Observe the outcomes
Marketing that is monitored and tracked is the most successful. It’s really rather simple: it’s all about determining whether or not what you’re doing is producing results. You must determine whether an increase in traffic or income is due to your marketing or something else entirely. And you must be able to determine why you aren’t seeing improvements across the board.
You must also know which campaigns are the most successful and which are the least successful.
A unique code is arguably the simplest way to track how many sales an influencer marketing campaign generates. Simply give the influencer an exclusive promotion code and track how many sales are made with the code.
This isn’t infallible; offer codes get spread around the internet, and customers may use the code despite never having heard of the influencer you’re working with or their content.
Providing each influencer with a trackable, tagged URL that they distribute with their audience is a more trustworthy option. WP Affiliate, an affiliate tracking platform, can automate the process of building these URLs as well as track sales by influencer.
These techniques, of course, only track the traffic your influencer efforts bring to your site and the sales they generate. You could also be interested in tracking the reach and engagement of your campaigns, especially if you’re running a long-term campaign with the goal of increasing brand awareness over time.
I really like SharedCount; it’s a great (and free) tool for quickly seeing how many times a page has been shared. Alternatively, you may use a programme like Mention to track brand mentions, or I’d recommend Trackur if you want something a little more thorough (but still reasonable).
Takeaway: Keep track of everything. It’s the only way to figure out which initiatives are working and which aren’t – an important step if you want to avoid wasting money on campaigns that aren’t producing results.
Don’t make snap decisions.
I just told you to keep track of everything. While I live and die by that advise, I also don’t believe you should rush to judgement on the results of any influencer marketing effort.
Influencer marketing isn’t like sponsored search, where you can see the ROI of an ad or campaign right away. Influencer marketing is similar to SEO in that it’s more difficult to attribute a result to an action and takes longer to take impact.
If you use the tactics outlined above, you should aim to cultivate long-term connections with influencers. Assuming you are, don’t jump to conclusions about whether or not a campaign is successful. If you believe things aren’t going as planned, speak with the influencer in question before pulling the plug. They might be able to adjust their strategy or reassure you about when you can expect to see results.
Don’t get discouraged if your influencer marketing activities don’t yield immediate results. It may take some time to see a return on your investment. If you’re thinking about cancelling a campaign, talk to the influencer first about your concerns.
Compensate Influencers if Needed
Providing influencers with a free product can sometimes be enough to get them talking about you. Many more are on the lookout for monetary compensation. This is understandable – do you work for nothing? No? So why should you expect anyone else to do it for you?
Many (if not all) of the more well-known influencers will be looking for monetary remuneration in exchange for their time. Expect a basic “what’s your budget for this project?” response from influencers in response to your initial contact.
When asked what turns them off from brands, more than 80% of bloggers responded “the brand wants me to work for free.”
Decide on your budget
both your overall budget and the amount you’re willing to allocate to each influencer – before you start with influencer marketing.
Although most influencers will want to talk money, I believe it’s important to remember that the majority will be quite flexible with the amount they’re ready to accept. It’s all about arriving to a mutually beneficial deal that works for both of you.
Perhaps you are unable to provide the amount of money that an influencer would normally request. That’s fine; not everything will be gone. By decreasing the service they provide, the influencer may be able to work for less money.
However, if you’re already well-known and merely need a small amount of exposure (say, a single tweet), you might be able to persuade an influencer to assist you out by simply promising like-for-like publicity. If you don’t ask, you won’t know.
The majority of influencers will expect monetary compensation for their time. Set aside a budget that you can reasonably afford before approaching influencers. However, don’t start talking about money right away when you start your outreach; instead, let the influencer bring it up first, in case there’s a chance you might work out something else.