The Future of Influencer Marketing | Podcast S01E07

As we wrap up Season 1 on Influencer Marketing, we can't help but share what we've learned from talking to our guests. From how to build a tribe of influencers to comparing whether Youtube is a better platform compared to Instagram ; what's clear is that there are pressing issues that need to be highlighted on how brands and influencers work together.  Here are some main highlights you can take away:

"Pick influencers that love your product."

When it comes to finding the right influencer for your brand - both Nadzirah and Rachel agree that you should fundamentally work with the ones that share the same vision, mission, and values as you. If they've used your products before, this is a plus. Furthermore, your influencer should be sharing information about your product with authenticity as opposed to just doing it for freebies. Brands also need to think of working with them for the longterm because one-off postings are much less useful to achieve maximum results.

"Brands need to think of why they want to invest in influencer marketing."

While jumping on this marketing strategy sounds like a good idea, brands should evaluate WHY they want to engage with influencers first. Many times we meet brands that do not have a standardized process set up before working with an influencer. This can range from determining their goals, auditing the influencers before hiring, setting up a social media toolkit which defines guidelines for the influencer and making sure the technical tools for analytics are set up to monitor the outcome of their posts are effective. Setting up these processes in advance will go a long way for your influencer marketing strategy, including being able to justify whether the investment is worth your business.

"The future of influencer marketing is about using tech for more transparency."

Onwards to 2020, both Rachel and Nadzirah agree that your tech stack matters. Tools like HypeAuditor and Awario were mentioned as one of their favorites to use to ease their influencer marketing process. These tools are not only great to determine whether an influencer has the audience that matches your demographics. It also can be used to find new influencers that you may not have heard of before.

A SCOOP FOR INSPIRATION 

Don't skip this bit. 

  • Longterm partnerships are the way forward
  • The mindset of some Gen Z needs to evolve - being an influencer to get free stuff is unethical
  • Invest in tools to better your influencer marketing strategy

How to track your ROI when working with influencer? | Podcast S01E04

Ah, the good ol' Return of Investment (ROI) - where whatever you invest in needs to be justified and every action in the investment needs to lead to a profitable outcome. It's the numbers that every marketer needs to show their bosses and what every business owner pays close attention to so they can receive maximum profits for their business.

And in the world of influencer marketing, many of the businesses we've met are still asking us - how do we track an ROI when working with an influencer? In episode 4, we discuss this topic with two influencer marketing managers (Tiffany Chng from ClassPass Asia and Su Wei from Wing Tai Clothing) who share their insights on how the companies they work with defines a successful ROI when working with influencers.

“Setting up the right budget”

Just like every investment, determining the right budget for your influencer marketing expenditures requires you looking into your cost of goods. It also requires knowing what additional costs would incur when working with influencers and really depends on the reach you intend on having. So if your target was to reach 1,000,000 people, you could choose to work with one mega (influencers with more than 1 million followers) or two macro influencers (influencers with more than 500,000 followers) but if you don't have such a large budget, you could opt to work with say a higher volume of micro-influencers (influencers who have between 10,000 - 50,000 followers) to combine a reach of a million people. Ultimately, you've got to look at your marketing budget as a whole and be able to have the foresight to know which influencers can yield the best reach and engagement.

“Measuring the right numbers"

Just like any other advertising platform, you should be treating your influencers like an advertising medium - only with the creative freedom to be more authentic. Thus the metrics we choose to measure with influencers should be fairly similar to what you would measure when advertising on social advertising platforms like Facebook. For ClassPass for example, the cost is calculated based on the reach we get per follower. Thus if you invest $500 on an influencer and he/she reaches 10,000 people every time he/she posts, it means that the cost per reach is $0.05. You can then use this as a benchmark to compare with other platforms you advertise on to see if it's better to reach audiences via the specific influencer or not.

“It's all about brand awareness”

Furthermore, the digital world has changed the buying decision of a consumer. According to Social Media Today, more than half of consumers are making decisions based on the content they see through social media channels. Yet at the same time, only 8% of them are actually buying a product directly from an influencer. So what gives? Why are businesses like ClassPass and Wing Tai still working with influencers? According to both parties, it's all about brand awareness. It's the first step into getting a consumer to learn about the brand and these influencers are engaged to authentically share their lifestyle with the product as opposed to just sharing information about the product. Influencer marketing is not meant for hard sell because that no longer works for consumers.

S01E04 Guest #1: Su Wei

Su Wei is the Assistant Marketing Manager of Wing Tai Clothing Malaysia, a Fashion Retail Company representing a collective of prominent fashion brands like TopShop, Topman, Miss Selfridge, Uniqlo, Karen Millen, Burton, Furla, to name a few.

S01E04 Guest #2: Tiffany Chng

Tiffany is the Regional Community Associate of CLASSPASS Singapore, an American based fitness startup company that recently expanded into Asia, launching more than 20 new countries internationally. It is a fitness platform that offers monthly fitness membership with access to thousands of different studios, gyms, and wellness offerings across ClassPass cities.

A SCOOP OF INSPIRATION

Don’t skip this bit:

  • Measuring your cost per reach
  • How influencers are your main drivers for brand awareness
  • Why setting up your digital channels properly is important to measure ROI

LISTEN NOW


How to compensate your influencers? | Podcast S01E02

What's a fair amount to compensate an influencer? Boy, do we get that question a lot. And in Episode 2 of our Influencer Marketing series we'll be addressing this to understand how businesses can compensate and collaborate better with additional insights from our guest influencer.

“Give Room for Creativity”

While it may seem important to get your brand message across, don't forget that you're engaging with an influencer because you believe they have a voice that influences your target audience. So when it comes to content creation, allow your influencers to be their authentic selves. Sure, guidance is a good idea but being controlling about how they write and take photos will reduce the chances of getting the audience to engage with them. This will guarantee your chance of garnering the attention you were looking for.

“Look into other niche platforms”

With giant platforms like Instagram and Facebook dominating social media, one would think that these are the only channels to focus your marketing strategies on. But the truth is, there are other platforms out there like TikTok, Twitch, SnapChat (yes! it's still alive!) and even Twitter that may serve a purpose for your audience. So ask yourself  - what is your campaign purpose? What kind of content would really create impact? Which channel would the campaign messaging likely be effective? How can an influencer start a conversation with their audience about your brand? Answering these questions would take your brand awareness a longer way then just expecting an Instagram post to translate into sales.

“Meeting each other halfway”

The key thing to remember here is that influencer marketing is a two way relationship. And for both parties to win, a business will need to understand the value that an influencer can provide for their business. Businesses should not expect that just because the influencer has less followers than another that they need to perform more tasks than the other influencer. Those high numbers mean nothing if the audience isn't truly engaged. At the same time, an influencer should not be asking for the stars and the moon knowing that businesses don't necessarily have the experience in working within industry standards and practices. It really puts them off in wanting to work with their next influencer if they have bad experiences with their first one.

S01E02 Guest #1: Hanie Hidayah

Hanie Hidayah is a fashion and travel blogger and TV host who consults in social media marketing strategies and content creation. Having been in the creative industry for more than 10 years, Hanie is no stranger to the influencer marketing world. Through working with big brands such as Adidas, Zalora, Urban Decay, Air Asia (to name a few!) this multi talented creative has gained a strong following in her community and speaks out on issues that truly matter via her Instagram channel. Despite now moving away from blogging on her website, Hanie still enjoys working with brands via her Instagram who truly resonate with who she is.

A SCOOP OF INSPIRATION

Don’t skip this bit:

  • Instagram is better for brand awareness
  • Know your audience and which platform they browse from
  • Always prepare a contract for your influencers

LISTEN NOW