketing programs?
● Is it self-service or a turn-key service?
● Do they provide real-time reporting on influencer and content performance?
Pricing model: Understand their pricing and consider the turnover. It is crucial to ensure that the price no matter how high or low will bring desired results.
● How do they charge for their services?
● What payment models do they offer -per post, per performance, or a combination?
● How satisfied are their existing customers with the value that they are receiving?
Relationship: Connection is important especially for an influencer. Do they have a wide network with other influencers or a professional team to support their process? Acknowledge an influencer’s reach can make a big difference.
● Does the provider have established relationships with a network of influencers or are they brokering deals from scratch?
● Do they work with any of your competitors?
● Is there a dedicated team to manage the program and correct any issues as they arise?
Experience: Their professionalism is important. An experienced one can bring resourceful results and has a powerful voice to his/her followers, thus better at promoting your brand. Moreover, they know their process well enough to not make trails and errors. On the other hand, some recent popular influencers can still make mistakes that sometimes cost the business fortune, both intentionally or accidentally. Their fame should be their guarantee.
● How established is the provider?
● How long have they been around?
● What other brands do they work within your space?
● What results have they delivered for those clients?
Long term value: It is more effective for the promoting process to last as long as possible. Meanwhile, they also generate consistent outcomes with more value to your brand. The most important thing is to reach potential customers through the followers’ gossip.
● Do they offer services to optimize programs over time?
● Can they amplify top-performing content to ‘look-alike’ audiences to scale the success of a program?
It is important to keep track of your influencer process. By asking the mentioned questions, you can assess whether he/she is well-equipped or has the compatible mindset to your company’s goals. It may be difficult at first but with all the practices and engagement, influencer marketing can benefit your company greatly in terms of sales and popularity. It is important to remember that influencers are not tools that you can add to your firm’s strategy but they are human beings with a community who endorse them. They are the most efficient way to reach your potential customers with an engaging approach.
This article was written by our a Digital Marketer & Growth Hacker Daniel Nguyen and edited by Timo Hänninen from Konvertigo