Posts Tagged "ROI"

rewrite this content in spanish For many influencer marketers, calculating influencer marketing ROI begins and ends with revenue. But the true ROI of campaigns and the creators who support them goes way beyond the cash flow generated from discount codes and links. To get a full picture, brands need to take stock of ROI from the entire marketing journey and have a complete understanding of the metrics they can use to calculate it. Beyond influencer marketing ROI: Why return on investment means more than just sales. Every influencer marketer’s end goal is to generate revenue. Making money is the primary mission, after all. But it isn’t feasible to recruit a content creator, have them post about your product, and expect their audience to complete a purchase immediately. Sure, it might happen occasionally. But successful influencer marketers are builders. And they need authentic, brand-aligned content creators to help introduce, educate, and eventually establish communities of like-minded people who truly believe in a brand and its products. To accomplish this, marketers need to divvy up their creators’ responsibilities. Most experts agree it takes about eight touchpoints to make a sale. That means you must station creators at every stage of the customer journey to maximize your influencer marketing efforts. Only when each touchpoint is accounted for and your influencers are generating ROI at every stage of the customer journey can a consistent revenue stream really begin to flow. The awareness stage: Introduce your brand to new audiences and broaden your reach. The awareness stage is at the top of your marketing funnel, where your primary goal is to inform, attract, entertain, and spark interest. This stage is an introduction to your brand, not just your product. It’s also where you share your brand story, connect with your audience, and start building a community. Content to help generate awareness ROI In-feed posts Feed posts are always an excellent start when you first begin generating brand awareness, especially with new influencers. Once you determine the creator’s audience is interested in the branded posts, you can start expanding to more dynamic forms of content. Unboxing videos Unboxing content is a great way for creators and their audiences to learn about a brand and product together. This type of content gets a genuine reaction from the influencer in real-time and can even transition into a quick tutorial of the product’s features and capabilities. Contests/giveaways Contests and giveaways encourage social sharing, increasing your reach and getting your name in front of new audiences. Announcing a “free product” also helps you get the attention of new consumers and gives you a chance to convert them into regular customers if they like the product. Branded hashtags Be sure to include at least one branded hashtag that your creators can use for their followers to discover more information about you. This will also help users engage with you on social media and open up more opportunities to collect UGC from happy customers. The consideration stage: Stay front-of-mind with your audience and educate them on your product or service. The consideration stage is in the middle of your marketing funnel, where your primary goal is to provide information on why your audience should purchase your product and care about your brand. This stage is where you get the most attention from your audience and where you can address their questions and concerns. Types of content to help generate consideration ROI Product tutorials The best teachers are always the ones who know how to engage their students. Let your influencers educate their followers about your product in a way they know will resonate. By the end, their audience should understand everything the product has to offer and know it’s something that will add value to their lives. Blogs According to research by GE Capital Retail Bank, 81% of shoppers do online research before buying. Often, this research involves a Google search that leads to a blog about a product or a list of the top products in that particular niche. These write-ups help consumers learn more about your products and often compare them to your competitors. Live streams Setting up live streams at a specific time delivers a sense of urgency that fans might miss something if they don’t tune in. Live video also enables creators to answer questions in real-time and makes for more authentic content since there is no opportunity for multiple takes. The conversion stage: Time for your audience to take action. The conversion stage is at the bottom of your marketing funnel, where your primary goal is to get your audience to take the desired action. Sales fall into this section, but as we’ve mentioned, sales are not the end-all-be-all. Video testimonials Video testimonials often provide enough social proof to convince their audience to take action. By describing how much they enjoyed a product, how much it improved their life, or how much they learned from your newsletter or downloadable content, an influencer’s audience will be ready to test it out for themselves. Experiential collabs with influencers The best experiential marketing should engage as many senses as possible to leave a lasting impression on consumers. Collaborating on these events with your influencers provides your audience with an interactive experience that compels them to take action by helping them better understand your brand, products, and what you stand for as a company. Product offers and promotions Limited time offers and promotions add a scarcity element to your campaigns and give a little push in the right direction to consumers who might be teetering on the fence about buying your product. These promotions are also great for getting people talking about your brand and expanding your reach. The loyalty stage: Turn your customers into dedicated brand fans. You’ve now reached the retention funnel where building brand loyalty starts. Because your audience is now your customer, this stage should showcase the additional benefits of your brand and products. Types of content to generate loyalty ROI Loyalty programs Let your creators run loyalty programs and special offers for your (and their) best customers. Shoutouts and discounts from the brand are nice, but loyalty rewards mean even more coming from the creators your audience love. Surveys Surveys are always a good way to take the pulse of consumers. With influencers, live surveys can be an effective way to have a regular conversation with consumers, get their feedback, and answer any questions or concerns they may have. The advocacy stage: Your customers are now brand champions. This is the end of the journey. At this point, you and your creators have provided a consistently positive customer experience through your product and engagement opportunities. Types of content to help generate advocacy ROI Advocacy programs A customer advocacy program helps maintain relationships with customers with the social influence and brand love to promote your brand effectively among their peers. Be sure to include some benefits for joining the program, whether a free product, discounts, social media exposure, or some other kickback. Brand communities Encourage your influencers to establish brand communities with their audiences and your customers. These communities are the perfect place to share updates, educate your customers, and give a feeling of exclusivity to your biggest fans. How Do You Calculate Influencer Marketing KPIs? Depending upon the tools you have at your disposal, you can either calculate your influencer KPIs manually or use aggregator software. Manual Approach With a manual approach, you will want to monitor your influencer posts carefully. Most social media channels allow you to add up hashtags (which is why you might want to make liberal use of hashtags in your influencer campaigns). When monitoring your influencer posts, count the number of comments and post shares. You can use these numbers to find the engagement rate of each post. For sales KPIs, you can review the following formulas and use a pencil, paper, and calculator to establish campaign ROI. Cost of the Influencer / Number of Influencer Orders = Cost Per Order Revenue Per Order – Cost Per Order = Influencer Campaign Profit or Loss Or in the case of ad spending (repurposed influencer content): Cost of the Ad Set / Number of Orders = Cost Per Order Revenue Per Order – Cost Per Order = Ad Campaign Profit or Loss Here is a review of website metrics to help you manually calculate your KPIs: Total Number of Sessions or Users /…