How an Influencer Marketing Strategy Can Grow Your Business

January 3, 2019 2:00 pm Published by Leave your thoughts

There’s little surprise that influencer marketing is incredibly effective. It helps you to reach a more relevant audience while giving a higher return on investment (ROI) compared to digital ads. Similar to “word of mouth” marketing, influencer marketing leverages on the trust followers have toward a personality that they follow.

Famous personalities and influencers like Vivy Yusof and Nora Danish carry enormous clout with them. They’re ideal influencers to partner with for fashion related products.

On the other hand, there are lots of other microinfluencers like Jenn Chia and Bryan Levett that appeal to the younger demographic. But don’t be fooled their relatively lower follower count. Microinfluencers usually attract a better engagement and conversion rate compared to top-tier influencers.

Whether you’re running a new business or looking to scale further, you can’t go wrong with influencer marketing. To help you get started, here are the steps you’ll need to take to set up your own influencer marketing strategy:

 

Step 1: Define your goals

Before you start Googling for an influencer to partner with, you’ll need to first define your business goals and decide what you want to ultimately achieve. Are you looking to create brand awareness? Or to reach a relevant audience for a new product launch? If you’re pushing to increase sales, are you aiming for conversions, leads, or both?

Once you have a clear idea of your goals, it’ll help to inform what type and size of influencer you need, the amount of budget to allocate, and the duration of the campaign.

 

Step 2: Find a list of influencers and do your due diligence

This step usually takes the most amount of time but is the most important one to complete before you kick off your campaign. Find influencers that are relevant to your brand, either through Google, Facebook, Instagram, or YouTube, and do your due diligence.

Find out if their content and personality matches that of your brand. And most importantly, they have a good engagement rate which should hover around an average of 1-2%. Make sure that they haven’t been caught in any unsavoury bad press or went viral for the wrong reasons. You wouldn’t want it to negatively impact your brand value.

 

Step 3: Set a budget and a campaign timeline

Budgets can vary. Some influencers can cost you thousands of ringgit, while others allow for payment-in-kind through gifts, vouchers, or the like. Decide what percentage of your total marketing budget to allow for influencer marketing. If this is your first time doing one, it’ll be a good idea to set a low budget as a test run before committing more.

Fix a specific duration to your campaign and try to avoid scattershot approaches with one-off or erratic paid campaigns. Instead, align it with your overall marketing roll-out for the year. For example, you can engage with an influencer with a large Chinese-based following to push your products during Chinese New Year.

 

Step 4: Track your campaigns

You wouldn’t know if your influencer marketing campaign is a success if you don’t track the performance. The easiest way to do this is to create an Excel sheet for your influencer marketing campaign and include key metrics like:

  • Their social media handles
  • Number of followers
  • Engagement rate
  • Campaign duration
  • Deliverables

Most importantly, you’ll need to create custom codes for each influencer you engage with. The customized code is usually a discount code that your influencers’ followers can use to get a special discount at your webstore. This is usually applied at the check-out phase that you’ll be able to track it in your webstore’s POS dashboard.

 

These are four core steps that you’ll need to take when you’re creating and setting up an influencer marketing strategy, especially for the first time. It may vary from seller to seller but in principle the process remains the same.

Although influencer marketing has proven to give high ROI, just like any paid campaigns, it needs to be managed well. Once your campaign is done, do a post-mortem on your influencer marketing effort to see where and how you can improve for your future campaigns.

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This post was written by Nina