Dipping Your Toes in Influencer Marketing

Before going for a full-on swim, you may want to dip your toes in the influencer marketing pool to test the waters first. As a marketer, this is a smart choice. Influencers are not always traditional celebrities. You can seek out micro influencers which are people who are not as famous as celebrities but still have a good following on social media.

Influencer marketing is a brand practice of working contractually with an individual on sponsored social media posts. The relationship is mutually beneficial in that the company is allowed to expose their brand to a new set of audiences under that influencer, and the influencer themselves receives monetary value for their efforts.

Studies show there is a 5.2X increase in purchase intent when exposed to both brand and influencer tweets on Twitter alone.

– eMarketer

Contractual Obligations

A brand’s message today doesn’t have to come from the brand itself any longer. With the rise of influencer marketing, brands can find people who share the same core values and brand safety as its brand.

When a relationship is mutually beneficial, there is likely a contract in place. Once you have found a person to represent your brand based on similar core values, brand safety and the benefits of their audience base on social media; it is time to put a contract into place.

There is no standard influencer marketing contract. One of the harder obstacles to face is convincing company leaders to take a chance on newly, never-done-before tactics with influencers. However, influencer marketing is not going anywhere, so brands need to use this opportunity.

Set guidelines for what is in scope for your brand and just as importantly, what is out of scope. Both of these should be included in the contract. It is also important to have this discussion on both sides of the relationship. The contract should go two-ways. There should be line items in the contract that are in scope and out of scope for the influencer as well. After all, as marketers, we want the influencer to remain human and not turn into a giant, robotic advertisement for your brand. Keeping things organic with monetary value behind it is a gray area for many brands.

Monetary Value and Accountability

Similar to a standard contract, there is no standard payment for social media influencers. Do not let one influencer set the price for all. Some will be less money and other will be more expensive. An influencer should be evaluated by their number of audiences on social media which will equate to the viewership you receive for your brand. Another evaluation should be the engagement rate an influencer typically has. Engagement is important here as well. And finally, measure the value of the followers on the influencer’s social media pages. This is subjective and can change depending on brands and industries.

Assign an account manager to your brand’s influencers to help keep relationships smooth and also ensure that influencers are holding up their end of the deal with contractual obligations. This is said to be one of the biggest obstacles for companies with multiple influencers.

It’s Time to Jump In

Well, the water is warm. Now that you’ve dipped your toes in influencer marketing, it is time to take a swim. Remember, finding a good fit for your brand is the most important part of influencer marketing. Ensure the relationship is mutually beneficial and create a contract that gives you both in-scope and out-of-scope line items to be as transparent as possible. And lastly, do not be afraid to try a tactic that has not been done before. Do your research and be sure an account person is staffed to work the relationship. Best of luck in your influencer marketing endeavors.

Source – eMarketer

Are you enjoying what you’re reading? Stay tuned for my next article, part II of influencer marketing. Also, do not forget to check out my last post about email marketing here.

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