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Seventy-eight percent of marketers who used influencer marketing in 2016 noted that calculating return on investment (ROI) would be a top challenge for 2017.
While many companies continue to pour money into SEO and social media, others have come to find that influencer marketing provides the greatest opportunity to move the needle. There’s only one problem: some brands, many of which are among the biggest in the world, continue to fail at influencer marketing.
I’ve been able to avoid this by implementing a targeted strategy with my eyes fixated primarily on ROI. Here are my thoughts on why many big brands are failing at influencer marketing, despite large budgets and dedicated professionals overseeing their campaigns:
1. They ignore niche influencers.
Big brands often fall into believing that “bigger is always better.” This isn’t true with influencer marketing. It’s often the niche influencers that have the biggest impact on reach, engagement and the bottom line.
Through the growth of Agent Beta, I’ve learned quite a bit about what does and doesn’t work in the world of influencer marketing. Spending all your time chasing top influencers is a waste. Focus on connecting with niche influencers who have a hyper targeted following.
2. They don’t spread the wealth.
Instagram, Instagram, Instagram. I hear it time after time. Instagram is the only place to be if you want to win at influencer marketing. I totally disagree.
When building my personal brand and companies, as well as assisting others, I’ve found it possible to achieve great success through other social platforms, such as Snapchat. Every platform calls for a unique approach in order to succeed, but it’s well worth it in the end.
3. They don’t learn.
In some ways, this goes along with point one. Big brands fall into the trap of collaborating with anyone who has a large following. Some don’t even take the time to learn more about the influencer’s approach.
My strategy is simple. Before I ever reach out to an influencer, I review every last detail of their social platforms. This includes a thorough review of any campaigns they’ve run in the past and how they communicate with their audience. This approach gives me a clear idea of what I’m getting into, instead of taking a shot in the dark.
If you want to succeed at influencer marketing — something that many big brands are unable to do — you need to avoid the many mistakes that these companies continue to make.