Is influencer marketing right for your brand?
Influencer marketing doesn’t work well for many brands, while it works phenomenally well for others. But how do you know in advance?
Is your product global?
With traditional advertising, we’ve always bought highly targeted audiences in defined areas. Distribution is set by country, city or even region of a city.
The very nature of social media means that audiences are global. This is a double-edged sword. On the one hand, it makes the medium significantly more scalable and cheaper, because you’re not having to pay additional fees for each different territory. This is great for products that can be purchased globally. But if you are targeting a hyper local audience, you can’t just say to an influencer “we’ll only pay for your audience in city X”.
Therefore, it’s not recommended that you use influencers to promote a specific event, to drive activity in one city or promote a venue in one location. While there’s plenty of examples where this has worked incredibly well, you’re paying for so much wastage.
If your product isn’t global, then there are few other methods (such as paid social) that are far more targeted.
Is it a passion topic?
Topics that people are particularly passionate about (gaming, veganism, woodworking, beauty, cycling etc) tend to build highly engaged communities, and then the “leaders” who share valuable content rise to the top and others look to them for advice/wisdom/entertainment. They become the influencers.
If you’re in non-passion topic areas like insurance, finance or mattresses, it’s going to be a lot harder. Yes, you can find ways into other niches such as well-being influencers who promote good sleep to endorse mattresses, for example, but your pool will be much smaller and therefore more difficult to scale. It might, therefore, not be worth the investment.
Is your product inherently trackable?
Influencer marketing works best for companies who have already established product/market fit, are in need of growing.
Product/market fit is important because, as with any marketing tactic, testing and optimisation is crucial. With influencer marketing there are significantly more variables than standard media buying, so you need to be confident that when you’re testing different variables it’s not the product or market itself that isn’t working.
It’s important to also understand metrics so that you can calculate how many new signups an influencer would need to drive to make it profitable (if your model is, say, advertising). If the sales of your product isn’t trackable, you can still get value from brand awareness - but it is much less metrics based.
So, is influencer marketing right for your brand?
If your poduct is globally-accessible, is in some way (directly or indirectly) related to a passion topic, has a high purchase consideration, and if you’re able to track it (or are willing to take the risk without tracking), then yes. Influencer marketing could be a great strategy for you.
Our Roxhill Influence tool lets you discover, screen and target social media influencers to ensure they’re right for you. You can manage, track and report on influencer campaigns with ease, and access smarter insights to better navigate the influencer space.