Updated in June 2019
In our earlier blog post, we identified what’s trending in the influencer marketing industry and analyzed the status quo of influencer marketing in 2019. Due to the rapid development of the industry, we wanted to evaluate the benefits of an influencer marketing platform, and how you can facilitate and accelerate your influencer marketing efforts with an influencer marketing solution.
Before you read: In this blog post, we use the term “influencer marketing platform” with the overall meaning, not particularly our product and services. This article points out the reasons why these influencer marketing solutions (including ours) are created and what they can do to make your life easier with influencer marketing.
Data is king, and the Influencer Marketing Cloud is your kingdom
Instagram broke the milestone of one billion monthly active users already a year ago. We studied the state of the influencer marketing industry on Instagram, and our research shows that out of those billion users almost 1,5 million accounts are with over 15,000 followers and 39% of those accounts are active influencers. But how many of those influencers are in the same industry with your company and more importantly, who among those influencer in the same industry is the best-in-class that your brand should cooperate with?
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Influencer marketers need to have the capability to keep their teams on track of the whole influencer marketing process. We need to vet masses of data, report to our team and management, monitor campaign development, measure the impact of our campaigns, and report our success onward. All this done manually is merely cumbersome. The Influencer Marketing Cloud will help you to:
- Eliminate manual work and increase time-efficiency
- Store all relevant data securely in one place
- Keep track on your campaigns
- Automate campaign measuring
- Identify the best creators
- Automate reporting to management
You probably agree that market research is one of the most important and, as a result, most time-consuming parts of the whole marketing process.
We frequently notice that Digital Marketing departments even in the big corporations in various industry sectors still research influencers manually by using Excel and Google. As influencer marketing budgets grow, investing in an influencer marketing solutions will not only save you a lot of time but also help you avoid costly mistakes. Keep in mind that in influencer marketing, finding the right collaboration partner is the core of the success of your campaign. The following graph will give you an overview of different groups of influencers and how to distinguish them based on their followers:
Use the discovery module in the Influencer Marketing Cloud to find the best fitting creators in no time. Filter influencers by industry categories, gender, number of followers and hashtags. Hashtags are one of the most powerful content mining tools, especially with Instagram influencers.
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Hootsuite reported that each post on Instagram usually contains at least 11 hashtags to make postings more meaningful. Thus, following the hashtag will be the most effective strategy to help you find micro-influencers in specific industries as well as identify whether they are already working with your competitor or not.
Detecting the fraud behind the perfect Insta-feed
An influencer marketing solution should steer you clear from the costly collaborations with fake influencers. Fake accounts plague Instagram since its start in 2010 and currently, marketers define fraudulent influencers as one of their main challenges in influencer marketing.
This article will tell you exactly how to detect fake influencers in the Influencer Marketing Cloud. This is a crucial part of your influencer analysis and your future campaign, so pay attention to the metrics of your chosen collaboration partners before starting a campaign.
How an Instagram account with fake follower looks like © InfluencerDB
make better data-driven decisions for your future campaigns
Furthermore, another critical question in influencer marketing is: “How much should I pay for an influencer?” Believe it or not, the price can range from 50 to $500,000! Relying on your gut feeling is not the right approach. Metrics like the Estimated Reach and Media Value Per Post will guide you in budgeting and estimate the cost of your campaigns. You can use this formula to negotiate the collaboration coss with your Influencer. The process is easier when you can calculate the costs based on all necessary data.
Automize your influencer marketing
Managing your influencer marketing campaigns in the Influencer Marketing Cloud is our latest major feature update, and we are proud to ease marketers’ workload by providing a solution to tackle complex campaigns from a to z.
Especially for bigger companies with numerous regional and international marketing teams, keeping internal workflows standardized, and everyone on track of the campaign processes can be a strenuous and time-consuming and can be executed by a proper influencer marketing tool quickly and easily. Managing influencer campaigns manually is unnecessary and simply a waste of time.
ROI of the influencer marketing platform
Finally, let’s talk about the return on investment of an influencer marketing platform. In the end, purchasing a tool like the Influencer Marketing Cloud is also an investment for your company, and whenever you decide to invest in something, you always expect to get as much value from it as possible. From our experience, in the following cases you should get yourself a professional influencer marketing platform:
- You are looking for a strategic solution, not a way to waste money
- You want to dedicate a part of your marketing budget to influencer marketing
- You have a team (a one-man team also counts) to be in charge of influencer marketing
- You want to streamline your current influencer marketing processes
- You want to identify which campaigns and influencers bring the highest return
The Influencer Marketing Cloud by InfluencerDB puts the power in your hands. We provide you with an all-in-one solution to optimize your team’s efficiency and make the most out of your influencer marketing budget.