No longer just buzz words, influencer marketing has become a powerful component of marketing and communications strategies. Brands of all sizes across all verticals are using influencers to increase engagement, expose new audiences to their products and services, and create memorable content. As influencer marketing has evolved, so has the approach to working with influencers. To help get started, here are some questions you should ask yourself when considering an influencer campaign.
1. What is the goal of your campaign?
It’s no surprise that we start with identifying the goal. It’s important to first consider what the purpose of the influencer marketing effort is. Are you launching a new product or service and hoping to drive sales? Or are you looking to engage with brand ambassadors to increase overall brand awareness? Answers to these questions can help you determine what type of influencer you want to work with, the length of the campaign and more.
2. How will you define success?
Of secondary importance to the goal is the results. Determine how you will define and measure success, and what KPIs you will use. Depending on your goals, KPIs could include engagement metrics, referral traffic, and sales or they could be awareness-driven, including metrics like audience growth, hashtag usage or @ mentions, and impressions.
3. What is your budget?
The $ question is never an easy one, but it’s important to consider budget parameters upfront. Influencer marketing is extremely scalable and achievable under nearly any budget. Cost considerations to be aware of include partnership fees for influencers, which range based on the individual’s follower count, engagement rate and the number of posts; any product or in-kind costs that will be part of the campaign; budget for paid amplification; and any platform or agency fees if applicable.
4. What are your parameters for selecting an influencer partner?
With literally millions of options to choose from, it’s important to establish a set of guidelines to help narrow the appropriate partners. Parameters should include things like:
- Channel type – Instagram, Facebook, TikTok, YouTube, blogs, etc.
- Engagement rate – Average engagement rate for an influncer should be at least 1.42% according to RivalIQ’s 2021 Social Media Benchmarks for Influencers
- Follower count – We categorize influencers as either Mega (1M+), Macro (>1M), Mid-Tier (>500K), Micro (>50K), or Nano (>10K)
- Audience demographics and psychographics, including geographic location, age, gender and interests
- No existing partnerships with competitors or other conflicting interests
- Other brand-specific parameters like authenticity, tone, etc.
5. What will your content requirements be?
While it’s always best to let an influencer take the lead on what tone resonates best with their audience, it’s also important to discuss any non-negotiable content guidelines ahead of time – like brand parameters, hashtag usage or @ mentions, content review and approval plans, and usage rights.
6. What legal considerations do you need to think of?
The lawyers at your organization will thank us for this one. It’s extremely important to adhere to all the Federal Trade Commission’s Endorsement Guidelines for any influencer campaign (this includes in-kind-only partnerships). The FTC requires a clear disclosure (i.e. #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 to make sure everything lines up with the appropriate laws.
With these questions answered, you’ll be off and running with a successful influencer marketing partnership in no time! #winning