What is the price of influencer marketing?
If you want to discover the answer to this question, you’ll need to consider several factors.
First and foremost, the price of your product. Are you giving the influencer your products for free? Do you have a discount code that they can use? There are numerous methods for introducing your brand to a larger audience.
Second, few influencers participate in paid agreements. You have two options: ask for their fees (particularly if you want celebrity endorsements on Facebook or Instagram posts from major influencers) or set a budget and ask the influencer if they are interested (works better with nano and micro influencers).
To be honest, there is no one-size-fits-all solution for determining how much your influence effort will cost.
What is the best way to plan an influencer marketing strategy?
Influencer marketing necessitates much planning ahead of time, after which you may mostly watch and take notes on the campaign.
After you’ve identified the influencers you want to include in your marketing strategy (either manually or through an influencer marketing hub), reach out to them and ask if they’d like to promote your business. When browsing for relevant accounts, make sure they don’t have any phoney followers and that their audience is organic rather than purchased.
It will be easier for both of you to work afterwards if you are extremely precise about what you want from them. It’s beneficial to discuss your brand values, the industries you’re most interested in, and how aggressive your marketing should be.
Work on branded hashtags so that platforms like Brandwatch and Brand24 can track your campaign.
Remember to get a contract in place, especially if you’re paying the influencer to advertise for you. A contract serves as a safeguard for both the company and the individual who created the sponsored content. If any issues arise afterwards, the contract will serve as your means of settling the matter.
How can influencer marketing initiatives be tracked?
Because you can’t always create unique links with UTM codes, calculating ROI from an influencer marketing campaign might be challenging. To determine how much clout their campaign generated, most marketers look to the engagement rate and website traffic.
The first and most obvious way to track the campaign is to look at the social profiles of the influencers involved and see how engaged they are with the things being advertised. Then you can compare the statistics in Google Analytics or another tool to discover where your website’s traffic is coming from.
If it’s a simple e-commerce campaign, you can quickly assess the ROI by looking at the source of sales in Google Analytics. Remember to use UTM parameters or other tracking methods.
You can also utilise media monitoring tools to see how influencer content is being received online. Apps that analyse emotions will be quite useful. Brand24 is an example of such a service, which allows you to track branded hashtags and significant keywords and provide sentiment analysis reports. In the next chapter, we’ll go over the tools in greater detail.
How do you track down influencers?
You now have a good understanding of influencer marketing approach, but I haven’t yet informed you where to find the suitable influencers.
The relevant social media channels are the most obvious place to start. Open your preferred social networking platform, search for prominent hashtags or key terms in your industry, and you’ll undoubtedly come across accounts with a huge number of followers and a highly engaged audience.
However, there are other tools for identifying influencers that are more convenient and accurate. Here are a few examples:
I’m sure it’s no surprise that our tool is included in this list. After all, why would we discuss influencer marketing if we couldn’t track and manage your influencer strategy?
Brand24 is a tool for keeping track of what’s going on in the media. It gathers brand references from all across the web and generates customised reports. It also includes other information like sentiment analysis, influencer score, and the number of followers (for social media posts). If you want to start a campaign with an influencer programme, this is exactly what you’ll need to track online influencers.
Hub for Influencer Marketing
Denmark’s private media company. Influencer Marketing Hub is a company that specialises in influencer marketing. They provide a wealth of relevant statistics and information about influencer marketing. They also compile a list of influencer marketing agencies.
Upfluence bills itself as a one-stop shop for influencer marketing. Its main goal is to establish a digital space where brands can engage with and cooperate with content creators from across the world.
The company’s technologies make managing influencer marketing and affiliate programmes a lot easier.
Another influencer marketing platform that simplifies the generation of promotional content.
This app will help you locate and connect with the proper influencers, as well as provide you with the tools to track the effectiveness of your initiatives.
Many marketers struggle to calculate the return on investment of an influencer campaign, and Linqia aims to make it a little easier. They’re also a fantastic resource for learning more about this type of marketing strategy.
Agencies that work with influencers
Influencer management is also handled by a number of agencies.
GetHero is a well-known influencer marketing organisation in Poland with a portfolio of highly powerful individuals. Friz (3 million followers), Wersow (2,7 million followers), and Yoshi (300k followers).
Marketing firms will assist you in identifying influencers for your target market, as well as handle contracts and communication.