Influencer marketing is a powerful way for brands to create fantastic ROI, especially when coupled with data-intensive creator marketing technology.
However, a common mistake brands make is that they start thinking about the ROI once the campaign has run its course, and then they expect to obtain profitable outcomes. ROI is the first thing you should plan for to achieve outstanding results. This way, ROI can be regulated at each step of the campaign – from influencer discovery to performance measurement.
Data from creator marketing platforms plays a significant role in helping you achieve your desired ROI. Brands can view insights of a particular influencer, including estimated reach, engagement rate, estimated cost per post, audience distribution, and more, to get a clear picture of their performance before hiring. Plus, with creator technology, brands can A/B test the outreach process to onboard high-performing creators, pay them handsome incentives, and establish direct sales attribution.
Let's dive deeper into how to use a creator marketing platform to build better ROI.
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Experienced influencers are the foundation of a successful campaign. Without their influential power, you won't be able to build an authentic social media presence and boost your sales, which is crucial for a good ROI.
Move away from low-performing influencers and get closer to high-performing ones who understand your brand and product well. Such influencers can be from your own customer base who have a significant follower base and can engage the audience.
"Work with creators in your own customer base because these influencers are cheaper and more authentic as they understand your brand message and the product. They can generate genuine content based on their experience with the product. Plus, you have better chances of getting them onboard as they'll more likely be willing to work with you," says Vivien Garnès, Co-CEO at Upfluence, an influencer marketing platform at IMH connect.
A creator marketing platform enables brands to look through performance KPIs like engagement rate, target audience, audience sentiments, brand affinities, branded content ratio, fake followers, for picking suitable creators. Brands can come across influential creators and key opinion leaders on social media with the help of data-rich metrics.
"The power of data is that it removes human biases and makes influencer discovery much more efficient. When marketers choose influencers, there could be bias in terms of their network or the influencers they deem fit, but data shows you who is the top performing influencer, who has the right hold of your target audience without any bias," says Nisarg Shah, Co-Founder and CEO at affable.ai, an end-to-end influencer management platform, in the Power of the Creator Economy masterclass.
"A lot of times, brands work with influencers who are famous but may not have the right audience. As a brand, you would want to work with influencers who have your target audience as followers because when you work with the right creators, the conversion you get is 60-70% more than with influencers who do not have the right audience demographic you want to target," adds Shah.
Adding new names to your existing roster of high-performing influencers is another way to ensure you never run out of top-notch content for your campaigns. Brands can add new influencers every month with the help of a creator platform and simultaneously use existing and new creators for their campaigns, enhancing their reach.
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