For nearly three years now, influencer marketing has been booming in terms of popularity and social recognition. Consequently, a plethora of diverse tools and networks have emerged and most brands are taking advantage of them. Essentially, influencer marketing involves mobilizing the power of a celebrity, content creator, or tastemaker to circulate marketing information. More often than not, this feat is easier to imagine than it is to put into practice. The reason for this is not because of cracks in the foundation of the concept itself. Rather, it is most often due to certain mistakes made while approaching and implementing certain influencer marketing strategies that ultimately have a negative impact on the overall campaign budget. To assist you in minimizing the risks associated with these mistakes, here are four common influencer marketing mistakes that negatively impact a budget.
1. Compliance With FTC Rules
This is a big one, which is why it’s at number one. More and more, cases revolving around this sort of thing are littered throughout daily news cycles. As such, the US Federal Trade Commission has their eyes and ears open for any offenders. In order to comply, ensure that your marketing efforts maintain transparency. If you are paying an influencer, whether it be monetarily or through material goods, that relationship must be conveyed publicly. Failing to do so could result in heavy fines and a loss of public trust that may be irreversible. Consequently, the impact on your budget could tank the entire campaign. One simple means of achieving this is by including a hashtag indicating that a particular post is sponsored.
2. Not Researching an Influencer’s Audience
Remember, the primary reason for working with a specific influencer is to tap into their audience. For this reason, a clear and concise understanding of an audience is crucial prior to beginning a relationship with a particular influencer. Ask yourself, does this audience adhere to my ideal client? If there is not a significant overlap between your client profile and the influencer’s audience then you may want to locate another influencer more capable of tapping into the market you are trying to reach.
3. Shortsightedness Loses the Race
One of the tenants of influencer marketing is its long-term focus. To this extent, it is important that you view your campaign in terms of months and years rather than a span of days or weeks. As any marketing veteran will tell you, influencer marketing is about cultivating an authentic relationship with an influencer over a span of time. Doing so will help their audience view your products as a crucial component of that influencer’s lifestyle or general taste, resulting in a successful campaign.
4. Ignoring Niche Influencers
More often than not, when we think of “influencer marketing” we think about big name celebrities. This kind of thinking is inherently detrimental because it negates influencers who have developed a niche audience. Ironically, engaging his type of audience will be far more beneficial to your campaign than engaging that of a more prominent celebrity. Why? Because influence is about trust, and a developed sense of trust will always result in more active engagement on part of the audience.