What actually is data-led influencer marketing? Most brands, agencies and creators will go about influencer marketing differently.
Everyone will have different approaches that ladder up to their morals and creative goals, but problems arise when you launch a campaign with the mindset that followers equate to sales, and are left disappointed, with expensive, displeasing results! The biggest mistake businesses make when it comes to influencer marketing, is not determining what success will look like for them, individually, if they embark on an influencer marketing journey. Done properly, influencer marketing campaigns can see a return on investment of £17 – a figure some of our retail clients at Connects have enjoyed – so it’s worth reading this article to find out how to use data to your advantage, and invest in influencer marketing properly.
Our data-led approach:
The purpose of collecting data, both before and after a campaign, is to measure how well influencers are performing and how that measures up to what an individual brand sees as successful. Hence, we can produce campaigns that are going to be a guaranteed success. The information collected is used to calculate things like ROI and Cost Per Engagement, and by starting at the “end” and working “backwards”, we can use a mixture of goal-setting and insight to develop the rest of the campaign.
You won’t know what success looks like, if you haven’t set out KPIs in advance. Just like a school science experiment, you need aims and an evaluation to get the marks, so know what you want to achieve, and how you’re going to do it, before you set out. With that in mind, all of our influencer marketing campaigns follow a three-pronged approach, that involves:
- ARCHETYPAL ALIGNMENT: The original archetypes were intended to represent universal, fundamental human needs and desires. Identifying the archetype of a brand enables us to identify influencers who fit that brand’s mould, to set the foundations for solid working relationships built on mirrored values.
- HUMAN CONNECTIONS: We take a long-term view of influencer relationships. We look to build teams of always-on influencers into a brand’s pre-existing creative team – meaning our database is consistently full of pre-vetted, authentic influencers ready to make their mark.
- MEANINGFUL DATA: We’re committed to ensuring that every campaign we create is data-driven and measurable. We tailor our tracking and evaluation plans, because measurements should never be ‘One Size Fits All’. We create bespoke approaches to tracking both pre and post campaign, that meets clients’ needs and produces results worth shouting about.
So, is influencer marketing right for you?
If you like the sound of influencer marketing, but you’re not sure how well suited it will be to your brand or business, consider the pros below to weigh up whether or not this approach could fit the bill…
PRO #1: Easing Workload
People very often take for granted how full-on the role of a social media manager or influencer is. Of course, in the age or immediacy, there’s tools to make your life easier. However, those no replacement for idea conception and execution. When a brand works with influencers, it can significantly ease the workload of an in-house social team, by creating a bank of repost-able content that can be used across socials and so on.
PRO #2: Building Trust
Not many people trust the old school advertising routes anymore, and brand trust is key when it comes to purchase decisions. Customers now have to see a piece of content 11.4x before they convert to buy. They look to peers, influencers and brands who offer a “real-life” view of products and purchasing. Here’s some fun facts to back that up: 70% of teens trust influencers more than traditional celebrities, 86% of women use social media for purchasing advice and 49% of consumers depend on influencer recommendations.
PRO #3: Storytelling
Nowadays, customers want to buy from brands they can relate to, and that involves storytelling. Brand storytelling needs a storyteller, and the most effective storytellers are influencers. The best ones – in other words, the archetypally aligned ones – already love your brand, and are often already identifiable through social listening. Since influencers are experts in their own audience demographic, it’ll therefore give you invaluable insight into your customer base.
PRO #4: Lowest CPE
According to a Tomson study, the majority of businesses earn $6.50 for each dollar spent on influencers with the top 13% earning $20 or more (we average at £17). That’s a significant return on investment considering that over half of marketers also consider the customers they acquire through this route as better prospects.
PRO #5: Trackable Sales
With more traditional advertising means, it’s nearly impossible to measure conversion. Without an awkward questionnaire, how can a brand determine whether a customer came to them via a billboard, recommendation or TV ad? Thanks to the internet, influencers make conversion tracking a whole lot easier. Using a unique discount code or URL makes it possible to track visits or sales and attribute them to specific influencers, to measure the success of the campaign and how well different influencers archetypally align.
What we’ll do for you:
If influencer marketing is right for you, it’s time to pick the right agency to help you form a thumb-stopping, award-winning campaign. In terms of data, this is what our team of analysts will do for you throughout the campaign process:
- RECORDING KEY METRICS: From idea conception to launch, we measure various metrics that evaluate how a campaign is doing, by looking at how users are interacting with a post or influencer. To measure impressions, reach and engagement, we look at whether an influencer is getting a lot of likes, comments, and shares, as well as critiquing if the comments are positive or negative, and if users show an interest by asking questions. It’s just as important to record sentiment, which can give us valuable insights.
- TRACKABLE KPIs: We will build out a template to constantly show current progress compared to KPI’s. This is done via live Google sheets, so that every time insights are sent across, the tracker is updated and we/you can instantly see the percentage difference of where we are against our target. This gives us an indication of what is doing well and where we need to push.
- IMPRESSIONS DEEP DIVE: Shares, comments and clicks are the drivers for high impression numbers. What makes these so important? On average, it takes two people (reach) to provide three impressions, or four people (reach) to provide six impressions. If we have a very high impression rate on a post, we get a good idea of how much the users are enjoying the content as we can see people are frequently re-engaging with the post, which ultimately leads to more success with engagement.
- RATIO MANAGEMENT: This involves looking at impressions versus engagement, for example. Having ratios gives us an indication of how content is performing at an early stage and if it is on track to hitting the proposed average. So, if we calculate the average impressions to reach ratio as 30:1, we know that every 30 impressions we need 1 engagement to stay on track. If content is getting a 45:1 ratio, after a day of exposure, we can immediately see it’s not quite driving enough engagement.
This upcoming quarter will be unlike any other we’ve faced, but the best way to face it is head-on, armed with as much data as you can muster. That way, you can create bespoke, optimised, high-performing influencer campaigns that deliver on ROI and truly relate to an uncertain customer base. So, if you’re in the market to get started on a data-led influencer campaign, don’t hesitate to drop us a line at firstname.lastname@example.org and we’d be happy to chat!