How to Prepare Your Brand for an Influencer Campaign

Influencer marketing is a powerful way to reach your target audience. It has been shown that influencer campaigns generate 11x greater ROI than any other digital marketing channel, and it’s because these influencers have a dedicated following who trusts their opinion, giving them a “word-of-mouth” advantage that marketers have tried to crack for years.

And while influencer marketing is trendy to talk about, there are some considerations you will need to take before launching a campaign of your own. This article will outline the key things you’ll want to know before working with influencers to get the most out of it for your brand.

Is influencer marketing worth it?

For many brands, it absolutely is an investment worth making. Influencer marketing as an industry has grown over 12x since 2016, with an estimated value of $13.8 billion in 2021. Businesses are making an average of $5.20 for every $1 spent on influencer marketing, with the top 13% making more than $20 per dollar spent. If a 20:1 ROI sounds good to you, then influencer marketing is worth it. But how do you get in that top 13%?

Let’s explore what it takes.

Know your market position

Like any good business practice, you need to know where your brand fits into the influencer market. Look at your business goals through a social lens: If you’re aiming to increase profitability by 13% this year and have a new product line hitting the market, would it be a valuable investment to expand your audience in a new market? And what would that audience look like?

Begin exploring what that strategy could look like, and what type of audience you’d like to attract: new, repeat, lapsed. From there, you can take one step closer to launching your influencer marketing campaign.

Set your goals

Benchmark goals hold us accountable and keep us focused on what really matters. Set you goals up to be directly impactful towards your strategy. While an increase in followers is nice to have, it doesn’t directly correlate to an increase in those new buyers you’re looking for. Try tracking something more concrete, like clicking the “Where to Buy” button or purchasing from your site.

Consider your budget

While it’s fun to dream about all the possibilities, every great marketing idea is limited by this factor: the budget.

And while influencer marketing is more forgiving than other marketing avenues thanks to trade deals and free gifts, it is still a practice that takes a lot of time and experience to get right. Remember that 20:1 ROI?

Once your goals are defined, be realistic about the investment you’ll need to achieve those goals. Influencer prices are on average $100 per 10,000 followers, per post. And if your team isn’t equipped to spend their time managing an influencer campaign, you will want to invest in an experienced company like Social HQ to manage the campaigns for you to maximize results. Taking all of this into consideration, make sure you set aside the budget needed to attain the ROI you seek.

Armed with this information, you’re ready to get started on your influencer campaign! Now’s the time to begin identifying your influencer campaign strategy, putting together your vetted influencer list, and finalizing your contract negotiations. And with your goals clearly in sight, we are sure you’ll be exceeding your own expectations.

Want to know what comes next? Download our complete influencer guide, The 5 Elements You Need to Launch an Influencer Campaign.

Want to hear how Social HQ can help your brand launch its next influencer marketing campaign? Schedule a discovery call with one of our lead strategists to hear what we can do for you.