By Wendy Marx
Still on the fence about influencer marketing?
Consider this stat: 49% of people say they rely on third party recommendations before making purchase decisions. This illustrates why B2B influencer marketing is growing in power and popularity among many marketers.
But how does this power and popularity translate to ROI? Can you measure the results of your influencer marketing program? Does lack of effective measurement hold you back from embracing influencer marketing as a tool in your campaigns? We’re here to help.
First, let’s discuss…
How Does Influencer Marketing Help Your Brand?
Influencer marketing is still in its infancy stages. While many who use it see favorable results, it still has a long way to go. The Future of Influencer Marketing Report of 2017 reported that only 11% of B2B businesses have adopted an ongoing influencer marketing program. Contrast that with B2C businesses where up to 48% have an influencer program.
So why should you begin your own influencer marketing program?
When asked what goals brands had for their influencer marketing programs one report revealed these top benefits:
- Brand advocacy
- Brand awareness
- Reach new target audiences
- Increase share of voice
- Improve sales conversion
Influencer marketing has the power to help brands at every stage of the buying cycle — from awareness to purchase.
There’s doubt that influencer marketing is an effective tool that will only grow in signficiance.
But once you’ve decided to adopt an influencer marketing program, how can you measure your results and prove ROI? Let’s look at 6 steps toward doing just that.
6 Steps to Effective Measurement of Your B2B Influencer Marketing Program
1. Create a Plan that Focuses on ROI
Influencer marketing programs have many moving parts. Key in on the parts that create visible ROI for your brand.
Create content, such as a blog post or eBook, in partnership with a notable influencer within your industry. For instance, you could create a post that asks questions about popular industry issues, and use your influencer’s answers as the main attraction. Promote it as Hot Q & A with Top Industry Expert [influencer’s name].
Have you already created a piece of content with an influencer? Get more life (and results) out of it by repurposing it. For instance, if you created a blog post that got great results, transform it into a video or infographic that may reach a wider audience.
Make sure that your whole team is on the same page about how you’re going to approach influencer marketing. And no matter your approach, don’t expect over-night results — it takes time to build credibility and awareness!
2. Count the Cost
Whatever your plan is, start measuring what the cost will be — both for implementation and nurturing influencer relationships going forward.
Another key factor you should consider during this process is the cost of not using influencer marketing. What will it cost you if your competitor instead embraces influencer marketing? Could you lose out on a key influencer? Could you miss out on potential customers? Might your current audience turn to your competitor instead of you?
Once you know how much money you plan to Go to the full article.
Source:: Business 2 Community