Influencer Marketing

What is the Value of a Social Media Influencer?

Social Media Influencer

Social media influencers can be a powerful ally for any business. But like any investment, it’s important to consider the cost – not to mention the value you get in return.

In truth, there’s far more to social media influencing than the return on investment (ROI) alone. Read on as we look at ways of tracking ROI from influencers on social media, and the value they add elsewhere.


Why influencer value is tricky…

ROI is calculated by dividing financial gain by the cost of an investment. It’s shown as a percentage, with larger numbers signifying a better ROI.

However, in marketing, that calculation doesn’t quite work. Why? There are a number of factors that can lead to financial gain over time, but they’re not easy to attribute to a single marketing campaign.

That’s especially the case if influencers are promoting your brand rather than specific products or services. How do you measure the results of better brand awareness? Let’s say you get 500 likes on a social media post that’s shared by an influencer or 1000 new followers following their involvement. It’s hard to put a specific value on this, but it can’t simply be dismissed.

In many cases, companies will take an educated guess. Unfortunately, this can be problematic when it comes to reviewing success. How can you decide whether a campaign was worthwhile if you don’t know its value? Should you continue using influencers or would your investment be better elsewhere?


Is there a solution?

How can you track how much you’re getting back from your investment in influencer marketing?

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At Find Your Influencer, we provide influencers with a unique URL to use in their promotions, allowing brands to precisely track how many sales are generated by people clicking through on their links. This allows you to see how specific influencers are performing, calculating a specific ROI for each influencer. If you’re using multiple influencers, you can compare these numbers to see who is providing the most value directly.


Added value from social media influencers

With influencer marketing, it’s not just about direct ROI. There are several factors which could lead to more sales for your business over time, but that wouldn’t necessarily be attributed to your influencers. That’s important to consider the value they add elsewhere…

Awareness

One of the biggest benefits of influencer marketing is that it gets your brand out there. Potential customers become more familiar with your brand the more they’re exposed to it online.

Should they eventually see your products in store or an advert for your services, they might be more likely to make a purchase having seen the brand before.

Following

Having your business promoted by influencers on social media can also lead to more people following you on those platforms. That means a bigger audience to connect with, build loyalty within and sell to in the future.

Association

In some cases, influencer marketing can even create an association between your brand and the influencer’s characteristics or qualities. Customers link your product to what they know about the influencer.

Just look at Mo Farah’s endorsement of Quorn on TV adverts. Suddenly, Quorn is seen as the food product for health enthusiasts.

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Find a social media influencer for your brand

Influencers can add huge value to any business. But it’s important to find the right fit for your brand. At Find Your Influencer, our goal is to make this process a whole lot easier.

To get started, you can list your campaign on our site. Influencers will contact you, so you can discuss the project directly and find the right person for you.

If you’re looking for more support, our team is on hand to manage the whole process. We can assist with briefing, contracts, delivery, reporting – and recommend the best influencers for your campaign. Any questions? Give us a call on 0161 731 0048.

What is a good Instagram engagement rate?

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Engagement rate in influencer marketing is used to measure the level of interaction an influencer typically receives on their content. Simply put, it is the percentage of the influencer’s audience that responds to their content.


Calculating an Instagram influencer engagement rate

The first option for calculating your Instagram engagement rate is to divide their total number of likes and comments (past 30 days) by their follower count, and then multiply by 100 to give you a percentage.

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So what is a good engagement rate?

To understand what the number actually means and whether it is good or bad. Below is an industry standard guideline so you can benchmark results:

Less than 1% = low engagement rate 

Between 1% and 3.5% = average/good engagement rate 

Between 3.5% and 6% = high engagement rate 

Above 6% = very high engagement rate 

In summary, as an industry standard, an engagement rate on Instagram between 1% and 3% is generally good, it is the average we see on an influencer's profile. If the engagement rate is higher than 3%, that is a good sign that their audience is very engaged with their content, and if it is below 1%, it means their audience as a whole is not very engaged with their content. 

Keep in mind, a number of things influence engagement rate on Instagram, such as the time of each individual post, the frequency of posting, the number of followers, the content and messaging and the Instagram algorithm (and the limitations that sometimes come with it).

So when you are deciding what influencer to work with, or comparing a cohort of influencers, make sure you consider engagement rate. It's an important metric to consider and should not be ignored when choosing influencers for your campaign. 


If you have any questions about engagement rates on Instagram, or would like to collaborate with a UK influencer, you can email hello@findyourinfluencer.co.uk or call 0161 731 0048 to chat with our team any time.

5 Key Components for a Successful Influencer Marketing Campaign

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The vast majority of marketers across the globe are increasing their influencer marketing budgets for 2019, and by 2022 Influencer marketing ad spend is poised to reach between $5 billion and $10 billion! A recent study also showed that a majority of marketers will spend anywhere from $25,000 to $100,000 on influencer marketing.

So, what makes a successful influencer marketing campaign? We’ve listed below what we believe to be the top five key components:

 

  1. Proven Influencers

Identifying the right influencers is integral to your campaign, with 75% of marketers identifying it as their biggest challenge. Not all influencers are created equal, and knowing the difference between micro, power-middle, and top-tier influencers will help to determine who is right for your campaign.

Holding influencers accountable for driving business results is necessary for a successful influencer campaign. An effective influencer campaign utilises influencers who have the proven ability to engage with their followers, and inspire them to take action. The effectiveness of influencers is determined by engagement, clicks and conversions, not by their follower count.

 

2. Compelling Story

It’s important to create messaging that can be translated into a larger brand story – stories can affect consumers far more than billboards, statistics, or discount offerings. Information is better retained when it’s consumed in story-form, and influencers are effective storytellers, having amassed their following as a result of their ability to emotionally connect with and understand their followers.

 

3. Variety of Quality Content

As consumers pay less and less attention to traditional advertising methods, it becomes increasingly important for marketers to develop new ways to creatively capture audience attention. Influencer content is valuable because each piece is unique and produced in the same style that made the influencer successful in the first place, while presenting the brand’s core message in a manner that resonates with the audience. The content establishes an emotional connection between the influencer and their influencers, and is effective in inspiring action.  

Content creator and Instagram guru, @allthatsheis, is a great example of how an influencer can use her style and creativity to capture the attention of her audience. Her carefully-curated feed, which she updates once a day, has become something of a modern art form. Major brands such as Disney, Dyson, eBay, Mastercard, and many more, have cottoned on to the Instagram influencer and have all commissioned her to run advertisements on her channels. 

 

4.     Actionable CTA

The call-to-action (CTA) should be short, direct and actionable. Consumers need to be offered something that they need, which will then drive them to the next step in the process. A strong CTA compels consumers to take the further action desired of them, whether it’s visiting a landing page in order to learn more about the product or brand, signing up for a mailing list, a giveaway, a coupon, or making a purchase.

 

Photo credit  @fashioninflux

Photo credit @fashioninflux

5. Tracking your ROI

It's imperative when working with influencers to have a strong tracking mechanism. Ask influencers to use trackable links so you can measure traffic, engagement and, ideally, conversions on your site if possible. Alternatively, you could direct your influencer campaign into a branded landing page in order to measure the ROI of that influencer. The influencers can have as much free reign as you'll permit, as long as they drive their audience where you want them to go. Once on the landing page, you, as the brand, can incentivise the users and capture their lead info for measurement data and future communication.

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NEED SOME HELP?

Not sure where to start with your influencer marketing campaign? Contact us today on 0161 731 0048 or email us on hello@findyourinfluencer.co.uk

 

Sourcing the right influencers for your brand

Sourcing the right influencers for your brand

According to a recent Forbes article, nearly 50% of marketers upping their influencer marketing budgets in 2017, it’s clear that influencer marketing is an effective tactic. Influencer marketing campaigns, however, are only as good as the influencers chosen to participate.