Now that you know what influencer marketing is and why you should be using it as an ecommerce brand, the next step is to create campaign goals before spending your hard-earned budget.
Probably the ultimate marketing goal for ecommerce brands is to attract profitable customers. But there are many ways to do this.
Where does influencer marketing fit? Influencers could increase overall brand visibility, improve their social profile, drive traffic to their website and product pages, increase first-time orders, improve repeat purchase rates, encourage higher margin purchases, improve average order size, and more.
The process can seem overwhelming. To help, consider two goal setting frameworks: BSQ and SMART.
- B – Think of a big goal.
- S – Small actions make up the big goal.
- F – Move fast or it doesn’t matter.
As described by David Van Rooney (writer, academic, and VP at Walmart), BSQ creates a simple but powerful long-term focus that is broken down into smaller achievable actions.
For example, an ecommerce marketer wants to increase sales on a specific product page. The B part of the framework could be: “Increase sales of XYZ products by 300%”.
The S stake could consist of four influencer actions: (i) two industry-related C-list celebrities to share the product on Instagram pages to get the public and potential traffic, (ii) 10 authoritative influencers on YouTube To review the recommendations of the celebrities and explain the positive qualities of the product and invite discussion in the comments, (iii) 100 peer-level influencers who share YouTube videos on their Facebook and Twitter profiles with a short Confirmation of why they agree and (iv) 100 more peer-level influencers to buy the product and share their views on each channel on the previous pyramid of influence.
The division of the target into actions makes it possible to quickly get to the first element of the sequence. BSQ is a time saver where a fast and good goal is better than no goal at all.
BSQ is quick and logical, but leaves room for ambiguity. A further developed goal setting framework is SMART by Smart Insights, a training platform.
- S – Make your goal specific.
- M – Your goal must be measurable.
- A – Your goal must be achievable (or actionable).
- R – relevance is key.
- T – Establish a fixed schedule.
SMART’s emphasis on relevance addresses a weakness of BSQ. With BSQ, a marketer could start an influencer campaign with a small action that can be done quickly. But it might not be relevant to the ultimate goal.
Hiring 50 YouTube influencers to ask their audience to like and subscribe to the brand’s YouTube page isn’t relevant to increasing sales if the brand isn’t sharing product information on YouTube.
Similarly, the reachability factor in SMART covers a trap in BSQ where it is possible to take a small action that is unlikely to happen. Perhaps, for example, the brand could never afford to discontinue C-list celebrity.
With an end goal and a breakdown of its roles, brands can approach all marketing campaigns more efficiently – influencers and others.
When Using Influencers, Stretch Your Dollar Further With:
- Generosity. A common pitfall is trying to belittle influencers. It can work sometimes, but brands often forget that they are looking for ambassadors. Reward influencers fairly and the likelihood of being satisfied with their reviews increases dramatically. Think of influencers as partners, not used car salesmen.
- Reuse. Marketing can be expensive. Try to reuse what you got from an influencer across multiple channels. Transcribe a YouTube review into a blog post. Edit the blog post in Instagram Stories and convert those stories to still images for Pinterest.
- Reinforcing. For example, by chaining and combining the efforts of influencers, you can dramatically increase the power of a great review in other marketing channels and audiences.