Biggest Mistakes Brands Make
When Working With Influencers
Influencer marketing is growing and expected to become even more relevant as many brands are opting to turn completely digital due to the restrictions on in-person purchases. Companies continue to look for ways to address their specific target audience and ensure cost effective ways of marketing their products digitally. Furthermore, influencers provide many benefits, including captivating and original content that brands can re-purpose on their social platforms and sometimes even websites. As influencer marketing increases in popularity, companies will look to optimize their social digital strategy and maximize their ROI. Below, we have listed out top mistakes to avoid when trying to work with influencers.
1. Selecting the incorrect gifting options: When gifting products, companies may fail to provide an appropriate number of items. They may use one product priced moderately when their competitors are sending gifts valued at far more.
By choosing appropriate number of products and suitable type of wrapping, brands can maximize the PR exposure they receive through influencer reviews. If their line of products is limited, it is wise to include complimentary gifts that don’t distract from the messaging of the original packaging. For instance, they can include a mug and a spoon if they sell only one type of coffee, or even print out their logo, t-shirts, and pens. Also, it is great to work with a branding agency NYC that specializes in packaging so that they may assist you when presenting your products for influencer reviews.
2. Accepting inflated pricing: When choosing influencers for a sponsorship opportunity, many companies sometimes accept posting rates far above the market price. They fall for inflated few that generate the wrong impression about the true market value of a single influencer post.
By pricing posts effectively, brands can achieve maximum audience reach for the desired budget. They can also ensure positive ROI as they are able to identify the audience reach, click through rate, and conversion.
The best rule of the thumb is that for every 1,000 followers, brands should pay between $5 - $10 dollars. The price often may depend on an influencer’s previous partnerships as well as the format of their posts (i.e. videos tend to be pricier than photo posts). By carefully analyzing the engagement to follower ration and past influencer collaborations, brands can ensure optimal pricing and higher ROI.
3. Failure to use an agency: As brand-owner’s main role is to run a business, many companies often lack the internal capacity to execute the influencer marketing campaigns. They hire inexperienced teams that are unable to locate the appropriate influencers, negotiate the best pricing, and finally execute on those posts and videos going live.
By hiring a social media agency, brands can take advantage of economies of scale pricing, locate the most suitable influencers for their niche, and execute the campaign effectively in order to achieve positive ROIs.
When looking for an influencer marketing agency, companies should ensure that they choose specialty marketing firms instead of the general ones or those specializing in traditional media. A good rule of thumb is to look at their previous work, or case studies. If marketing agency they choose has not worked with brands on similar type of campaigns, it may be wise to choose those agencies with more experience in specific type of influencer partnerships.
Influencer marketing is a powerful tool for brands to get noticed, but implementing it correctly can determine whether the campaign succeeds or fails. Ensuring the appropriate strategy when it comes to the terms of partnerships, influencer niche audience, correct pricing and selection of agency will allow brands to take their digital marketing strategy to new heights.
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