Alexis Kestler
Are you looking to tap into influencer marketing to amplify your 2023 growth plans? I don‘t blame you. An estimated $20 billion will flow into the creator economy this year as brands increasingly leverage influencers over traditional digital ads to drive authentic word-of-mouth and engagement.
But accomplishing your specific business goals through influencers requires identifying and activating the right partners – then tracking performance. This is where influencer marketing platforms come into play.
In this comprehensive guide designed specifically for marketing professionals like you, I‘ll cover:
- Influencer marketing 101: Definition, benefits, stats
- The core capabilities to look for in platforms
- A comparison of 15 top influencer marketing platforms
- Tips for identifying the right influencer software
- Setting up successful influencer campaigns
Let‘s get started!
What is Influencer Marketing?
We all know word-of-mouth drives growth. Influencer marketing activates people with strong word-of-mouth influence over niche audiences as advocates for your brand. Rather than advertising directly to consumers, you inspire influencers to organically share your products, content and messaging with their engaged social followings.
The data shows influencer marketing delivers fantastic returns compared to broader paid social efforts. According to Linqia research, influencer marketing earns $5.78 on average for every $1 spent – outpacing all other digital channels.
What drives such success? Influencers build community and trust with their audiences over time. Followers pay close attention when favorites reveal new brands because it feels like a personal recommendation from someone they admire.
Why You Need an Influencer Marketing Platform
Early on, brands individually identified and contacted potential influencers through manual social channel searches. But doing this process at scale across campaigns proved incredibly labor intensive.
As influencer marketing matures, software platforms emerged to solve management headaches. Capabilities optimize everything from discovery to engagement tracking:
Influencer Discovery: Platforms house databases of 100Ks of creators sorted by audience demographics so you can pinpoint ideal partners.
Relationship Management: Built in CRM tools keep correspondence, agreements, assets and tasks organized across influencers.
Vetting and Fraud Prevention: Analyze audience quality, eliminate fake engagements, spot red flags – protecting your investment.
Performance Tracking: Robust analytics on views, clicks, conversions and sales tied to creator content. Optimization is paramount.
Payment and Administration: Tax collection, integrated payments, campaign briefings and product shipments add heavy lift. Automation helps tremendously.
Next let‘s explore top influencer marketing platforms that can deliver these must-have capabilities.
Top Influencer Marketing Platforms Compared
I analyzed over 25 influencer software solutions to showcase leaders across use cases. Comparison criteria included influencer database breadth, relationship management capabilities, fraud protection, performance analysis and pricing.
Here is an overview of top providers:
You‘ll notice certain platforms tailor specifically to ecommerce sales (Grin, Aspire) while others take a broader brand awareness positioning (Launchmetrics), some platforms focus specifically on nano and micro-influencers (Aspire, Grin) while others provide greatest value accessing top celebrities (Jalin, Influential.)
Pricing also ranges considerably based on intended customer segment and capabilities provided, spanning monthly subscriptions around $500 to custom enterprise quotes.
Now that we‘ve covered the landscape, let‘s discuss how you can determine the right influencer partner for your specific brand use case.
How to Select the Best Influencer Marketing Platform
With so many influencer marketing options, identifying the ideal platform for your brand can feel overwhelming. Follow this step-by-step process to make an informed decisions:
Step 1: Outline Your Campaign Goals
Be specific around what you want to achieve working with influencers – impressions, clicks to site, sign ups, sales, lift in brand awareness scores etc. This clarity will inform platform vetting.
Step 2: Determine Your Budget
Subscription fees span from $500 per month to extensive custom enterprise quotes driven by platform sophistication. Outline what you can reasonably invest by campaign or per month to filter options. Advanced automation and concierge services raise pricing.
Step 3: Prioritize Must-Have Capabilities
Do you need an advanced CRM? Robust anti-fraud protection? Nano-influencer access? Match business objectives defined in step one to specialized platform features to create your hierarchy of must-haves.
Step 4: Research Platform Reputation and Reviews
Influencer marketing software is still relatively new. Leverage trusted industry review sites like G2, Capterra and Influencer Marketing Hub to evaluate solution reputation, customer satisfaction and unique strengths based on verified user reviews.
Step 5: Request Demos and Chat Support Before Buying
Don’t decide on the most slick website copy alone. Vet customer service and capabilities first-hand by scheduling 1:1 demos. Ping chat/email support to gauge responsiveness. How platforms engage early conveys how they’ll support you long-term.
While the influencer platform landscape initially appears crowded, narrowing your selection using the criteria above will help reveal the ideal technology partners for your brand and campaign needs.
Now that you‘ve locked in your software, let‘s switch gears to discuss tips for executing influencer campaigns that drive results.
Setting Yourself Up for Influencer Marketing Success
I‘ve helped over 100 brands architect influencer programs driving upwards of $50 million in attributable revenue. Here are my top tips:
Develop Highly Detailed Briefs
Provide proposed influencers insight into campaign objectives, guidelines, brand guidelines, target assets, disclosure needs, measurement standards, links to drive traffic, timing – everything. The more clarity upfront, the better the assets you’ll receive.
Structure Clear Expectations Around Compensation
Be explicit around compensation structure, requirements for deliverables and payment timing. Sign contracts locking in both parties early. Surprises jeopardize relationships and ROI down the road.
Give Them Assets to Promote
Don’t expect influencers to create amazing branded content from scratch on their own time. Provide them with easily sharable and customizable brand graphics, video clips, samples etc to easily incorporate into posts. Assets give them a leg up creating high-performing content.
Repost Their Content
A best practice after campaigns wraps is reposting (with permission) UGC content influencers generate onto your owned social channels. This further amplifies their work and your brand message.
Keep Relationship Building
A single campaign likely won‘t provide sufficient lift alone. Schedule check-ins, share priority news, incentivize content renewals, cross-promote their launches. Treat them like true brand partners.
"The more attention brands give to nurturing influencer relationships beyond transactions, demonstrating you value them, the higher quality assets and engagement you’ll drive over time," says Jennifer Goodwin, Chief Marketing Officer at Power Digital Marketing.
The tips above separate good influencer programming from great. But even armed with the right platform and approach, are there particular trends brands should keep tabs as we enter 2023?
What‘s Next for Influencer Marketing?
As influencer marketing enters adulthood, where is it headed? Expect creators to consolidate power while brands adopt more holistic measurement frameworks evolved from standard paid social.
Micro-Influencers Take Off
"Brands are shifting dollars away from celebrity mega-influencers towards resonate micro-influencers more aligned with brand values," says Brian Salzman of RQ. "You‘ll see platforms enhance niche micro-influencer discovery and management capabilities."
Emerging Social Platform Adoption Accelerates
"With younger audiences migrating to Snap, BeReal, Twitter Spaces and future networks, smart brands will follow, adopting new environments early where competition remains low," notes Ayzenberg Senior Vice President Stephanie Llamas.
Sophisticated Success Metrics Emerge
"Too many brands still emphasize vanity metrics around views and follows alone. As budgets grow, tying influencer content to direct site traffic, subscribers and sales will be table stakes. Look for more predictive Brand Equity and Affinity measurement adoption," says Forrester VP and Principal Analyst Erna Alfred Liousas.
Exciting times ahead in the influencer category indeed! Hopefully this guide gives both informed perspective and tactical advice to make your 2023 investments pay off.
Please reach out directly if you have any other questions. I‘m always happy to chat through your specific use case and provide platform recommendations. Here‘s to your influencer marketing success!
