You’ve seen them on your feeds across Instagram, Vine, Snap, Twitter and Facebook. Their presence has become ubiquitous across social media, armed with a blue tick and followers ranging from a few paltry thousands to the millions. The social media influencer has become a permanent fixture in everyone’s social media life.
They may have been early adopters of the platform, or prolific content creators, or real-life celebrities who develop and engage with their audience on the platform. No matter, which way they gained their following, the fact is that they are here to stay. The multimillion audiences accessible through their feeds are creating a breed of ‘advertisments’, that of sponsored content and brand partnerships.
In a survey conducted on influencer marketing by Marketing Dive, over 39% of marketers committed to actively increasing their marketing budgets for 2018. Another major trend observed was that 86% of marketers reported that they have experimented with some form of Influencer marketing in 2017.
Marketers stated that along with the opportunities provided by these newfound avenues, there come a host of challenges. The two major challenges listed by Marketers in the survey were 1. Measuring Return On Investment (ROI) and 2. Changing social algorithms.
How can we help?
Social media influencers get a bad rep from marketers for the malpractices that are plaguing the industry. There are many ‘micro-influencers’ who indulge in ‘follow for follow’ schemes or use bots to inflate follower counts, boost impressions, and feign engagement. Marketers often fall prey to such influencers and are unable to differentiate between ‘organic engagement’ and‘fake engagement’.
In such a scenario it becomes essential to measure ROI to help quantify and evaluate influencer campaigns. Renyoo’s ‘hotspots’ feature that helps embed/annotate images with content, context and URLs will help solve this problem for both social media platforms and marketers. A common tool that allows enrichment of visual content across all social media platforms is a marketer’s dream come true.
How does it work?
Let’s say you pick an influencer, one of the biggest stars on the platform. You feel that they’re a great fit for the brand and the product. You decide on a strategy and you’re looking to engage with the influencers following across social platforms. How do you go about optimizing a budget for such a campaign?
If you’re looking at top influencers such as Kim Kardashian, Kylie Jenner, Selena Gomez or Dwayne Johnson, you’re looking at shelling out sums in the ballpark of $500,000 for a single Instagram post. It really helps to know if the marketing dollars are being put to good use.
Let’s take the case of one of the major success stories/campaigns on Instagram. Sugar Bear hair, the vegan multivitamin/hair product which promoted its product using the platform’s heavyweights such as Kim Kardashian, Emily Rajatowski, Kylie Jenner and other aggregators/meme pages such as Sarcasm_Only, EpicFunnyPage, and HairVideos.
Although the campaign was widely lauded as a success, especially in terms of virality (Sugarbear’s Insta handle gained over a Million followers), it would have been a nightmare to track the ROI from each influencer and from each social platform.
There may even be platform specific restrictions that make tracking even more difficult, for example, Instagram’s policy of disallowing URLs or hyperlinking in post content or anywhere in the comments.
Renyoo’s ‘hotspots’ embedded with affiliate marketing links would make it easy to track where the purchases (ROI) are coming from. This will help marketers optimize every variable of a campaign from the influencer, platform, post, straight down to the pixels of a creative.