Influencer marketing is becoming more popular as a way for companies to raise brand awareness and increase conversions through influencer referrals. The influencer market is anticipated to reach INR.2,200 Cr by 2025, according to research by GroupM Inca.
Although there are certain hazards that may be avoided by hiring the finest influencer marketing agency in India and avoiding agencies just claiming to be the best such as phony influencers and low-engagement audiences, influencer marketing can be extremely beneficial for your business and bottom line if you use the proper data to drive your decisions. Many D2C firms are already reaping the benefits of influencer marketing.
But do the finest influencer marketing agency in India or agencies create strategies that are data-driven? Let’s take a look:
How To Churn Out The Perfect Data-Driven Strategies: Learning From the Finest Influencer Marketing Agency in India
● Finding Influencers who are Relevant to the Brand
Finding influencers in a similar niche who share your brand values and have an audience that fits your target demographic is the first step in establishing an influencer marketing campaign.
Here's how to find the right influencers for the brand:
- Select an appropriate social media platform: The platform you select is determined by your influencer marketing goals and target demographic. A digital marketing firm with a startup target audience, for example, may profit from Instagram, but an AI brand with a target audience of tech entrepreneurs might gain from Twitter.
- To discover different sorts of influencers, use social listening: Tracking all mentions of the influencer you're evaluating on social media is known as social listening. You may learn more about an influencer's audience and history by examining how they connect with their audience, and vice versa, even if their profile and feed are overly-manicured.
- Calculating an influencer's engagement rate is a trustworthy technique to measure how engaged their audience is. By averaging the amount of likes on their ten most recent posts and dividing by their total followers, you can calculate their engagement rate. An engagement rate of more than 2% or 3% is considered excellent.
● Planning the Campaign's Budget and Expected Return on Investment
You'll need to plan out an estimated budget and return on investment (ROI) for the campaign, just as you would for any other marketing campaign. This will allow you to analyze if your marketing efforts delivered the intended outcomes. Influencer payments, production costs, ad expenditure, and any analytics software should all be included in your budget.
Earned Media Worth (EMV)—the overall monetary value of the exposure your influencer marketing campaign generates—is the most frequent way to assess ROI in influencer marketing. According to the Hypeauditor analysis, marketers can expect an average of $4.87 in earned media value for every $1 invested in influencer marketing.
● Choosing the Campaign's Marketing Goals, Content, and Messaging
To achieve precise goal-centric results, the content of your campaign must be wrapped around the goals.
- Create shared content with an influencer that does not have the same audience as you if you want to grow your following. A customer relationship management software that wants to expand into the tech startup market, for example, can work with a tech entrepreneur coach.
- Plan an influencer marketing campaign with reviews or freebies if you want to raise awareness for a specific product or service. A website design and hosting company, for example, may collaborate with a graphic design influencer to run a giveaway campaign for free templates.
- Create a campaign that incentivizes people to follow your brand's social media accounts if you want to grow your social following. This might be a social media takeover with an influencer or a contest where a requirement is that people follow your page. A project management tool, for example, launches a campaign with a freelance mentor. On the tool's social media website, the freelance mentor hosts an Instagram live.
● Keeping a regular track of the Campaigns
Here's how you can track your influencer marketing campaigns like the top influencer marketing agency in India does, so you can plan future campaigns or improve your current strategy:
- To evaluate analytics, use custom URLs/trackable links: Make sure your campaign includes a custom URL or a trackable link so you can track the new traffic coming from the influencer's audience. This is especially significant when tracking conversions from an affiliate marketing influencer campaign.
- Monitor social media analytics: Once your campaign is up and going, keep a tight eye on the influencer's social media posts. Keep an eye on the stats for each post, particularly the reach and impressions. You can use this information to compare your regular postings to those of the influencers to obtain quantitative and qualitative info which will act as a guide for the campaigns you pull out in future
- Create a unique promo code for your influencer to share with their audience to track sales if your influencer marketing campaign is focused on revenue creation. This will aid in the separation of influencer-driven and organic sales, as well as further data analysis.
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