How Media Buyers Can Get More Bang on Their Influencer Video Buck

April 15, 2020 RAWAT 0 Comments


There are four major trends right now that make influencer marketing more and more important for marketing. Let us look at these trends:


·         Content is being created in massive proportions and it is very difficult to break through the noise
·         There is a major decline in the organic content available on social media platforms like Facebook and Instagram which make it very tricky to promote the content.


     ·    There are ad blockers due to which it has become almost useless to opt for these
     ·   Most consumers trust recommendations from peers rather than ads.

     How to measure your own ROI on influencer marketing

    This depends on your goal largely. Of course the first thing that you will look for is the number of sales. However, in influencer marketing there are lots of benefits that ultimately drive sales even though they may take some time to do so. For instance, if a brand is new then visibility should be the goal of any influencer marketing campaign rather than looking at the sales generated from a particular campaign. At the same time, if a brand is trying to reshape its image then success will be considered in terms of positive engagement. There are mainly four methods to measure your ROI on influencer marketing.

      Visibility

If you are promoting a new brand or introducing a new product as mentioned above, your main goal should be visibility. For such growth oriented campaigns the return on investment is the number of new target customers whom your campaign makes aware of them. With influencer marketing the consumers are more likely to buy your product by selecting bloggers who are closely aligned with the target audience. Here it needs to be mentioned that identifying the right influencer will only get the right ROI. For this purpose you should use some good influencer identification tools which are easily available on the internet. These tools will help you choose influencers who are just right for your brand.

Engagement

This is a rather long term return on investment when you measure the cost per ‘like’, a comment, or interaction like a viewing of the video, or click through. This is a valuable metric that you as a brand can use to measure long term ROI. This is because measuring engagement is a good method of understanding how the target consumers feel about the brand and not just one of the products. Here you should bear in mind that engagement is a metric that is more than the traditional measurement of ROI. The traditional methods of tracking ROI simply depend on the immediate sales that are earned from a single campaign. On the other hand the engagement metric measures the likelihood that the viewers will become brand loyal in the near future. Sometimes the cost per engagement goes as low as $0.01 which shows how effective properly strategized influencer marketing can be.

Cost per engagement or CPE has become the key to measure the success of influencer marketing campaigns. There are different types of engagements like click to a website, comments, likes, video views, repins on pinterest, retweets on Twitter, shares on Facebook number of sales and other such social interactions.

Content

The other benefit of influencer marketing is content that brands often do not look at. It is always more economical to negotiate the image rights to an influencers’ content rather than coordinating a photo shoot. Here you need to bear in mind that there is also the benefit of a third party endorsement which is an added benefit. This is the reason that content is a powerful return on investment. This applies both for savings on in-house creation of content and the sales potential along with the reach generated by the collaboration with an influencer.

Revenue

Usually what most people think of when they talk about ROI is revenue. There are four methods to measure the revenue that you get from an influencer marketing campaign.

·         Affiliate links – if you combine your influencer campaign with affiliate marketing it becomes simple to track the ROI in terms of money earned directly through the influencer. If you generate a unique affiliate link for an influencer it allows you to track online sales made through their social channels and blog posts. Usually influencers receive commission from the sales generated by them.

·         Promo codes – these allow you to track the impact your influencer campaign creates. As mentioned above, a consumer may not purchase your product or service immediately on seeing a post from the influencer. In this manner affiliate links will reveal only part of the ROI. Promo codes on the other hand track the purchases that are spurred by the influencer marketing.

·         Google Analytics – this is another powerful tool that can track online sales. If you set up an event goal you can see which of the online consumers visited the ecommerce site from the influencer social media post or channel.

·         Isolated marketing – this is a method to measure the impact of an influencer on the sales whenever the sales take place. Here you can take a test product and promote it only through influencer marketing and do not promote it in any other manner. This method will give you the exact ROI in terms of revenue. Such isolated marketing efforts will allow you to track sales.

This is the manner in which you can get the maximum ROI from your influencer marketing campaign and you can also measure the ROI. However, it is important you keep an eye on the management of your campaign and keep tracking the milestones achieved using various automatic tools like influencer management tools and influencer tracking tools.

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