1. Find the right social media influencers
Finding the right influencer is crucial.
A good starting point is to define the brand’s audience personas. This allows the brand to truly understand their target audience, and thus identify an influencer who has values and audiences that line up with that of the brand’s. It is important to look at how aligned an influencer’s content is with your messaging. This can be determined by understanding key traits such as their likes, dislikes and the content they have previously posted.
Brands should ensure that the influencer they select has good engagement and reach.
Engagement is an indicator of how interactive an influencer’s audience is with the content they are posting. How much, and how often audiences engage with the influencer are indications of how meaningful those relationships are. This includes how many readers like, comment or share the influencer’s content.
While not the most important, ‘reach’ is a valid metric for consideration. However, brands should resist the urge to only look at unique visitors as a measure of reach. Traffic and followers are only meaningful to the extent that the influencer is reaching the brand’s target audience.
With the rise of influencer marketing platforms, finding the right influencer can be easy and efficient, eliminating the need to manually sift through influencer profiles. Brands can easily search for influencers based on their audience size, interests, location, age, and gender. It is also possible to see an easy-to-understand score estimating the performance of the influencers, in order to determine the most effective influencer to work with.
2. Measure the ROI of influencer marketing
There are a multitude of ways brands can measure ROI.
The two most common ways are to measure engagement rates, as well as frequency of mentions and hashtags.
Engagement rate is possibly the most common form of measurement. This metric will differ according to the platforms you are evaluating, so brands must be sure to measure the engagement of each individual post in order to better understand what’s working. To put the effectiveness of influencer posts in-context, brands can also analyse their non-sponsored content along with sponsored posts from previous partnerships to benchmark content performance. Since there is no magic number for what a “good engagement” rate should look like, this analysis can be a way to put the engagement rate into context. Brands can even consider looking into the Cost per Engagement (CPE). CPE breaks down how much you are paying for engagement: likes, comments, clicks etc. To get to this number simply divide your total influencer budget by the number of engagements.
Brands looking to see if their influencer marketing campaigns are sparking conversations can tap on social media listening tools. These tools dive into the conversations taking place across social media to find out if the brand is appearing more frequently. Aside from brand mentions, setting up a unique hashtag is also a great way to measure success. If you are creating a campaign with an influencer you can assign a specific hashtag to that campaign and monitor if it’s gaining any traction.
3. Detect and manage fake influencers
Fake influencers are notorious for buying fake followers, hoping to trick brands into a paid collaboration. To make sure the influencer of your choice isn’t ‘fake’, look at their volume of interactions per 1,000 followers. A fake influencer will have a low share of engaged fans, which is a red flag showing you shouldn’t work with that person.
With Socialbakers Influencer Management, marketers can are able to search by location, age, and interests. Influencer posts’ data can be pulled up for inspiration and likes, sentiment of comments, brands they’ve worked with before, and how they performed in the past for marketers to make an informed decision. By doing so, fake social media influencer profiles can be sieved out more effectively.
4. Make use of emerging technologies such as artificial intelligence
AI can help take the guesswork out of Influencer Marketing; from recruitment of influencers based on the brand’s objectives, provide the ability to forecast influencer performance, predict optimal incentives that would encourage influencers to take a certain action etc.
We will continue to see advancements in AI-powered Influencer Marketing that will help brands understand what content is most likely to resonate and influencer the purchase or adoption decisions of the end consumer.
5. Remember the difference between macro and micro influencers
Micro influencers are those who have between 1,000 and 100,000 followers. This category of influencers have a tight-knit relationship with their audience and tend to have higher engagement and conversation rates. While micro influencers often cover a wide range of niches, they are often more affordable than macro or celebrity influencers.
Macro influencers, on the other hand, have a significantly higher follower base – this ranges from 100,000 up to 1 million followers. Given their wider reach, macro influencers tend to have a more diverse audience as well as an established position within a given community.
Deciding which category of influencers to work with largely depends on the scale of the campaign and its objectives. Brands looking to create product awareness or to reach a wide audience may choose to use a macro influencer, while brands keen to encourage customer conversion or retention may prefer to work with micro influencers. They can convert customers cheaper and more efficiently than any of the other options, making them a powerful option to boost ROI.
6. Choose the right social media platforms for your market
Asia has become one of the most important emerging regions for social media marketing. The hunt for social media influencers requires extensive knowledge on metrics that brands find most important, aspects they value in an influencer the most and more.
Regardless of the industry or region, brands are increasingly interested in incorporating influencer marketing as an inherent part of their digital strategy. We have seen it for some time in industries like fashion and beauty, but today influencer marketing is ubiquitous and is one of the fastest growing categories in advertising, projected to be a $5-10 billion market by 2020, according to Mediakix.
Platforms that are the most used for influencer marketing in Asia include Facebook, WeChat and Instagram which have a high volume of monthly active users in the millions. One significant platform to take note of is China’s WeChat, with about 963M monthly active users. The functionality of WhatsApp, Snapchat, Messenger, and Facebook are integrated into this application.
The app also takes it up a notch by allowing Chinese users to order meals, book taxis and doctor’s appointments. WeChat even offers an assistant chatbot called WeSecretary to manage administrative tasks such as paying bills, booking airline tickets and much more. With such a wide array of integrated functions on a single platform, WeChat paves the way – and provides opportunities for influencers to build closer relationships with fans as well as potential fans.