Consumers’ trust in brands continues to decrease year-over-year, and they actively find new ways to avoid company advertising. This presents a challenge for marketing teams, as they now must explore different ways to connect and build relationships with their audiences.
It should come as no surprise that people most commonly turn to their friends, colleagues, and family to inform their purchasing decisions. But another avenue has become increasingly influential in shaping consumer purchasing habits—brand influencers.
Although some marketers have questioned the value of influencer marketing, these engagements have proven to be a powerful and potentially cost-effective way to expand a brand’s reach:
- Marketers who implemented an influencer marketing campaign saw an average of $6.85 in media value for every $1 spent on paid media.
- 63% of consumers between 18 and 34 say that they trust what influencers say about brands much more than what brands say about themselves.
- 58% of consumers surveyed said they have even purchased a new product because of an influencer in the last six months.
To maximize the potential results from an influencer marketing campaign, marketers need to understand what value they can expect from influencer marketing, the different types of influencers available, and how much to pay a brand influencer.
Determining the Value of an Influencer Collaboration
Before racing to sign on a high-profile influencer to partner with your brand, your team needs first to identify your brand’s goals and objectives for the influencer relationship.
When developing your initial engagement plan, ask your team these questions to build out your program goals:
- What do we hope to gain by partnering with this influencer?
- What do we expect of the influencer in this partnership?
- Do we want a long-term engagement or just a single campaign?
- How does this influencer’s audience differ from our existing audience? Do they reach a niche audience we have yet to tap into?
- What do we want this influencer’s audience to do as a result of the collaboration?
- How will success be measured? Are we looking for a direct financial return or something else?