What does the Companies with Success in Influencer Marketing Have In Common?
What is it that makes some companies succeed so well with influencer marketing while others do not see the same results at all? This is a question we often get. Even if there is no definitive success result, we can see that the companies that succeed with influencer marketing have a number of things in common. In this blog post, we highlight five important factors that unite the companies that really succeed in making influencer marketing an effective channel.
1. They have a clear strategy in place from the start
Developing a clear strategy for your influencer marketing is just as important as for any other major media investment. Still, it is something that many companies miss in their eagerness to get started and see results. A well-thought-out strategy gives you an overview of your investment and the results you are expected to be able to achieve, which is very helpful when it comes to selling and being able to account for your investment internally. It also makes it easier to work methodically towards the goal and it reduces the risk of you drifting away, away from the field. By setting relevant and measurable KPIs, you also increase the chance of success in the long run, compared to if you “test a little and see what happens”.
2. They choose influencers based on who best reaches their target audience
When it comes to finding the right influencers, it is important to start from the target group you want to reach out to and influence – not which specific influencer you would like to work with or who is the trendiest right now. Instead, focus on who has the best chance of reaching your target audience – what does their following look like in terms of age, gender, geography and interests? To work with influencers who do not reach your target group is unfortunately to throw the money into the lake.
3. They set aside a significant budget for influencer marketing
Although more and more companies around the world are investing in influencer marketing, the channel, as a percentage, often constitutes a relatively small part of the company’s total marketing budget. This is despite the fact that studies show that 92% of marketers believe that influencer marketing is an effective channel. The companies that are really successful with influencer marketing have understood the value of the medium and are willing to pay for it. They therefore invest a significant part of their total budget in influencer marketing – and they get all the more back.
4. They have an always-on strategy
Every day we are exposed to thousands of marketing messages and influencer marketing has proven to be an effective strategy for getting through the noise and reaching its target group. The companies that succeed in this know that a single collaboration from time to time will not make any major difference. To really succeed with influencer marketing, it is important to work always-on, instead of just campaign-focused.
What does always-on mean, do you think? An always-on strategy is exactly what it sounds like – that as a brand you are always where your target audience is, in their social flows, continuously over time. With this type of strategy, you have the opportunity to create momentum and be remembered, compared to if you only appear sporadically from time to time.
5. They have patience and invest in the long term
Although it is possible to achieve short-term results with the help of influencer marketing – for example direct sales or increased traffic to the website – influencer marketing is primarily a long-term tool that you must work with continuously to be able to see a greater effect. The companies that really succeed with influencer marketing do not invest half-heartedly, neither in terms of time, energy or resources – they trust that they will eventually be able to see a lasting result of their efforts.
A big good luck!
For most companies, regardless of industry, influencer marketing can be an extremely effective channel. Be inspired by Swedish companies such as Daniel Wellington, Ellos, and Desenio, all three of which are excellent examples of companies that have really succeeded in making influencer marketing a critical component in the market mix. A big good luck!