By Jonathan Baker(Contributor: Christopher Canadeo, EGC’s Director of Growth) Ah, influencer marketing—the unique and special strategy that (literally) puts a face on a brand’s products or services. Nothing in this world, however, is perfect. Where influencer marketing is concerned, the imperfection is the inability to accurately measure the success of a campaign. The ‘Young’ Marketing Strategy The practice of influencer marketing is relatively young. Since 2004, when this method began to take shape through early blog writings and even MySpace, its quick rise in power and popularity has taken branding by storm. As observed late last year, since influencer marketing is still “maturing”—combined with its rapid ascension—has made it difficult for relevant measurement tools and systems to deliver accurate reports on its effectiveness. And this frustration in not knowing what influencer campaigns work (or don’t) impacts the financial component. Image Credit: e-Marketer Measurement Difficulties, Capped by Financial Pressures Pulling no punches, a recent e-Marketer study declared difficulty in measurement as the “number one roadblock” to influencer marketing success. Last summer, 32 percent of marketers throughout the world stated this was their greatest problem. Compounding this problem is that marketers must now be more accountable in terms of budgeting. The bigger the budget, the greater the accountability—which translates to showing measurable outcomes from influencer marketing partnerships. Another complication is the current economy which has naturally impacted how, what, and where, marketers are willing to spend money. Are there any answers? 1. Alignment There are no definitive (or what e-Marketer called “no silver bullet”) solutions to measuring influencer marketing. Marketers can, however, take initial steps to gain an idea of what is successful. The first step is “alignment.” To be more specific, marketers must better align their influencer campaigns with specific business goals. (Ironically, since there are no definite ways to measure influencer results, marketers have tended to take a fragmented approach with different results patched together. While on the topic of business goals… 2. Business Goals, First and Foremost Another tendency among marketers is to build and promote an influencer campaign first. Initial business goals wind up in second place. Reverse this perspective. Begin by establishing strong business goals via qualitative and quantitative metrics. Marketers will then have a strong framework to provide a clear idea of measurement (as well as justify added allocation of money to the budget). Establishing the objective of a campaign, the type, and placement will serve as a guide to the resulting metrics. Oh, and it’s recommended that creators and influencers are part of these return on investment (ROI) discussions. Now, when does the measurement of results begin? 3. From the Very Beginning Finally, marketers must stop waiting for an influencer campaign to be off and running before they try to examine measurement. From the inception to launch of a campaign, gauging measurement must be a top-of-mind consideration among marketers. Instead of counting on the fortunes presented by vendor or platform metrics, marketers must track measurement from the first step of an influencer campaign. Word to Remember: “Proactive” The common thread that runs through the three steps listed above is about being proactive in checking the measurement success of an influencer campaign. As painstaking this seems, marketers who make this extra effort will have a clearer understanding of how to measure the success of a campaign. Want proof? Case in Point: Jovia Financial EGC undertook a variety of services for client Jovia Financial Credit Union that included video production, social media—and influencer marketing. Indeed, the social media component was especially noteworthy, as impressions and engagements increase by 500 percent. In short, when a brand’s purpose aligns with established business goals, measurement for influencer campaigns is possible. Well, now that you’ve seen how the influencer marketing services of The EGC Group benefitted one client, can we do the same for your brand? Trust us. We’ve got the influence. Find out more.
