Summary:
- Incorporate multiple channels when planning to leverage influencers
- Set up accurate KPIs and tools to measure cross-channel performance
- Be prepared to change up messaging and frequency based on ad performance
We’ve heard all the buzz about influencer marketing over the years. Insider Intelligence predicts the channel will reach $15 billion by 2022, further quantifying the enormous growth opportunities ahead for influencer advertising.
If you’re trying to figure out whether influencer marketing is right for your business, here are three key elements you’ll want to consider to make sure you launch a successful influencer advertising campaign.
Build a strategic roadmap for influencer advertising
For advertisers trying to reach a specific audience, this aim can sometimes narrow the focus to one single marketing channel. The decision as to which channel to choose is typically guided by internal factors, historical experience or target audience demographics. But when you zoom out to look at influencer marketing from a macro level, the opportunity is massive. We’re talking about tens of thousands of influencers with no cap in sight.
Personalities can generate traction across traditional media channels, such as radio or podcasts, as well as through powerful social platforms like Instagram, TikTok, Facebook and Twitter. Each of these platforms in which the host has built a loyal following come together to form a “sphere of influence,” reaching a dedicated audience of followers who tune in regularly across channels.
Oftentimes, we will strategically advise clients to consider additional channels from their initial target primarily because research and proprietary data from the Veritone Performance Index (VPI) shows they can be doing more to reach more people. Using VPI data, the world’s largest historic database inclusive of millions of performance advertising campaigns over the past decade, and additional research tools such as MRI and the Nielsen Podcast Buying Power service, we show that there’s a variety of ways in which influencer channels can be leveraged to build a strategic roadmap, even before we invest the first dollar.
Measure and monitor the cross-channel advertising impact
Of course, no campaign will be successful without proper measurement. You should ensure foundational data measurement is set up to prove the viability of not just the channels being tested, but also to measure the cross-channel benefits that tap into that old adage 1+1 = 3. Standalone viability is always key, but how do your marketing channels work in conjunction?
Here is one example to consider. Once you’ve proven influencer viability at the channel and placement level, it is important to monitor how scale affects your other marketing channels as you grow. Do rising tides lift all boats, or is there a growing correlation, similar to what you’d see with the “see it hear it” benefit we recognize with TV and radio working together?
Within influencer marketing, we work with clients to ensure their paid search aligns with their growing influencer budgets. The last thing you want is a scaling influencer campaign with minimal investment in paid search that drives qualified leads to a competitor.
Treat each influencer as their own ecosystem
Of course, there are best practices for each channel and placement, but be prepared to pivot your strategy based on actionable data. This can be as granular as changes in frequency, creative messaging, offer structure and so much more.
The uniqueness of 2020 was a perfect example of how real-time data should be proactively guiding your influencer marketing strategy. Given the change in consumption habits of media over the last year, it’s not surprising to see how influencer adoption and performance have accelerated. People are consuming more media than ever and have turned to platforms like podcasting, YouTube and streaming—and these habits are continuing into 2021.
Influencer marketing success is not achieved solely on the viability of just one channel. If done effectively, with the right partner, you’ll exceed your KPIs across multiple channels and create brand reach that extends well beyond your initial scope. As the adage goes, the sum is much greater than any of the individual parts.
Photo by Zach Vessels on Unsplash