Roi Of Influencer Marketing: Strategies For Better Returns
Influencer Marketing must be new in the race of marketing but it certainly is the greatest way to achieve marketing goals! So to grab the attention of more and more users, most brands are up to collaborate with influencers to create brand awareness and increase their sales or other goals.
However, in case you are still caught up in this marketing domain but are unaware of how the return on investment (ROI) of influencer marketing is going to affect your brand, you need to give this blog a read!
Strategies To Fuel Influencer Marketing ROI
With influencers in the bigger picture of marketing, influencer marketing has gained more power than ever before, so there’s no way your brand is not making the most of it. Track a few of the important strategies to gain more ROI of influencer marketing below:
Have clear goals to work on
Knowing the end goal you want to achieve via influencer marketing is a very important strategy to kickstart. While the goal may vary from increasing sales to enhancing brand awareness, changing brand perception and more. But with just a goal objective you are ready to begin!
Right Influencers will lead your way
Influencer marketing revolves around influencers; without the right one, it will not bloom as it should! Many brands pick the influencers based on their follower count but instead, they must focus on the engagement metrics, interest of audience, influencer demographics and more aspects to decide on the ROI influencers.
Join hands of a collab with Influencers
When influencers collaborate for social media posts and the post appears both on brands and influencers it in a way leverages the content in two ways. This collab will have more importance in repurposing influencer content which is then shared on the brand’s website and numerous platforms directing the audience with recommendations.
Monitor as per the time of the year
The holiday season is the best time for influencer marketing growth and every brand sees a scope of growth in it. Instead, the feeds of influencers are less active during the holiday season making the collaboration less useful. So, plan on creating a strategy which not only is unique but also generates ROI.
The partnership must be two-way
The partnership of brand and influencer must be balanced in a way that goes for the long term. Here’s when the brand comes into the picture and has to recognise the influencers who are worthy of long-term collaborations. With this influencer marketing strategy, your Roas influencer will be boosted more!
Keep your eyes wide open for trends
Knowing what’s going on social media in terms of trends, and different formats on numerous platforms can help the brands increase their ROI of influencer marketing. So instead of waiting to do the trend, do it while it is trending to gain greater reach!
Influencer Marketing Measurement
ROI on influencer marketing is required to be measured to know the return on investment. Moreover, it will also help the brands to know their drawbacks and be aware of which channels are working for them. Check below how you can easily measure the ROI of influencer marketing:
- UTMs: UTMs are added at the end of the URLs which lets brands track their source and medium of traffic on their website. So, when a brand adds a UTM to the influencer’s link on a post they will be easily able to track the traffic and conversions on that post.
- Discount Codes: So, when a unique discount code is given to an influencer and they share it with their audience, the brand will be able to easily track the sales generated by that post.
- Affiliate Links: Attaching an affiliate link to each influencer will help the brands keep track of the sales and traffic of each influencer’s posts. Through this link, the conversions and sales of each influencer can be easily used to calculate the ROI
- Landing Pages: With a specific landing page for each influencer, brands get the chance to track the traffic and conversions developed by each post of the influencer. Moreover, it will also help brands identify which influencers are generating the most sales and conversions.
Influencer ROI Calculator
To calculate the ROI on influencer marketing two parameters must be known, the first being the investment influencer and the second revenue generated by the campaign. With these two pieces of information, you can easily calculate the ROI:
ROI = (Revenue/Cost) x 100
Influencer Marketing Metrics
The influencer marketing metrics which you as a brand decide to track will vary depending on the goals of your influencer marketing campaign. With the surge in this domain from being awareness-driven to now dealing with visible business goals, the metrics are beyond the ROI of influencer marketing:
- Engagement which includes comments and shares
- Impressions and views
- Customers addition
- ROAS (return on advertising spend)
- Sales which are conversions
- Earned media value
Influencer Marketing Statistics 2024
The changing scenario of influencer marketing has given rise to the statistics, check out some of them below:
- As per the statistics of Influencer Marketing Hub, influencer marketing is regarded to be a $24 billion industry by the 2024 end.
- Businesses are more in the rage of hiring nano (44%) and micro (26%) influencers instead of celebrities and macro influencers as per Influencer Marketing Hub.
- According to Shopify, around ¼ of influencers will purchase fake followers.
- Dash App suggests that around 93% of influencers are up to work for free products with a brand particularly if they like the brand.
CONCLUSION
Influencer marketing Roi statistics surely have a lot in the bag to help brands achieve their goals! From the rise of nano and micro-influencers to fake followers, you must be aware of everything happening around this marketing domain, so don’t wait for the right chance to imply these strategies just get started today! Keep a follow on the Nomadz blog to be aware of such interesting marketing aspects!
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