Time in the world of digital marketing moves at an alarming pace. Twelve years ago, the only people that could stand calling themselves influencers were those who had attained celebrity status through movies, sports, or television.
Now, in digital marketing, an influencer is anyone with the power to affect the purchasing decision of others, and thanks to social media, this field has grown and given rise to influencer marketing.
Influencer marketing involves a brand partnering with an influencer (often via social media) to promote its services or products. But many brands have delved into this field without an understanding of how to manage influencer marketing.
At the end of this article, you will get to know how to manage influencer marketing to experience the best results for your eCommerce brand growth.
Many brands were able to refine their brand to still operate despite the pandemic. The emerging number of new influencers also brought a new layer to social marketing – partnering up with micro-influencers. Their high audience engagement helped many businesses increase their brand awareness fast. If you want to learn more, you can check out Micro-influencer Marketing: a Complete Guide 2021.
Ultimate Guide to Managing Influencer Marketing
The world of digital marketing consists of over 1000 influencer marketing startups in the U.S alone, and projections see that number to be on the rise for two main reasons:
1. The Worth of Influencer Marketing
A report published by Forbes shows that the influencer market, which currently sits at $13 billion is set to be worth an easy $15 billion by 2022.
During the onset of COVID-19, some brands considered withdrawing from influencer marketing as they perceived that the pandemic would disrupt the digital market space and thus the ability of influencers to promote products.
While the first year of COVID-19 brought about economic recesses for some businesses, the world of influencer marketing thrived. The almost worldwide lockdown that ensued in 2020 caused more people to spend time on social media thereby, building the influencer market as they had a captivated audience. Many brands were able to refine their brand to still operate despite the pandemic.
2. Fluctuating Trends and Cancel Culture
Social media has increased how society can air opinions to a large audience outside a friend’s group and visibility of personal life.
With cancel culture and fluctuating popularity of influencers, an influencer marketer has to stay two steps ahead of the market at all times. For these reasons, influencer marketing startups will continually exist, but to avoid being swept up in this digital world, you need to know how to manage influencer marketing effectively. Some recommended ways would be discussed below.
The Most Effective Ways to Manage Influencer Marketing
1. Match Influencer with Your Audience
To ensure you and the influencer are on the same page audience-wise, it is best to carry relevant keywords and content research.
2. Define Goals and Strategy
A way to track the progress of influencer marketing strategy is through outlined goals that your brand hopes to meet throughout the process. Influencer marketing strategy goals should be detailed, in terms of target aims. These aims can be:
- To build brand awareness and exposure.
- To increase engagement and interactions via social media.
- To increase conversion rates either through newsletter signups, product subscriptions, or sales.
- To learn more about consumer behavior.
3. Track Performance
The aim of tracking influencer performance is for optimization purposes. It allows you to track what influencers are performing the best and the influencers that aren’t, to enable you to allocate funds to influencers that achieve results. It is the ideal way to manage influencer marketing. There are different ways you can track influencer performance, such as:
- Tracking links help you monitor how site traffic flows.
- Promo codes monitor offline traffic activities and redemptions made by each influencer.
- Social data monitors the past performance of the influencer in terms of interactions, scandals, etc.
4. Pay Influencers for Performance
Paying influencers based on their performance can act as an incentive. It encourages influencers to spend more time creating content that can increase brand/product awareness.
5. Analyze Results
Analyzing results is an excellent way to see how each influencer is doing. If the advertising budget for that influencer is paying off, brands can analyze results through:
- Quality of the output: Does the content being put out meet up to the standard of other posts the influencer has created in time past?
- Engagement rate: Are the promotion posts being seen by the target audience? And is the influencer interacting with the audience enough to keep product conversations going.
- Cost-effectiveness: Has the brand awareness rates increased to match/go above the stipulated amount spent on influencer marketing? Is the brand operating at a loss profit, or breaking even with influencer marketing?
All these are questions and considerations that need to be made in order to get the best outcomes. When it comes to managing influencer marketing, no one wants to operate at a loss. The strategies used in influencer marketing might change depending on the social media platform, but the results will always be a true reflection of influencer performance.
Why Choose AllValue?
The process of owning and successfully operating an eCommerce store can be daunting to any party in the digital marketing world. To make the process easier and seamless, merchant service giants Youzan’ created AllValue.
AllValue is an eCommerce software platform dedicated to enabling eCommerce brands achieve their goals and ensuring that they eventually succeed. The platform offers a wide range of eCommerce products and services from a 90-day free website creation plan, transaction deployment, product purchase, logistics, inventory supply, amongst others.
AllValue enables you to track the performance of your influencers and helps bring your brand to a global audience!
For more information, visit AllValue and sign up for a 15-day free trial.