Influencer Marketing is the most trending marketing technique preferred by brands to market their products and services these days. This type of social media marketing that involves endorsements, and product placements from influencers, people, and organisations who imbibe expert level of knowledge and influence in their field is opted due to good ROI.
The Present State of Influencer Marketing
Initially, when influencer marketing was budding, it was limited to celebrities and a few High profile-dedicated bloggers. Gradually Influencer marketing became a profession of many social media users, a lot of homegrown aspiring influencers are now present in the market to endorse your product from lowest to highest cost depending on their reach. This has made influencer marketing competitive and has made it difficult to identify which influencers have potential.
Are you able to identify your high performing influencers?
Now when you as a brand choose a set of influencers to boost your sales and build trust in the mind of potential customers, you surely expect your brand to outperform and achieve set business goals. After spending on influencers you may get business growth, But here you are just betting on influencers not knowing which of them are giving you maximum sales and which of them are giving you the least business.
Think of a tool that can provide you with such insights.
Trackier makes this possible for you! It is a platform where you can analyse which of your influencers are giving you maximum sales. This insight can indeed help you in making the right business call. Invest in the influencers wisely with us.
What Value Does Influencer Marketing Add To Your Business?
The Value of Influencer Marketing to your business may remain unparallel to any of other marketing approaches. Influencer Marketing is already a billion-dollar industry and continues to be on the verge of growth. Platforms like Instagram, Snapchat, Youtube, and Tiktok have their own set of influencers with different demographics. Due to its high returns as compared to other marketing techniques, Influencer marketing is the most relied-on means of marketing these days.
Following are the steps on how to Strategise an Influencer Marketing Campaign.
1. How to identify influencers and decide their payouts?
Good research should be the first step, deciding which platform you want to promote on and if you already have a strong presence on it, it’s an added advantage. To decide the payouts you should see the popularity of the influencer.
Types of influencers:
Mega-Influencers: 1 million followers
Macro-Influencers: 100k-1M followers
Micro-Influencers: 10k-100k followers
Nano-Influencers: 1k-10k followers
2. Set a Budget: Choosing a commission Structure
Two popular ways of compensating influencers are through commissions and performance-based payouts. You can make use of a tool like Trackier which will help you analyse which influencer has given you maximum sales and whether the influencer is worth spending on.
3. Parameters to Measure the performance of your influencers
To measure the performance of the influencer-affiliate program accurately, you must know what the relevant KPIs are for you. The common KPIs (Key Performance Indicators) for Influencer or affiliate marketing are:
- Total Revenue
- No. of sales
- Average order value
Influencer marketing has become a major practice of promoting businesses in the recent years. However, tracking the performance of influencers has remained a concern. But with Trackier performance marketing software, you can streamline the analysis with minimal efforts. Trackier helps you with complete analysis and growth of your online business.
LASTLY, if you have any questions or queries, feel free to contact our team at Trackier.