The world of digital is changing with each new app available or platform feature rolled out, and advertising has shifted alongside this new digital landscape. In a June 2021 study, almost 50% of Millennial participants reported that their purchasing decisions were influenced by social media advertising in the United States. Here’s the catch: Millennials reported the lowest amount of social media advertising influence out of any other living generation. Gen X reported higher at 57%, Baby Boomers landed at 68%, and Gen Z clocked in at an astounding 75% of consumers whose purchasing decisions were influenced by social media advertising.
The keyword in that study: influenced. Influencer marketing is the new frontier for digital marketing strategy, and for brands looking to stay relevant, it’s a strategy that shouldn’t be ignored. When it comes to influencer marketing, your brand should not be asking if, but when and then later: how?
What to Consider with Influencer Marketing
Incorporating influencer marketing into your digital strategy can seem overwhelming, confusing, and complicated to campaign managers that are new to it. That’s because there are many things to consider with influencer marketing management, including how to choose the right influencer based on their audience, reach, and engagement. Another big aspect is communications from start to finish – contacting them, creating contracts, and settling on compensation. Once content creators are in place, the campaign planning begins. Goals and expectations need to be set for both the influencer and the brand partner, in regards to creative execution, timelines, and reporting. When the campaign details have been finalized and the posts have been published, it’s time to track KPIs and compile data reports that will be referenced by the marketing team and brand executives alike – this can be pretty time-consuming when you’re just starting out.
How to Make It Effective For Your Brand
How can your brand turn all of these components into a digestible strategy that even top-level executives can understand? When deciding whether or not to hire an agency to facilitate your influencer marketing campaigns, brands should consider several factors.
Consider your resources.
Consider the size of your company, marketing resources, and goals. For lean, internal marketing teams, it’s hard enough to keep essentials running smoothly, and adding in something new to master and manage can be overwhelming. Usually, the most effective and efficient solution, at least in the short term, is to contract a digital marketing agency that has the experience needed to tackle all aspects of an influencer marketing campaign.
What’s your budget?
Keeping influencer marketing in-house means paying for software, tools, legal fees, and salary that can add up. It may be worth paying for the expertise, resources, and responsiveness of an agency. Best practices, things to remember or avoid, and developing templated processes can be done, but do you have the time and bandwidth right now? If not, outsourced experts are your best bet.
What’s your goal?
When it comes to influencer marketing – especially for small businesses, everything can seem unattainable. An agency brings an understanding of KPIs and strategies to achieve them that may be just what your brand needs. Whether your goal is brand awareness with a new audience, increasing your social media following, or boosting revenue and sales, an agency can immediately help execute campaigns that convert.
The logistics involved in influencer marketing can seem overwhelming, but our team is here to help. Schedule a consultation to discuss influencer marketing, or plan a social media training workshop to give your social media strategy a boost!