Why You Need to Manage Your Influencer Relationships (And How to Do It Right)
How important are social media influencers to your business? According to Matter Communications, 82% of consumers have researched, considered purchasing, or purchased a product or service because an influencer posted about it. You need influencers to support your brand, and you need a way to manage those influencers. Read on to learn more.
Influencer marketing software can help you discover new influencers, manage influencer relationships, and monitor campaign performance.
Utilize these tools to build transparency between you, influencer partners, and your brand.
These solutions will help your team save time and scale your influencer marketing initiatives.
In short: You need influencer marketing tools to manage your influencers and campaigns.
Why Influencers are Important to Your Business
According to the Influencer Marketing Benchmark Report, the influencer marketing industry will be worth $13.8 billion this year. Almost half (49%) of consumers say they depend on influencer recommendations, while 60% say they've been influenced by social media while shopping in a store.
Why Managing Influencer Relationships is Essential
Influencer relationship management (IRM) tools help you track your interactions with the people who spread your message on social media. In essence, influencer management is all about building and maintaining relationships with influencers, much like customer relationship management (CRM) is about building relationships with customers.
The stronger your relationships with influencers, the more control you have over your marketing campaigns. You'll be able to use your influencers' social media authority to reach your target audience and convince them to buy your product.
Influencer relationship management can also help you keep track of the latest activity and developments with your influencer contacts. When you know which ones are posting frequently and engaging your target audience, you'll be even more knowledgeable and prepared when it comes time to engage them.
The Many Components of Influencer Relationship Management
What exactly is involved in influencer management? Building one-on-one relationships with a small army of influencers may sound simple, but it involves many discrete activities, including:
Identifying and attracting new influencers
Onboarding new influencers and determining their payment rates
Tracking followers, posts, and engagements for each influencer
Monitoring each influencer's posts and online reputation
Examining each influencer's audience demographics
Ensuring that all posts adhere to your brand guidelines and FTC disclosure rules
Of course, influencer management is more than just the sum of these individual activities. It's also about maintaining strong relationships with your influencers, which requires a hands-on approach.
The following video offers some tips for managing influencer relationships.
Three Ways to Manage Influencers
There are three primary ways you can manage your influencer contacts. The method you choose, to a large degree, depends on how many influencers you have and how close a relationship you want to develop.
1. Manage Directly
When you manage influencer relationships directly, you can establish more personal relationships with those who reach your target audience. Unfortunately, direct management is only feasible if you have a small number of influencers (or a lot of time on your hands!).
2. Employ an Agency
Another option is to hire an influencer marketing agency. Because agencies have existing influencer contacts, they can easily identify influencers for you to work with. They'll also handle all influencer management and campaign logistics. While there are numerous benefits to using an influencer marketing agency, keep in mind that agencies need to charge fees for their services, so the cost is higher than doing it yourself. Working through an agency can also make it difficult for you to establish direct personal relationships with influencers since the agency is managing everything on your behalf.
3. Use Influencer Marketing Software
The third approach is to use an influencer marketing platform. Influencer marketing software lets you manage a larger number of influencers than you could otherwise manage on your own. Such tools also help you manage your influencer marketing initiatives at a lower cost than an agency would charge. By managing all your influencers in-house, you make more personal connections and develop the expertise to continually improve your influencer campaigns.
How to Manage Your Influencers
As you can see, there's a lot involved with managing influencers, and the job gets bigger with each new influencer you add.
The best way to manage all these essential activities is with an influencer marketing platform. Here are a few ways that influencer marketing software can help you manage all your influencer relationships in one place:
Manage Interactions with Influencers
IRM software can help track all of your communication and interactions with influencers, including:
Recruiting for new campaigns
Outlining deliverables and expectations
Many influencer marketing tools include built-in messaging features and conversation tracking so you can perform all your communications within a single platform.
Analyze Influencer Performance
The best influencer marketing solutions include robust analytics to evaluate your influencers’ performance for a given campaign. Say goodbye to screenshots and building static campaign reports; it's a lot easier to analyze real-time performance using influencer marketing software that has direct API connections into Instagram, YouTube, Facebook, TikTok, and other social platforms.
Evaluate Influencer Campaigns
You can also use influencer marketing software to evaluate and analyze the performance of your influencer campaigns. You'll learn which influencers reach certain types of customers, how consumers respond to specific posts, and how often your audience shares posts with others.
Let Paladin Help You Manage Your Influencers
When you want to centralize and automate your influencer management, turn to the experts at Paladin. We offer a complete influencer marketing platform to securely manage your influencer relationships and campaign data.
Schedule a free demo to see how we can help you find the right influencers, manage your influencer relationships, and track campaign performance.