Businesses that are already investing in influencer marketing are well known about its potential, and some of them have made significant growth with this Marketing Strategy.
Today, almost every business is familiar with the step-by-step process of running successful influencer marketing to match their needs and get expected results. However, the issue occurs when you don’t get the expected outcome.
ROI analysis is essential to track how your efforts worked and what it took from tip to toe to run a successful influencer marketing campaign. If you are getting a low ROI, this doesn’t mean your campaign doesn’t perform well. Instead, you might have put in a higher investment than expected, which lowered your ROI.
So, if you are looking for some great ideas to double your influencer marketing ROI, below are some tips that will help you for sure.
Start with Nano Influencers: If you own experience working with a few influencers, you know the fact that as you go up in the influencer’s categories, the engagement rate decreases. It means you will get the best and highest (up to 8%) with nano-influencers, decreasing as you move to mega-influencers.
So, you should focus on getting a high engagement rate and conversion that is only possible with nano-influencers. With high engagement, your probability of conversion also increases. Above all, nano-influencer costs far less than other influencer categories.
Track Your Expenses from Day 1: Once you plan to collaborate with an influencer and create an influencer marketing strategy for your business, you must keep track of every penny invested in the strategy.
Tracking your expenses will help you acknowledge your spending after every step towards Influencer Marketing completion. This will give you a clear picture of where you have invested more or unnecessarily.
You will always find some phases where you made an unnecessary investment. In your next marketing plan, it will help you eliminate such expenses and work with a lower budget but higher output.
Analyze Your ROI: Until you are not tracking your ROI (Return on Investment), it’s impossible to get fruitful results from any marketing strategy. Likewise, influencer marketing has KPIs that you must consider to evaluate your ROI and finalize whether you should continue with the marketing strategy or not.
The KPI for your influencer marketing campaign entirely depends upon your goal. If your goal is Brand Awareness, you must consider the engagement rate of social content. Moreover, for Sales goals, you can track the conversions (via UTM) in the Analytics tool.
Use Right Tools: Nowadays, technology has made it possible to eliminate your efforts with the help of third-party tools that do everything you need, from link building to keyword tracking and even influencer research. Hence, you should focus on investing in advanced tools to help you in influencer marketing and save time for other marketing strategies/implementation.
Another purpose of third-party tools is that it consumes less time than humans. A tool has a predefined algorithm that works efficiently compared to humans. This results in precision yet quick output.