Till date, we must have heard all about influencer marketing and how it is transforming the way brands approach marketing on social media. With the explosive popularity of influencer marketing comes several concerns in the industry – the difficulty in measuring influencer campaign ROI and the risk of fake influencer as well as followers.
In our previous article, we talked about the dangers of fake-ness among social media and ways for brands to avoid falling into these traps.
Here today, we want to tackle the issue of difficulty in measuring influencer campaign ROI specifically in relation to a recent insightful article by Marketing Week. In the article, Michelle Stoodley, head of digital marketing at Benefit talked about the current state of play in influencer marketing.
“No one really quite knows what the best route to measure the impact of influencer marketing is… It’s probably the only thing in digital marketing that exploded before there’s been any real benchmark for success. It kind of goes against a lot of what digital marketing is normally about, which is numbers, data and tracking.”
Without a doubt, influencer marketing is still relatively new in the industry, while several brands have successfully engaged their audience and build their brand with influencer marketing, many other brands are still struggling to grasp the concept. Today, we hope to provide some fresh insights to the struggles.
Main Aim of Influencer Marketing: Branding
First and foremost, what exactly is influencer marketing for? As social media gain play an increasingly important role in the current generation, consumers are looking for a different form of advertising and receiving brand messages. While traditional advertising mediums still have their merits, they have become too loud and push-selling.
Social media provides consumers with the possibility of following key figures (key opinion leaders, influencers) who plays different roles from being a role model, source of inspiration to product testers and reviewers. These influencers are like a distant friend who shares about his/her life with followers, sharing recent trips or most loved products. These influencers provide brands with a more genuine form of marketing through the sharing of personal experiences with their network.
Many brands jump onto influencer marketing, hoping to leverage on these influencers’ network to increase sales of their products/services only to find that the performance is not what was expected. No doubt, sales are definitely the ultimate goal but brands have to understand that the beauty and potential of influencer marketing is to create a genuine conversation, generate brand awareness and reach. Brands should consider all these first before the impact of sales.
Influencer marketing is not intuitive, it’s hard science
“For our influencer marketing campaign, engage the top most popular influencer with lots of followers”, “Friday night is where everyone ends a hectic week so they should be more active on social, let’s post then!”
How often do we hear that? As intuitive as it may seem, influencer marketing is beyond these; it is hard science backed by real numbers and data.
As a previous quote by Michell “(Influencer Marketing is) probably the only thing in digital marketing that exploded before there’s been any real benchmark for success. It kind of goes against a lot of what digital marketing is normally about, which is numbers, data and tracking”
Influencer can be backed by hard science, it is no longer a guessing game to hope for the best performance. Social media data can provide brands with insights that could greatly improve their campaign performance. Before brands start panicking about all the numbers and data they have to handle, it is relieving to know that there are various tech providers who have identified this challenge of influencer marketing and developed softwares to process these insightful data.
One of them is Popular Chips which is able to track and process information on demographics (age, gender, country of origin) breakdown of influencers’ followers, engagement rate over time and benchmarked against average, numbers of inactive or fake followers, specific time when influencers’ followers are most active and thus the best time to post etc.
With the proper software, influencer marketing no long have to be based on guessing or intuition, it can be supported by hard figures and insights. Brands can now have a peace of mind when investing in their next influencer marketing campaign to build brand reach and awareness!