Lets understand what Influencer Marketing is all about. First Influencer is a a person or a company that has the ability to influence the behaviour or opinions of others. If we add it together with Marketing, it means it is a form of marketing where the “Influencer” recommends a product or service through various media like facebook, twitter, instagram, websites, etc., and people who follow those “Influencers” are more inclined towards buying those product due to human psychology of respect, innate attachment to what they do and try to be like them and sub-consciously think that buying their product would take them a step ahead in becoming like “Influencer” and also can show off to others that YOU are a loyal follower of that Influencer.
So, If you are into marketing and want to promote your product or service through Influencer Marketing, it is the right time. Influencer marketing is on the rise consistently which means more and more marketers, companies and brands are seeking to engage and reach out organically and with authentic means to those loyal followers. According to a report by Statista, Share of marketers who were going to increase their influencer marketing budget in the US in 2018 stands at 39% and who will keep their budget the same stands at 21%.
$2 billion in 2017, The influencer marketing industry is set to reach $10 billion by 2020.
How To Start An Influencer Marketing Campaign?
Think, analyze, make mind maps and then leap into this to avoid unnecessary waste of time, energy and more over money. By the way, for mind maps I use XMind which is handy and has lots of pre-built templates and also TaskHeat for Mac.
In school days as well, while writing essays teachers used to say think about the W’s and you can automatically write any essay. So, you got to know your real objectives before hand and move towards the goal. You might be questioning yourself – objectives and goals are same thing right?
No, In my opinion – Goal is just a name of a target that you want to achieve. But, objectives are the small steps that you take and able to quantify and judge by numbers, statistics, etc., that you are going in right direction towards the Goal that you have set.
Goal and Objectives are interdependent and have to be cohesive.
Example of a Goal
Goal: I want to be #1 Influencer on Instagram
Example of Objective
Objective: I will attain 100k followers in 3 months
Getting to know your W’s
- What – What is your brand, What you want to achieve, What you want to attract, What you want from the followers after they engage with you, What content your competitors are posting?
- Why – Why are you using selective social media (eg. Instagram) rather than other social media outlets (eg. Twitter, Facebook) or Why are you using all social media outlets?
- Who – Who is your target audience? Have you researched about the audience interests? How other influencers’ audience interact and what they like about the Influencer.
Marketing through Influencer
It is very important to take ample amount of time to know the Influencer and see what kind of audience (S)he has. You should understand that an influencer with a strong hold on particular subject matter and is delivering content on it will have an audience who will be more engaging and honest to show their likes and comments more and if your product/service/brand/identity touches the same chords as well – the audience will become loyal to you as well through a promotion through that influencer rather than going to a Celebrity Influencer and promoting your product/service/brand/identity there and getting short term gain out of it and slowly the followers count fizzles out as your identity/content doesn’t appeal that much to those audiences. 6 in 10 Teens Follow Advice From Influencers Over Celebrities. Celebrity Influencers have lost their charm right now,
Follower Count or Engagement Metrics?
Most of the Internet marketers are more focused on the Engagement they are receiving on their Engagement campaign. 90% of marketers in the study said that they use engagement rates to measure the success of their influencer marketing campaigns.
You will wonder that Instagram has an engagement rate which starts at 3-6% whereas Facebook or Pinterest or Twitter has around 0.1-2%.
Follower Count does matter a bit but you also know that you can buy hell lot of fake Follower and there are strategies of “You Follow-I Follow” too, but when you post a story or post, you see that there is very little to none engagement. So, I’m not saying go to Influencers who have less number of followers but this can be divided into three categories. You have to try out, which works best for your Influencer marketing campaign.
Low Genuine Reach –> High Engagement Rate of Your Campaign
Medium Genuine Reach –> Medium Engagement Rate of Your Campaign
High Genuine Reach –> Low Engagement Rate of Your Campaign
How to Calculate Engagement Rate on Instagram?
There are 2-3 types of Engagement Rate Calculation formula that people use.
- Engagement Rate Calculation Based Upon Likes and Comments Combined Per Post divided by Followers and multiplied by 100
Here, for example, Selena Gomez has 153,000,000 Followers – We add the likes and comments you got on a Post. Let’s take her one post for example and calculate the Engagement Rate of her per post.
So, Lets Calculate the Engagement Rate (ER) for Selena Gomez
- Add Comments+Likes = 5,800,000+70,500 = 58,70,500
Now, We divide it with the number of followers She has
58,70,500/153,000,000 = 0.0383692
Now, We multiply it with 100 the above with 100
0.0383692×100 = 3.83692
So, This Magical number 3.83 is the Engagement Rate of Selena Gomez, which is far beyond the average Engagement Rate of Influencers with >1MM Followers.
2. Engagement Rate Calculation Based Upon Likes and Comments Combined Per Post Divided By Impressions and Multiplied by 100
This takes the same scenario as above but to view the Impressions – as a business page – you can only view that and calculate it.
3. Engagement Rate Calculated Based upon Likes, Comments and Saved Combined Per Post Divided By Impressions and Multiplied by 100
Mostly people don’t save the post, but still if you want to calculate it that way – this is the way to see the Instagram Engagement Rate.
Frequency & Sponsored Content Ratio Relevance
It is very important that the Influencer you are choosing for Marketing is active enough and posts regularly so that the followers are always getting relevant content from that Influencer and that what makes engagement higher as well or else followers are very good at unfollowing too. 😀
Also, one thing to note is the sponsored content – Too much of Sponsored content ruins the User/Follower Experience. If that Influencer is posting too much of sponsored content – Please avoid. But if you are Influencer yourself, check – UnboxTherapy – he doesn’t promote it on instagram but suggest that they go to the bio link and go to the Youtube channel and you will see that he promotes the products in Video descriptions.
Audit Instagram Influencer
Whatever the Instagram Influencer’s page shows, you have to dig deeper before negotiating terms and wonder why your sponsored post didn’t work.
There are many tools over the internet which shows Fake Followers, Fake Likes and comments and if you are putting in serious money into this – you better checkout and use those tools. One free tool that I like is – IGAUDIT.IO
Few other audit tools available in the market are
Marketers are earning $6.50 per $1 spent on Influencer marketing. How much are you making? What is your plan on starting Influencer Marketing campaign or maybe become an influencer yourself? Let me know your thoughts. 🙂