Influencer marketing has just started to hit the high tides, as more and more brands are spending a considerable amount on it in 2017. Jason Katz, CMO of gen.vdieo, shares his take on influencer marketing.
Here are the key points he goes on to elaborate:
#1: What makes influencer marketing such a potent marketing process?
Influencer marketing is proven to deliver a higher impact across the marketing funnel by driving greater awareness, retail traffic, sales conversion, and loyalty.
There is an average engagement and click-through rates from influencer videos on average at 4x to 5x and 10x digital media rates, respectively. Similarly, there is a rise in sales conversion by 20%–55% depending on category.
#2: When is the right time for a brand to hire influencers for advocacy?
Influencer marketing has succeeded at every step of product lifecycles for various brands from new product launches to brand loyalty. With its rising importance, marketers must exercise a more strategic and proactive approach to determine when and how they should engage with influencers.
“What is critical is that brands and their agency partners give influencer marketing a seat at the table upfront in the planning process. This will ensure influencers are engaged in the right initiatives, the stories brands want to tell are seamless, content assets are optimized, and the right KPIs and budget are assigned.” – Jason Katz |CMO. Gen.Video
#3: How to find and connect with the right influencers?
Some of the key questions to consider while looking for the right set of influencers for your brand:
What vertical do they focus on? What types of content do they specialize in, and is it a fit for your brand?
What is their audience size versus content costs?
What are the average views/likes, engagement rates, click-throughs versus benchmarks?
“We recommend working with companies that have large, trusted influencer networks (and a process for legal, compliance, and ownership of content, as well as pre-negotiated rates) and a turnkey technology platform to optimize and distribute assets.” – Jason Katz |CMO. Gen.Video
#4: How to close a deal with an influencer?
Have a well-thought-out brief upfront for your influencer initiative—what are the most compelling selling points? Target audience? How much content and the types of assets you want? Is it a social media campaign only or does it include e-commerce? Do you have a product to send to the influencers? Who owns the content?
“If you will be negotiating directly with influencers, do your homework on content costs from a variety of influencers and what is included. Content development is always a fine line between being too prescriptive to influencers versus giving the influencer too much free rein. Focus on the selling points that are most important to get across, and give the influencer creative license to bring them to life.
Again, working with a network and platform that has good knowledge of which influencer will provide the best fit and value for your brands can save on time and budget—and, ultimately, deliver more impactful content.” – Jason Katz |CMO. Gen.Video