How to make your influencer campaigns go the extra mile

How to amke your influencer campaigns go the extra mile
July 28, 2022

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In this article

Here’s how you can empower your influencers to go the distance in driving new customers to your financial institution.

Louise Copland

Louise Copland

Director of Marketing

Influencer marketing offers financial companies an opportunity to reach new customers – customers who are switched-on, engaged, loyal, and looking for guidance from respected content creators and thought leaders. In other words: Exactly the sort of customers that modern businesses need to thrive.

The proof, as ever, is in the data. Financial brands who understand influencer marketing can expect impressive earned media returns, with the industry set to grow to more than $16bn this year.

Understandably, those firms already benefitting from targeted influencer campaigns are looking at innovative ways to maximize ROI and scale the success to the next level.

If you want to amplify your influencer campaign success, here are a few questions to ask yourself and your marketing team.

1. Is our marketing funnel airtight?

Before you even start partnering with influencers, you need to make sure your marketing funnel is working, and working in the best way for you. Everyone on the team should have a clear idea of the content and offers that are drawing people in and channeling them towards a specific action. It’s also crucial to examine why and where customers dropped off. Use relevant data to assess the current state of your funnel, and where improvements can be made.

Evaluate how your firm is making sure customers stay with you, and how you’re regularly re-engaging audiences, whether through on-going and new partnerships with influencers, or other marketing means, such as time-limited offers or special rates.

As part of ensuring your marketing funnel is airtight, consider how your existing channels are helping cultivate relationships (with customers and influencers). Are they offering enough for your target market, or do they crave more?

2. Can we leverage the success of our influencers to amplify results even further?

It’s possible to replicate the success of your influencer partners – and you don’t need to stay bound to the influencer’s chosen (or most successful) platform.

Content. Content. Content. The internet has a never-ending appetite for content, and so one of the best ways to leverage an influencer’s success is to re-use content across your other channels. Try to maintain engagement across different channels, from social media sites to emails (and even direct marketing). For example, your influencer partner’s YouTube explainer could be cut into Insta-friendly Reels or converted into a Medium blog.  (Important: be sure to include white-labelling agreements in contracts with influencer partners, so you have the right to re-use their likeness and that content.)

Pepsi’s #SayItWithPepsi campaign offers a great insight how companies can reiterate and re-use content to maximize reach. The soda-maker asked influencers to create authentic Pepsi-focused content across a range of platforms and mediums. But then the company went further, analyzing and identifying the high-performing content. This content was then shared to 40 further secondary influencers to increase hits. The campaign received 46 million impressions and 50,000 engagements. And 26,000 clicks came from content shared by those secondary influencers.

It’s often a great way to get in front of more eyes without expending too many resources or doubling up on work. Especially if you’re using lookalike audiences to target customers similar to the influencer’s core market.

whitelabelling influencer content

Leverage your influencer partner’s content even further by including white-label permission in your contracts. This enables you to extend the reach of their content into future campaigns on your owned channels. (Photo: pexels.com)

3. Is any of the qualitative feedback from the influencer’s audience helpful beyond marketing?

Feedback is essential. It’s how we develop and grow products and the business. Effectively, it’s actionable data – and it’s worth reaping it wherever you can.

Online comment sections can be an untapped goldmine of intel from highly engaged customers. They’ll have ideas about your product, or the partnership itself. And, in most cases, are forthright in presenting those thoughts. Collect them. Not every ounce of feedback is going to be useful, of course, but this below-the-line, coal-face type of research can often shine a light on what’s working and what needs working on.

The result: a stronger product and a more natural partnership with influencers and their fans.

4. Are there any other metrics we can provide to our influencers partners that could enhance their success or motivate them further?

Influencer partnerships are founded on give-and-take, quid-pro-quo. Often, during a successful campaign, you’ll uncover excellent insights and datapoints that can help inform the future direction of an influencer’s content.

For example, explore ways to help influencers more accurately calculate their earnings-per-click – both as a motivator (social media is a competition, after all) and to offer transparency, a fine basis for any professional relationship.

payment model CPA versus one-time flat fee

Earnings per click (EPC) is an important metric to influencers: it tells them the average amount they’re earning for every click they send to your website, which they may take into account when prioritizing brand placements. (Photo: pexels.com)

But go beyond hard numbers. Think content strategy.

This presents an excellent opportunity to give something back to influencers to strengthen a long-term partnership. By saying ‘We’ve seen that when you do X, we get 1XX conversions; when you do Y, we get 1XXX conversions,’ you’re effectively helping influencers produce stronger content that’s more in tune with your market and their fans, helping boost their standing in the community and increase the overall value of your influencer partnership.

Content strategies aside, it’s also worth exploring ways to help influencers more accurately calculate their earnings-per-click – and not just because transparency is a good basis for any professional relationship.

5. What kind of payment models are we using?

When embarking on an influencer marketing campaign, you’ll find there are two main payment models – flat-fee and cost-per-action.

A flat-fee payment is a good model when choosing an up-and-coming influencer. Without many followers, or within a niche market, cost-per-action payments wouldn’t earn either party enough to make the partnership worthwhile. Giving you total control over budget, flat-fee payments can also act as a proof-of-concept that influencer marketing is the right choice for your business.

For more high-performing influencers and experienced companies, a cost-per-action (CPA) payment model is typically preferred. These types of agreements are best suited to on-going, long-term influencer partnerships, where you’ll pay each time a follower converts or clicks a link, and so on.

It’s critical to choose the right payment model according to the influencers you’re working with, the results they’ll yield, the campaign your running, and your budget.

 

Bottom line

The key to making influencer marketing campaigns go the extra mile is to build up long-term, mutually beneficial relationships with respected content creators who intuitively understand how to connect with the audience you’re trying to reach.

Using and sharing data is vital to this, allowing you, your team, and your influencer partners to continue reiterating and refining the content audiences want to engage with. But it’s worth assessing your current marketing funnel first. This ensures precious customers won’t slip through the net after all the hard work you put into making your influencer partnerships a success.

Looking for better ways to manage your influencer campaigns? Discover how you can grow, scale and manage your influencer and affiliate marketing campaigns to take your customer acquisition to the next level.

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