Influencer marketing: how to find influencers and measure the ROI of your campaigns
As we mentioned in the first article from our influencer insights series, influencer marketing, if done right, can be extremely effective. Around 92% of consumers trust an influencer more than a traditional advertisement or celebrity endorsement, so it’s no surprise that brands continue to see the importance of working with influencers.
But how do you find them? How do you know they are the right partner to work with? How effective will the collaboration be? For our take on how to best find influencers and measure campaigns, check out our top tips below.
Finding the right fit
The first step is simple; immerse yourself in the world of influencers. Spend time following some of them and look at what they talk about, how their followers engage with them, how they work with other brands. It’s also important to talk to influencers and their agents to determine their follower demographic. Just because an influencer is ideal for your brand, it does not mean their followers will be.
Knowing where to begin your search can be tricky and time-consuming. Start by searching relevant hashtags, looking at competitors and who they work with, brands with a similar audience but a different focus sector and talk to influencer talent managers.
Alternatively, there are a whole host of databases that will help you find influencers that fit your brief. We have developed our own database at Ranieri though to get yourself started, three online influencer databases we would recommend checking out are: InfluencerDB, Influential and Klear.
Evaluate your influencers
Key to this stage is to also evaluate each influencer and their individual channels, informing our decisions when choosing who to collaborate with. As well as our own influencer database, we have developed a tool which measures influencers on Instagram, YouTube, Facebook and Twitter.
Industry standard engagement rates will help brands decide which influencers have an engaged audience and who to work with. Currently, Instagram is the only channel with the most accepted industry standards. Influencer Marketing Hub is a great tool that provides a breakdown of ideal engagement rates based on follower numbers. For YouTube, Facebook and Twitter, we will have to wait a bit longer for industry standard engagement rates to be revealed.
Establish your goals
Any influencer marketing campaign needs to start with your goals and objectives. What are you trying to achieve here? Do you want to increase sales of a particular product? Is it all about brand awareness? Who are you targeting – are you reaching out to niche consumer groups that may previously have slipped through the cracks? It’s important to nail down at the beginning exactly what you want your campaign to achieve so you can find influencers that match.
Once your goals are established, it’s much easier to find the right influencers to work with and then measure the ROI.
But how exactly do you measure a campaign?
There are a number of different metrics to consider. For example, reach and engagement levels. Have the posts been retweeted, shared, liked etc? Message delivery is also key. Did the influencer get across all of your key messages? Have you seen an increase in website traffic or new subscribers, followers, fans to your social networks? With tools such as Google Analytics you can easily analyse any spikes in website traffic or increases in social engagement.
It’s also useful to create a designated landing page on your website for each campaign. By driving followers to one place, you can easily measure results and capture data that can be used for future partnerships.
For a more money-focussed measurement, calculating the Cost Per Engagement (CPE) will show you how much each engagement individually cost and will help brands make informed decisions around the future of their campaign.
Ultimately, you want your influencer marketing campaigns to drive plenty of engagement with your target audience. The more followers interacting with the content means more awareness of your brand.
Having that personal relationship and visibility with influencers will help brands measure ROI both during and at the end of the campaign. By asking the influencer to send over statistics such as the number of post views, story views, click throughs and swipe ups, and measuring those results, brands will be able to see the ROI and evaluate how successful the partnership was.
Take that first step
Working with influencers can be a leap for some brands, but with the right research and approach, it can be a truly effective addition to your marketing activities. Whether it be our own consumer technology sphere or otherwise, influencers can demonstrate how your product or service works in creative ways and provide consumers with a fresh, new insight into your brand.
This is the second entry in our series of posts looking at influencer marketing. Check out our first post on tips for brands working with influencers here, and keep your eyes peeled next month for our final entry!
What are your top tips for brands on searching for influencers and measuring their campaigns? Let us know via Twitter or send us an email at firstname.lastname@example.org!
Elsewhere on the blog: Mobile gaming: the success story so far and where it goes next