Do you know what Influencer Marketing (IM) is? Whether your company is already into IM or have a go at it for the first time, you have to keep certain things in mind.
Influencer marketing is a form of marketing which is the practice of paying people with large social followings to promote a product or service is a big business.
The study conducted by ANA and PQ Media in 2017 revealed the total brand spending on IM was $81 billion in 2016 and would be $101 billion by 2020. Though, new way of marketing brings new issues, in case of influencer marketing, fake followers top the list. Take the case of Points North Group study of Procter & Gamble Co.’s social influence reveals that 32% of Pampers’ and 19% of Olay’s paid influencer followers are fake.
Of course, this fraudulent behaviour isn’t limited to only IM, a major chunk of senior-level agency and marketing professionals feel that 10-50 percent of their ad spending is lost due to this fraud.
One of the major risks found to be with influencer marketing is that sometimes the actions of the influencer don’t align with that of your brand. In one such incident the popular YouTube broadcaster, PewDiePie lost a lucrative contract with Disney because of posting anti-Semitic content and making repeated references to Nazis in videos.
The regulations that influencer marketers have to know include the FCC requirement, ensuring that the paid influencers should disclose their advertorial relationship with the brand they are promoting.
As the influencer marketing space matures, there are some steps which need to be taken to leverage the benefits of social media creators, mitigate the risks, and maximize the impact of their collaborations.
- Scale programs with a large roster creator
The key to risk mitigation is diversification. That means putting all of your eggs in one basket is always risky. With a large roster of creators to choose from, any major setbacks can be avoided by swapping in one creator for another. Another benefit of a larger roster of creators is the ability to reach a targeted audience that rivals may have the same budget for a mega creator. Marketers can work effectively with mid-level creators, having less than100, 000 followers, who are generally experts in their subject with audiences that seek inspiration and expertise around that topic
- Be aware of fake followers or bots
Most marketers while working with their IM partners to find creators to work on their campaigns should ask their partners for details on how they validate their creators for fake followers or bots.
- Abide by mandatory disclosure rules
Disclosing a material connection between a brand and social media creators is a law. That means both monetary agreements and non-monetary exchanges like free products or paid trips must be disclosed. Compliance includes simple disclosures such as ad, sponsored or paid, but can be communicated in natural language.
- Creating Content on Collaboration
Many marketers feel that the difficult part of influencer marketing is to discover who to work with but campaigns generally have dozens of creators working simultaneously on reviewing the marketing brief, required to approve the creative content and captions, scheduling the posts, and ensuring the posts go live as planned.
- Rating the impact of the collaborations
Return on Investment (ROI) is most crucial for marketers. Measuring stands are important for marketing teams. But marketers should realize that measurement isn’t to be just an addition once collaborations go live. Collaborating with IM experts to structure and execute your campaigns will ensure that the impact on the key performance indicators (KPIs) is maximized.
Clear calls to actions and measured impacts help the company to rate the value of IM for the products or services it offers and would expand the budget in the future or finding another avenue to maximize ROI.