Here are the Top 3 Keys You Need to Know to Avoid Ad Spend Waste in Influencer Marketing
You’ve decided you want to reach consumers in a way that can’t be ignored. You’re tired of selling through the boring, typical online advertisements. Instead, you want to influence your target market on the channels they love and visit often. Chances are you’ve already run at least one or two influencer marketing campaigns, but you just haven’t seen the ROI you hoped for. You’re not alone!
Ad spend waste is a serious problem that affects most of the industry! Unfortunately, self-regulation and a lack of proper standards in the influencer marketing industry have led to poor campaign performance and downright fraud. Many brands continue to waste their investments on influencers with subpar performance and/or purchased followers and engagements.
Luckily, when you work with Sylo, that doesn’t have to be the case! So read on to learn about the top three keys to avoiding ad spend waste and how Sylo makes it easy to do so:
Avoid Ad Spend Waste with Vetting & Verification
One of the top reasons ad spend waste occurs is due to poor data quality. Many all-in-one influencer marketing platforms use scraped data. Scraping data means extracting data from social platforms without API access or influencer consent.
Scraping is against the terms and conditions, it’s non-consensual, incomplete and inaccurate by as much as 129%! Instead, use authenticated, verified data! Authentication is the only means of collecting accurate, complete influencer data.
When influencers voluntarily provide transparent access to this data, they also provide the only way to effectively judge the quality of their audience! When you use independent vetting and verification, you’ll easily avoid ad spend waste because you’ll have access to accurate and transparent campaign metrics that allow for the best ROI modelling and optimization.
You Need to Use Reach Over Follower Count
Did you know that nearly half of influencers reach less than 25% of their followers? Unfortunately, influencer compensation is usually negotiated based on follower count. Many people believe more followers equal more customers. However, when you consider the low rates of reach, and the fact that many influencers pay for fake followers to inflate their follower counts, it becomes clear that this is not the case. Fake followers will never be customers!
The issue of fake followers and concentrating too much on follower count instead of reach significantly contribute to ad spend waste! When you only use follower count to determine rates, you are not factoring in performance. Of course, lower performance equals a lower return on investment. Shockingly, Sylo found that there was up to 60% higher costs per follower reached on low performing channels! We help you avoid ad spend waste by certifying the value of quality influencers and enabling you to avoid accounts with purchased and unengaged audiences.
Snapshots Do Not Identify Fraud
Another way that brands lose money with influencer marketing is because they do not use the proper tools to identify fraud. Although many platforms claim to address the issue of influencer fraud, at Sylo we still see approximately 20% of influencers inflating their metrics with purchased bots. Inorganic activity is well hidden, and can not be detected by scraped data or infrequent data snapshots! Instead, identifying and avoiding fraud in your influencer programs requires:
1. High frequency, always-on data collection to produce adequately detailed data sets.
2. Dedicated analysis that can detect multiple forms of fraud as they happen.
3. Notification systems that alert you of fraud in real-time.
Of course, this is precisely what Sylo offers! We protect your investment with the most sophisticated fraud detection on the market.
These three keys will revolutionize your influencer marketing campaigns and make sure you see a return on your investment! It’s imperative to avoid influencers that have purchased their metrics and shift your budgets to high-performing influencers that will drive ROI in your campaigns. You also need to accurately assess the impact of your influencer partners, how they are changing consumer behavior, and if they are driving sales lift. Sylo makes it easy to do by giving you access to the highest quality dataset in the industry.
When you work with us, you can reduce your risk of ad spend waste at every step of the vetting process, verify the quality of your influencers’ reach, and ensure pricing is commensurate with performance! So join us in creating standards that guide influencer selection and the hiring processes and start making informed business decisions! Book your demo with Sylo today.