Originally posted on D/Construct during my internship at Doner Advertising.
Three Rules of Engagement with Social Influencers. Endorsements and brand deals have adapted to modern technology: Michael Jordan holding a box of Wheaties is the time of the past, and millennials are turning to handheld devices for the latest trends. Mintel research reveals that U.S. social media advertising revenue is projected to hit $15 billion by 2018. Until then, here are 3 rules brands need to know before working with a social media influencer:
- Tracking Engagement
No matter what brand the influencer represents, the brand’s tracking engagement is essential to its success. Engagement rates should be at a minimum of 4%. Any percentage lower shows signs that the influencer may have paid for their followers or has a low engaging audience. If a brand is targeting a certain geographical area, multiple micro-influencers play a large role because they have higher engagement rates which can be more effective. Consumers are highly likely to buy into a product knowing that their favorite influencer has it.
Tracking engagement = (# of likes + # of comments) / # of followers
2.) Profit for Performance
Read more of my articles on Social Media.
Companies are being created that specialize in social media influencer campaigns. These vendors and management companies are experts in connecting brands with influencers in the best way possible. They understand influencer marketing and work in-house with influencers. If a brand chooses to work with a company, it should consider requesting performance guarantees such as eCPM (enhanced cost per thousand impressions), CPV (cost per view), CPE (cost per engagement) and approval rights on influencers and posts.
3.) Follow the (Legal) Rules
The Federal Trade Commission (FTC) has recently started monitoring companies that use social media influencers. It directs attention toward big companies with broader marketplace campaigns and are less likely to pursue local small businesses. Creating a contract that ensures an influencer will disclose their sponsorship will help the brand abide by the FTC’s guidelines. If brands are found breaking the guidelines, fines and lawsuits are possible penalties.
Federal Trade Commission\AdAge\AdWeek\Business.com\Mintel
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Three Rules of Engagement with Social Influencers