Webinar discussing the challenges of influencer marketing, how data solutions can help, and what metrics to report on to measure your campaigns success.
3. Rebecca Lombardo
Director of Strategic Services, Tracx
@mediachick76
#TracxWebinar
Mike Snead
Senior Director of Enablement, MXM
@Mike_Snead
Garrott Smith
Associate Director of Content Amplification, MXM
@GarrottSmith
Our Speakers
4. Overview:
1. Influencer Marketing defined
1. What are the challenges of influencer marketing
2. How to get started
3. How to measure results
1. Use case
1. Q & A
Today’s Webinar….
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5. What’s the value of influencer marketing?
1. Authentic Brand Advocacy: 92% of consumers trust
recommendations from other people over a brand (AdWeek)
2. Compelling, Brand-Informed Content: As qualified
consumers, influencers understand the best connections
between their audiences and your brand
3. Extended Reach: Amplification of branded content across
new platforms
4. Higher Media Value: Influencer marketing programs
historically earn more than $6 in value on average per
dollar spent (eMarketer)
The Impact of Influencers
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6. How do influencers support brands’ goals?
1. Increase Brand Awareness: Customers of marketing-
inspired word-of-mouth have a 37% higher retention rate
(Forbes, McKinsey)
2. Improve Brand Engagement: Influencers spur greater
average social-engagement rates for brands (eMarketer)
3. Increase Conversions: Branded content through
influencers is known to increase conversions, including
sales, at twice the rate of paid advertising (Forbes, McKinsey)
The Impact of Influencers
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7. Who are influencers?
Individuals or groups with a distinct voice
who have curated a following centered on
their thought-leadership, tastes, lifestyle,
vetted expertise and experiences.
How You Can Spot Them
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Prototypical Influencers
1. Transactional Consumers
2. Qualified Consumers
3. Power Platformers
4. Super Fans or Experts
5. Talent & Celebrity
8. The most common challenges we’ll overcome
• There’s no one model for efficacy across types of
influencers or engagements
• The right influencers are difficult to identify and secure
• Influencers often work on long-lead editorial calendars
• Reporting relies on a mix of quantitative and qualitative
measures, which may deviate from reporting precedence
• The return on investment is not always clear at a glance
• Managing expectations between influencers and brands
is difficult, risky and time consuming
• FTC is now penalizing influencers and brands for
noncompliance
Laying the Foundation
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9. The most common challenges we’ll overcome
Laying the Foundation
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10. Influencer Identification is an Art and Science
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What to consider?
• Your end goals tell you
1. How to structure an influencer experience
2. Which social channel(s) to use
3. Which content may work best
4. The types of influencers you should consider
• Program limitations and constraints:
1. Budgets impact access to tiers of influencers
2. Lead time influences the likelihood of partnership and
quality of content
3. Flight impacts efficacy of results
Where to start?
• The goals of an influencer engagement
• Alignment on expectations with internal stakeholders
• Defining what the right influencer looks like for your initiative
11. The Science Behind Influencer Identification
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Leveraging tools and
technology
• First cast a wide net to look at influential
people talking about a topic or brand
• Drill down to see what is really
happening
• Check the raw data: Footprint,
engagements and rate, frequency of
publishing
• Create a sample of influencers that meet
predefined requirements to garner
stakeholder approval
12. The Art Behind Influencer Identification
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You need to dig deeper!
• Approach partnership with skepticism to make
sure that your brand or initiative aligns with existing
voice, content and tone across channels
• Conduct editorial or content assessments to
judge the efficacy of branded or like posts, and
establish an assumption of affinity or sentiment
• Analyze the sphere of influence to understand if
their audience is aligned to your target audience
• Look at audience engagements in relation to
audience size to qualify your assumption and
initiative
13. Strategizing An Experience
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Curating brand integrations –
more than an ask!
• Cater to their existing habits and activities
• Challenge an influencer with an incentivized
activity
• Deliver individually tailored packages of products
and materials
• Grant an otherwise inaccessible experience
• Empower influencers or amplify their thought-
leadership with brand resources
14. Earning & Building Fruitful Relationships
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• Be friendly and honest. If you haven’t read their
blog or aren’t a fan, that’s OK – just don’t lie about it.
They’ll know.
• Be transparent and specific. It will help everyone
confirm partnership sooner. (Also, FTC mandates it.)
• Outline your reasons for identifying them. This
criteria may help them advise an activity that fits
your brand.
• Offer generous timelines. No one who’s truly
influential is waiting for work.
• Provide next steps. No agency or brand processes
are alike – over-communicate.
Influencers, even when paid, are still earned partners
15. Keeping Those Relationships
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• Follow their platforms & engage. Social
channels give us easy access to influencers
outside of campaigns.
• Check in with positivity. A quick congrats! or
message with compliments.
• Ask about their editorial priorities. Holiday
content is planned months in advance.
• Ask for their partnership. Influencers are
creative entrepreneurs; tap into that treasure
trove of ideas to amp up your next proposal.
• Send physical letters or small packages.
The tenants of client service apply to
influencers; handwritten letters and personal
gestures are always appreciated.
Keep in touch – even outside of opportunities
16. Measuring Efficacy
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The Big Challenge
Proving how effective a campaign was because…
• Availability of data varies, and some metrics are
self-reported
• Consistency of data from different platforms could
change
17. Measuring Efficacy
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Prepare to set yourself up for
success in a changing
environment:
• Clearly define and align on a measurement plan
prior to conducting outreach
• Stay transparent with measurement methodologies
• Keep stakeholders posted on changes in metrics
and how those impact KPI tracking
• Reposition or realign metrics as needed
Tip: Establish secondary metrics that provide context, and make sure that you are not relying on just one metric to track
efficacy
18. Use Case
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Results:
• Developed more than 30 branded assets, many video, for
Fandango, which are used on their site and social
• Exceeded impressions benchmark from prior campaigns
• Influencers pushed conversion: a 90% increase in
Instagram contest submissions when videos launched
• Garnered increase of positive sentiment toward
Fandango during the contest period
Challenge:
• Drive awareness and views for Fandango’s I Love Movies
web series
• Push users to engage with an Instagram contest
Solution/Strategy:
• Engaged 7 YouTube influencers to create original I Love
Movies, Too videos that highlighted their individual voice
and love of film
• Structured social syndication across Facebook, Twitter and
Instagram to spur conversation & drive contest entries
These are challenges we’ve seen across the board. Clients asking for influencers & their audiences with specific skin conditions – we might not know that.
Note: Mention the front-end, beginning of measurement. Handoff to Mike for this.
Sources:
http://www.emarketer.com/Article/Influencer-Marketing-All-Its-Cracked-Up-Be/1012230
http://adage.com/article/cmo-strategy/marketers-consumers-trust-ads/292591/
http://www.adweek.com/socialtimes/why-influencer-marketing-is-the-new-content-king-infographic/618187
http://www.forbes.com/sites/kylewong/2014/09/10/the-explosive-growth-of-influencer-marketing-and-what-it-means-for-you/#53825ee9595f
Note: Prototypes are agnostic of tiering by audience size
Prototypes:
Couponers
Joe shmoes
That one friend who has a ridiculous IG following because they’re always on a boat
An intimate understanding of a field, genre, topic
Notable individuals
These are challenges we’ve seen across the board. Clients asking for influencers & their audiences with specific skin conditions – we might not know that.
These are challenges we’ve seen across the board. Clients asking for influencers & their audiences with specific skin conditions – we might not know that.
– tracx helps to narrow down who to look at, or if you know the influencers you can use track to listen to them – “to curate a network for a brand”
If sphere of influence is aligned to your initiatives target audience: we look at running the users information through a tool like Tracx to see if the age/gender/geography/and affinities of the audience align to the outreach programs objectives and goals
You know your goals, and you’ve identified influencers… now what?
Kids Drink – How do I make kids thirsty? Backyard Olympics
The birchbox model
Red carpet treatment or travel
The BHG example; not a social share
Not for the what makes them valuable once to a brand.
– influencer campaigns across multiple platforms – reporting that you’ve done in the past might not be relevant to what you’re doing now –
want to be able to look at a year over year performance to make sure you are moving with an upward trajectory
Platform – aligning goals to the right platform
Client wanted to increase click thoughts to a site and wanted to use instragram, but instagram doesn’t do that