25 Sep 2022| Cloud Based Technology & Micro Services
How to Build a Data-Driven Influencer Marketing Strategy?
Influencer marketing strategy is undoubtedly one of the most popular marketing strategies used by most businesses in recent times. When brands or marketing agencies form a partnership with someone with clout and followers across multiple platforms, this is known as influencer marketing.
Influencers have captivated their audience’s attention, allowing them to establish trust and authority and, as a result, are becoming a powerful tool for influencing consumer actions and decisions.
Because social media has ushered in the age of user-generated content, featuring ‘classic ads,’ in which polished models and sets try to entice us to buy one thing, is outdated now. Peer reviews and opinions are now far more powerful than corporate marketing campaigns. Customers want to see unfiltered, raw, and authentic posts and videos that speak to their fears, dreams, and desires.
As a result, influencer marketing is becoming more popular for brands to raise brand awareness and drive conversions through influencer recommendations. Although there are some unavoidable risks, such as fake influencers, with the right data set to guide your decisions, this type of marketing can be highly profitable for your brand and bottom line.
Data-driven influencer marketing strategy is based on information gathered from active campaigns. The data is being collected to see how well influencers are performing on their own, as well as to know how the campaign as a whole is doing. The data is then used to calculate your investment returns and improve future campaigns.
It is an attempt to determine how much engagement and returns you’re getting on your investment and how you could get even more bang by tweaking your strategy. However, because there is much data to be measured, you must decide on the most important method to measure.
The Following are a few steps involved in building a data-driven influencer marketing strategy:
Determine what you want to accomplish with data-driven marketing campaign and how you intend to carry it out. Platforms, influencers, and content are chosen based on your objectives.
You should focus on brand mentions and product reviews rather than sales to increase brand awareness. However, paying influencers isn’t enough to increase sales; you also need to offer coupon codes and special discounts to influencers’ followers.
The next step is to identify influencers after you’ve decided on your objectives. This phase will take some time because the number of influencers grows by the day. You’ll need people already in your target audience and know how to reach them.
Influencers with more fame and sponsored partnerships in your niche are more successful. Micro-influencers with less than 50K followers used to be considered the best channel for high ROI, but now macro-influencers with more than 50K followers generate higher engagement rates and ROI.
In terms of content, project goals, region, and other factors, thorough research allows for the selection of the best platform. Instagram is the most popular social media platform in terms of sponsored posts and the most influential.
Given that 23% of marketers plan to use Instagram for influencer marketing, it can help brands optimize their projects for the platform. The saturation of existing markets, on the other hand, makes it easier for brands to appear on new platforms with fresh ideas.
Your goal is to reach the target customers as quickly as possible after finding the right influencers and launching the campaign on the right platform. You can optimize your marketing campaign by breaking it down into parts and evaluating the relevant metrics on a regular basis.
The AIDA — sales funnel model is a great way to track results. Awareness, Interest, Desire, and Action (AIDA) is an acronym that stands for Awareness, Interest, Desire, and Action. The AIDA model proposes that marketing messages must complete several tasks to move the consumer through a series of important steps from brand awareness to action. Let’s look at these tasks and how they can be used in influencer marketing campaigns.
Identifying and tracking current trends is a popular way to use data collection in the context of influencer marketing. Assume you own a fashion house or a clothing manufacturing firm. You might want to collect current user trends in sunglasses, fashion, hats, scarves, and other accessories.
This will not only assist you in deciding which items to devote valuable designer and production time and resources to, but it will also assist you in determining where to direct your marketing dollars. If you notice that winter ear muffs are becoming more popular, you can search Instagram for an influencer who focuses on winter fashions and fashion accessories.
Data-driven influencer marketing entails analyzing every aspect of a campaign to determine the effectiveness of each influencer and your strategy to improve future campaigns.
Handling all of the required data is a time-consuming task that necessitates a thorough understanding of how influencer marketing works. The truth is that most brands struggle and fail when it comes to data-driven influencer marketing because of the enormous amount of effort required.
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