Gen Z is all about authenticity. They want real reviews from real people. Not celebs who slap their name on something they’ve never used, just to collect a paycheck.
Savvy marketers are replacing celebs with YouTube, Instagram, and Snapchat influencers. These online stars are providing unfiltered feedback on products, and Gen Z loves it.
Influencer marketing can work wonders for your brand. But if you’ve never used an influencer before, you might not be sure where to start. Fear not. We’re giving you the roadmap for maximum influencer results.
Here are the steps you need to take to launch your first influencer marketing campaign.
1. Create a Strong Campaign Strategy
Every solid campaign needs a strategy. A strong influencer campaign requires five key components: product, goals, influencers, channels, and content.
For example, Black Box Wines wants to use influencers to taste the product and share their experience on relevant social channels. By using people who like wine and are already fans of the brand, they’re creating authenticity, which will resonate with audiences like Gen Z.
In the image below, you can see how Black Box plans to achieve their objective.
Use a similar template to outline your influencer campaign strategy.
2. Determine Your Customer’s Lifetime Value
Influencers aren’t cheap. Prominent ones won’t post branded content for less than $100,000. To determine if using an influencer is worth the investment, be sure to first assess your customer’s lifetime value (CLTV).
Here’s how to calculate it:
- A customer buys three watches annually ($199 each) = $597.
- Customer has been buying from the brand for three years.
- Cost to acquire the customer = $1,000 influencer fee.
The CLTV here would be $791. You arrive at that number by:
- $597 (annual profit) x 3 (number of years as a customer) = $1,791.
- $1,791 minus $1,000 (acquisition cost) = $791.
By following this formula, you’ll have a solid idea if that pricey review by PewDiePie (reportedly the richest influencer of all) is worth it. Or perhaps, you can scale down to a less expensive influencer.
3. Find and Choose the Right Influencers
There are lots of influencers on the market. Keep in mind, the more well-known an influencer is, the higher the price tag you can expect to pay. And it can be harder to connect with these elite influencers, too.
Related Post: 4 Easy Ways to Find Instagram Influencers
If you’re torn between the expensive influencer and the more economical one, here are some best practices for finding and choosing the right influencer for your brand.
Numbers Don’t Mean a Thing. Don’t use an influencer’s follower numbers as a deciding factor. Having a million followers isn’t everything. An influencer’s relevance and ability to engage have more value.
If they can connect with their audience and engage with their content, it produces an authentic effect that can yield gold later on.
Location Tools Work Wonders. Locating influencers now is easier compared to the early days of influencer marketing. Now there are tools like Buzzsumo, Traackr, TrendSpottr, and others which lighten your load and cut your search time significantly.
There’s an Agency for That. With agencies like IMA and Socially Powerful, they’ll do the work for you. Plus their databases will have influencers ready to work with you (for a fee of course).
4. Track and Measure Your Results
Once your campaign starts rolling, be sure to track your influencer progress. Depending on which metrics you want to follow, there are a variety of different tools and methods to use. Here are two efficient methods worth implementing:
Offer Codes. For businesses that want to track sales, provide your influencers with their own particular offer codes.
Swedish watchmaker Daniel Wellington turned his $15,000 startup into a $220 million business by driving sales with promotional codes on social media. It was also an easy way to count the number of sales brought in by each influencer.
With this approach, he was able to surpass his startup cost and boost his revenue into the millions.
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Automation. Consider using programs like ShareASale, Impact Radius, or AffiliateWP. They generally require payment but give you guaranteed, accurate results. If you want to measure exposure and the reach of your campaign, try using a program like Trackur or SharedCount.
Pulling off an influencer marketing campaign can seem daunting at first, but you can do it with the right tools and proper planning. Be sure to have a strategy, crunch numbers to determine value, choose the right influencers for your brand, and keep up-to-date with your progress.
If you need help planning a successful influencer marketing campaign, feel free to get in touch with me at ShaneBarker.com.