InfluencerDB’s Influencer Discovery and Analytics e-book is every marketer’s go-to guide for starting a strategic influencer marketing program. To get the most out of your influencer marketing campaigns, a proper foundation is essential, meaning you need to heavily focus on influencer discovery and analytics. For busy marketers who don’t have time to read the whole guide, a few key points can be found below.
1. Understand the difference in influencer strategies
Influencer marketing strategies can be roughly divided into three different approaches: Influencer advertising, influencer relations and influencer marketing. Influencer advertising is for advertisers looking for a quick boost in sales or visibility.
The latter two, influencer relations and influencer marketing, involve a more holistic approach. Influencer relations requires authentic collaborations between a brand and its influencer partners, whereas influencer marketing generally refers to long-term partnerships.
All three approaches to working with influencers will bring varying results and require a different commitment to influencer initiatives. Align internally on which approach makes sense for your team and adjust your influencer marketing strategy accordingly.
2. Differentiate between Influencers and Key Opinion Leaders (KOLs)
Although both influencers and KOLs can influence a consumer’s opinion, there is a noteworthy difference between when and how marketers should leverage each for partnerships. While influencers mainly work with social platforms like Instagram, YouTube or TikTok, KOLs often attain influence elsewhere and simply use social platforms as an extension of a pre-established brand. This also shows in their way of working. An influencer gains trust and authenticity through content and a curated persona, whereas a KOL convinces with expertise, knowledge and professional experience.
3. Find out which types of influencers you can collaborate with
Once you determine your influencer strategy, it will finally be time to discover talent for your campaign! Here is where an influencer marketing software comes in handy and eliminates hours and hours of manual work – the Discovery & Analytics module in the Influencer Marketing Cloud saves time for marketers and their teams across the globe.
4. Evaluate audience metrics to finalize your influencer selection
After having selected influencers in the first step, it’s time for the next step of your influencer discovery and analytics process. There are different metrics that can impact your ROI and that you should be aware of:
- Follower numbers and follower growth
- Like follower ratio: number of likes in proportion to the number of followers
- Daily follower changes
While free resources can help you find new influencers for your campaigns, they don’t always show an account’s most meaningful metrics. For instance, you can manually calculate Like Follower Ratios for any Instagram account, but that takes time and doesn’t always factor audience saturation – how likely a follower will see your prospective post – or purchased likes and followers.
The Influencer Marketing Cloud allows marketers to look under the hood with filterable searches and audience evaluations in the Influencer Discovery and Analytics module.
If you want to have more information on brand mentions or hashtags you can also do that with the Influencer Marketing Cloud. By looking at the Outgoing Mentions of competitors, you can see who they are working with.
5. Predict your campaign’s success
- Brand fit and authenticity: the brand fit has a huge impact on the campaign’s success and credibility of your brand
- Posts: compare the performance of sponsored and non-sponsored posts, check the posts quality and product placement
- Earned media value: How frequently an influencer or brand is mentioned by other channels, highlighting the potential for virality
- Media value per post: how much you would have to invest in paid Instagram ads to generate an equivalent level of engagement to what the influencer could create for you
- Audience data analysis: analyze an influencer’s quality, quality distribution, gender and location, the Influencer Marketing Cloud scores an audience quality grade which helps marketers to find valuable partners
The influencer industry is set to exceed $8 billion in 2020 and more than $20 billion in 2023. As it grows, more marketers will get involved. Some will work with influencers creatively and authentically. Others will consider these partnerships as wholly transactional, viewing influencers as another media channel to build reach. Either way, it’s not too late to get involved with influencer marketing. The industry is evolving and maturing, and there’s room for everyone.