How To Build A Strong Influencer Marketing Strategy
To create an effective influencer marketing strategy, you need to be able to ask (and answer!) the right questions. Here are the three (3) most important questions you need to cover:
Who is your target market?
No matter how big you want the impact of your campaign to be, your influencer marketing strategy still has to be shaped around a specific set of people.
To really know your target market, do not make assumptions about the people you want to reach. Seasoned marketers know that in-depth research is necessary to find out who they are, where they’re from, and how they behave. It involves collecting quantifiable and objective data (through surveys or existing market research) that can prove your target market’s interest in your product or service.
Yes, narrowing down your audience to a group of people with similar characteristics, shared traits, and even niche hobbies and interests will cost you a significant amount of time and energy—but it is much more costly to make the mistake of targeting a large group of people who won’t care about your campaign at all.
What are your campaign goals and how do you plan to achieve them?
The overarching goal of any kind of marketing campaign is—of course—to drive more business and make more money. But then again, convincing people to avail of what you’re offering is a bit more nuanced than that.
If you’re running an influencer campaign for the first time, you can start with small goals such as getting a few signups to your newsletter or increasing your brand’s Facebook Page Likes by 10%. But if you’re planning to run a massive campaign with a large number of influencers, your goals can be a combination of visibility, sales, and engagement.
Of course, goal setting is only beneficial if the corresponding action plan is capable of delivering your targets.
For example, Traveloka Philippines wanted an integrated influencer campaign that can get 1) people to attend their upcoming events; 2) drive a specific number of app downloads; and 3) generate X amount of sales. To achieve these goals, GetCraft facilitated partnerships with approximately 10 influencers per month on different campaign initiatives across content types, including Facebook Live, Instagram Photo, Video & Stories, and Twitter takeovers. The results were 100,000 content views/month and an additional 1,300 new followers a month that drew in event attendees and increased sales.
No matter what stage you are in in the purchase funnel, you need to be specific about what you’re trying to achieve, otherwise you won’t be able to tailor your influencer marketing strategy to meet your goals and ultimately drive sales. Also, it would be very difficult for you to measure ROI if you do not have specific objectives to gauge your success. Which then brings us to the next question:
How will you measure Return On Investment (ROI)?
Influencer marketing is an investment, and like all other investments, it is only successful when it generates returns. While an increase in sales is always the most valued outcome of influencer marketing, different brands can have different ways of determining ROI.
For brands aiming to draw awareness to their products/services, the campaign’s ROI can be measured in terms of the actual number of views the influencers were able to generate from their sponsored content. Brands who want to position themselves as thought leaders in their respective industries can measure ROI in terms of positive engagement from their target market.
For an influencer campaign we did for Shopee, ROI was measured in terms of content views and social engagement instead of actual sales, since the goal was to drive awareness and hype for their biggest sale ever, the 5.5 (May 5) campaign, which was happening the week after.
With this, we collaborated with 58 Influencers who created various content executions. By delivering 36 Instagram Photos, 17 Instagram Stories, 22 Instagram Videos, 8 Facebook Posts, the campaign was able to achieve 2.7M Content Views (with CPV at Php 0.79, incl. production) and 244K Social Engagement.
Keep in mind that the purchasing cycle for products will vary a great deal, and an immediate increase in sales is not always the best measure of success. This doesn’t mean that actual sales are completely out of the picture. Almost any positive outcome from an influencer campaign will ultimately drive sales, so it’s advisable to keep tracking ROI long after the campaign has ended.
When your influencer marketing strategy clearly addresses all these questions, you can be sure to have a strong foundation to build your campaign upon. The one thing left to do now is to find the right influencers to work with so that you can start launching your campaign.
Visit the GetCraft Marketplace today to connect with more than 4,500 vetted creators in Southeast Asia, including some of the most talented influencers in the industry today.