Justifying the influencer marketing spend
You’ve heard the hype, how brands like ZTE, Netflix and DICK’S Sporting Goods are using influencer marketing for brand awareness, social growth, street cred, and content generation. And now you want to know how you can make it work for your brand. But launching new marketing tactics requires the approval of many stakeholders. Whether it’s convincing your client, your marketing director or even selling the concept to your team, there will be tough questions that deserve smart answers. Here are a few:
What can we measure?
Measurement of the campaign is the most important way to communicate its overall value to stakeholders. You need to understand what metrics matter and how to measure them.
The SEEN Campaigns tool can track one or multiple hashtags across channels and report each time the tag is used by consumers, brands and influencers over a period of time. Among the influencer posts containing a campaign tag, the Campaigns tool is able to track the following engagement statistics: comments, likes, retweets, and favorites… plus qualitative feedback about brand sentiment from comments.
How much of our media budget should we allot to this?
Influencer marketing should be part of a holistic digital marketing approach. Just like any other marketing effort, influencers cannot be successful in a vacuum. You should support your influencer marketing campaign with traditional forms of advertising to ensure that the brand awareness and affection created by the campaign is reinforced with multiple, meaningful brand touches.
Will this save us money on billable hours?
A HubSpot survey found that consumers don’t just expect your brand to be on social, but they expect you to be on at least 3 different channels.
That’s a load of content to create on a regular basis. Influencers can take the burden of awesome content creation off the shoulders of a weary social media manager and overworked graphic designer.
How does this compare to traditional sales ROI?
We understand and can sympathize with the need to prove ROI in a traditional way, but we also see the changes in consumer landscape… “users” and “consumers” are people, they are getting better at ignoring lazy advertising, and they have a desire for product and lifestyle inspiration. They’re increasingly turning to social media to fill that need.
So while we can cite compelling stats, what can’t be quantified is the affection factor gained by a brand that successfully integrates themselves into the digital/social lives of their ideal consumers.
Some things to consider:
The same HubSpot survey discovered that 73% of consumers polled say that they are more likely to buy from a brand that responds on social. So it is not enough to just have brand channels, or just create content, but you need to use the space like humans use the space-- to interact. Brands who have the best experience with influencer marketing take the time to interact with influencer posts and create a more meaningful connection. This is also 100% visible to the coveted audience of those influencers you’re trying to reach.
Hubspot’s research ultimately points to this fact: “Social media is a bad place for cold selling, but a good place for finding out who you’re selling to.” This is true for brand channels and for influencers representing your brand. Asking influencers to share content that is overtly spammy, or non-native to their normal posting habits (hard-sell messages) defeats the purpose of integrating your brand into the real lifestyles of influencers and consumers. If you are using influencer marketing for the right reasons, and measuring for the right goals, your campaign will return meaningful results. So ultimately, you have to ask yourself some tough questions…. Is your brand ready to do influencer marketing correctly?
Influencer marketing is a smart tactic to leverage for any social media strategy, but we respect the difficulties of selling it to your stakeholders. With these considerations in your tool belt, we hope you’ll be able to more effectively communicate the value of these programs to your clients, team and boss.
To learn more about activating influencer marketing programs, get in touch with our team!