Given its 94 percent success rate, it should come as no surprise that influencer marketing has become the most trusted method of building a strong, reputable brand that can stand the test of time. This triumph can be attributed to that fact that audiences find word-of-mouth recommendations to be more powerful than traditional advertisements, and influencer marketing is the driving force behind purchases of that caliber.
With those facts in mind, many companies, large and small, are rushing to adopt this strategy and break into the business of building and engaging audiences.
While there is nothing necessarily wrong with taking such an enthusiastic approach, it is imperative that those who are just employing this tactic do so the right way, without maintaining outlandish expectations or overlooking even the smallest details.
Therefore, let us address the biggest influencer marketing mistakes every company must avoid making.
Expecting immediate results
Although influencer marketing is a powerful tool, it will likely take some time to garner the level of results you are truly seeking. Keeping that in mind, it would be wise to start off each new campaign with an open mind and realistic, if not somewhat low expectations. After all, it is always better to be pleasantly surprised by results that are ahead of the curve than to worry that the strategy is failing at the onset.
Focusing on the wrong channels
Depending on your target audience, different channels will bring forth various levels of success. For instance, companies that wish to reach members of Generation Z would fare better by putting an emphasis on an Instagram campaign, rather than wasting time on Facebook or Twitter. With that in mind, it is imperative you and your team nail down the social platform your target audience utilizes the most and formulate an appropriate plan of action from there.
Abandoning the strategy after a failed attempt
No one has ever achieved greatness by giving up after the first try. Although influencer marketing certainly comes with a learning curve, you can adapt more quickly by reviewing the materials at your disposal, such as social analytics and insights. That way, you can effectively learn from your failure and test a different approach during your next campaign.
Failing to offer competitive compensation
A recent survey revealed that upwards of 73 percent of influencers are underpaid for the amount of work they are expected to complete, with nearly 20 percent of that group citing they received giveaways rather than actual money. Therefore, it would be wise of you to seek industry insights to ensure you are offering competitive compensation and subsequently attracting the quality influencers that best meet your standards and long-term goals.
Evidently, stepping into the world of influencer marketing is no easy feat, as there are countless small, moving parts to keep track of at all times. However, by staying on top of the industry’s latest news and most prominent issues, you are sure to encounter fewer obstacles than those who simply dive into influencer marketing without taking such factors into consideration.