- Data and metric insights are difficult to extract to help inform performance
- Every influencer performs differently, making it difficult to benchmark
- AI-based tools are closing the gap, enabling greater performance tracking to facilitate optimization and increase ROI for influencer marketing campaigns
Influencer marketing has grown consistently year after year, with it estimated to grow approximately $16.4 billion this year, up from only $1.6 billion in 2016. And most brands do not have their heads in the sand and understand the value of influencer marketing. With it producing 11 times more ROI than banner ads, over 75% of brand marketers plan to dedicate budget to influencer marketing this year.
But achieving a successful campaign with influencers is easier said than done. There are a variety of challenges that brands face. Each of these needs to become unlocked to realize the full potential of any influence marketing campaign.
Picking the Locks to Achieve Influencer Marketing Success
If you’ve developed your strategy, which we do not get into detail in this blog, then your next step is figuring out which influencers to contact for partnership. With anywhere between 3 and nearly 38 million influencers in the world across Instagram, YouTube, and TikTok, narrowing down which people to work with can bring execution to a screeching halt.
Once you’ve found the influencers you want to work with, the next challenge is verifying that the campaign is working. Influencer marketing differs from traditional marketing channels because it is tricky to measure success.
Two key aspects make this problematic:
- Metrics and data insights are often provided by the influencer if at all, creating additional work in determining if the campaign is hitting your goals
- Each influencer is not created equal when it comes to performance, so it’s hard to benchmark
For these reasons, traditional methods of calculating ROI estimations have become irrelevant. However, in both cases, from discovery to verifying that a campaign is working, technology has broken down these barriers, enabling you to unlock the full potential of your influencer marketing campaign.
Leveraging Veritone Navigate to Increase ROI for our Clients
Recognizing the challenges of influence marketing, we developed a new application for our teams to leverage to reduce the runway for our client’s campaigns. Accessing cutting-edge insights and actionable intelligence from Veritone aiWARE™, a hyper-expansive Enterprise AI platform, we can optimize campaigns and provide Veritone One client’s better ROI.
Using our proprietary in-house software to serve our customers better enables us to automate the discovery and partnership process with influencers. As a result, we can take a scalpel instead of a fishing net to surface the best fit and performing influencers for a specific client across audio and video media platforms.
With Navigate, our agency strategists and planners can surface detailed insights across the fragmented buying cycle. With near real-time capability, we can aggregate intelligence throughout the entire process from planning to execution, eventually optimizing campaigns to hyper-service our brands to match them with the right influencer at the right time.
In bringing together influencers and advertisers, the technology is helping both sides of the business, transforming how brands execute these campaigns. For example, through the power of AI, Veritone One can:
- Apply actionable insights to optimize your audio and influencer media to deliver unmatched performance and scale for our clients.
- Aggregates billions of data points across more than 30,000 creators while leveraging AI to unlock audio and influencer metadata and campaign insights for better ROI.
- Execute over 80,000 integrations each month
Let us help you start growing your bottom line and ensure you don’t leave a single dollar on the table in your influencer marketing efforts.