The initial key to influencer success, which will determine every factor mentioned after, is to determine a target demographic for your influencer marketing campaign. There is much evidence to suggest that influencer campaigns perpetrated on social media have a significant effect on product preference. However, these effects are largely contained to certain demographics. Studies have shown that 70% of teenagers trust social media influencers more than traditional celebrities, while 86% of women venture to social media to receive purchasing advice. Further, 74% of people trust social media to guide their purchasing decisions. Therefore, it is really important to target the demographics keen on listening to your particular influencer campaigns.
Here are 3 powerful strategies to help you identify the right influencers and will increase your influencer campaign effectiveness.
The most important metric to determine success is to analyze whether influencer is authentic. A consumer is far more likely to take an interest in a product or service if the one promoting it appears to genuinely care about it and uses it personally. In order to ensure that the influencer’s marketing appears genuine, it is important to examine all the facets of that influencer.
A brand should look into the products that the influencer has advertised for in the past. Further, they should also examine the subset of followers that the influencer has. They should also ensure the influencer does not promote competing products or promote values that are in contradiction to your brand. If these facets match your target audience market, the campaign is more likely to be successful. For example, if a company wishes to advertise a brand of makeup, one should examine if an influencer has a history of marketing makeup, that the influencer’s followers appear to be mostly female, and they are generally interested in beauty content.
Product engagement rate is also important to determine the potential success of an influencer marketing campaign. The engagement rate would be determined by the ratio of the number of people who view an advertisement or content post, versus the number of people who take some measurable call-to-action. This can be a click-through, a signup, or a purchase. One metric that could be valuable in determining engagement rate is customer acquisition costs. For CAC, we could question the influencer on the average contract value they have received from other customers divided by the leads that led to a purchase.
3. Niche Audiences
An important factor in determining the viability of an influencer marketing strategy is to examine the possibility of niche audiences. Niche audiences tie into both the capability for genuinity and engagement rate. In this case, an influencer with a niche audience will focus their page on a specific type of follower, such as preteens or the LGBTQI+ community. A company that produces products suited to these communities would do well to pursue influences that cater to this audience.
In terms of the previously mentioned factors, an influencer that consistently targets niche audiences is more likely to appear genuine with their marketing, as the marketing will be seen as par for the course and usual. This will also lead to the influencer’s consumer being more interested in the marketed product. Further, an influencer with a niche audience will yield a higher engagement rate. A niche audience is more likely to trust the influencer (see them as genuine), so they will be more likely to trust the marketed product and more likely to engage with the product.
With these strategies in mind, you will achieve greater success your influencer marketing programs. There are many tools available to help you discover the best influencers for your brand. Snips also provides brands with influencer discovery, analytics and social insights to better identify the right influencers for your programs. Learn more about the Snips Platform and its many powerful features.