What you need to know about influencer marketing
It’s no secret that influencer marketing has exploded in the last 5 years. In fact, a recent study revealed a 1,500% spike in search entries for “influencer marketing” in just the last three years alone. This study also predicts that influencer marketing will represent a $6.5 billion market share in 2019. That’s some influence.
If you haven’t given much thought about how an influencer partnership could help your organization or brand, now might be a good time.
With hundreds of platforms and vendors claiming to be “the” solution to influencer marketing (300 have popped up in the past year alone), dipping your toe in the influencer pool might feel a bit daunting.
Getting started is easier than you think, and we’re ready to help. So heed our influence and let’s get started with some great tips to get you going.
- Set realistic goals. Before setting up a campaign, make sure your goals and objectives align with realistic outcomes. Studies show that influencer marketing has the biggest impact in building engagement, awareness and word of mouth.
- Do your homework. To ensure the best fit for your campaign, analyze the influencer and his/her audience. Pay close attention to fake follower red flags, like unusual or inconsistent spikes in followers, a high and unexplainable number of followers from other countries, or a high number of followers but a low engagement rate.
- Aim for #nofilter. According to multiple studies, authenticity and working with influencers who are a believable fit for your product/brand is key to a campaign’s effectiveness. It’s also the first thing an influencer considers when deciding whether or not to work with a brand (even before compensation!).
- Define content requirements and rights. Set clear guidelines upfront in your contract regarding content expectations, including the channels, number of posts, length, format, tags or hashtags, content review rights and usage rights.
- Be transparent and compliant. Influencer partnerships must adhere to the Federal Trade Commission’s Endorsement Guidelines, which requires a clear disclosure (a la #ad, #paid or #sponsored) anytime an influencer receives compensation for a post, review or video about a product or brand. Ask your legal team to review your influencer partnership contract template to make sure everything lines up with the appropriate laws.
- Get involved. Once the influencer’s content goes live, don’t be a stranger. Join the conversation by responding to questions, give positive feedback on the post and repurpose content on your own channels. It’s your campaign too, so have some fun with it!
Hopefully these simple guidelines will help you think differently about how an influencer partnership could elevate your company or brand. If you have any questions, a team of experts at LC is here to help. You can also learn more at our upcoming Influencer Marketing Roundtable event in Milwaukee on May 9 – hope to see you there!