With businesses small and large seeing the benefits of influencer marketing in 2024, the pressure is on for leading brands to get in on the action.
The secret sauce? A solid influencer marketing strategy that delivers results again (and again).
We’re breaking down all things enterprise influencer marketing — plus our favorite tool to take your campaigns to the next level.
FYI: Later's in-house team of experts are trusted by leading brands to manage their influencer marketing campaigns — from strategy to analysis. Schedule a call to learn more.
What Makes Enterprise Marketing Strategies Different?
Enterprise marketing uses a combination of strategies to capture a target audience’s attention, outshine competitors, and grow sustainably.
The key differentiator? Focusing on growth and expansion.
That’s where influencer marketing comes in…
How Does Influencer Marketing Help Enterprise Brands?
From knocking down the barriers of traditional advertising to tapping into highly engaged online audiences, going all-in on influencer marketing is a no-brainer for enterprise businesses.
88% of Gen Zs and Millennials use social media to research products they’re interested in buying
69% of consumers are more likely to trust a friend, family member, or influencer recommendation over a brand recommendation
The creator economy is estimated to be worth more than $100B
Influencer marketing has a projected value of $24.1B by 2025
The numbers speak for themselves.
How Do You Scale Influencer Marketing?
It’s simple: You can’t grow without the right strategy in place.
Here are four key components to scale enterprise influencer marketing:
#1: Define SMART Goals
Before you scale your influencer marketing campaigns, it’s essential to (re)define SMART goals and metrics.
Do you want to drive traffic to a specific web page? Generate buzz for an upcoming event or product?
Defining your goals will help guide the type of campaigns you create, the influencers you work with, and your ideal influencer marketing ROI.
TIP: If you’d like to hand the reins over to experts, Later’s influencer marketing services team are trusted by top enterprise brands to manage their campaigns. Schedule a call to learn more.
#2: Set a Budget
How much budget will you allocate towards your influencer marketing strategy? Be prepared to consider costs for:
Paying Influencers: Their rates can range depending on how many followers they have, the platforms they'll be posting on, and the type of content they'll create (e.g. static posts versus video).
An Influencer Marketing Platform: Costs can range depending on whether you'd like ongoing monthly support or a one-off campaign.
Additional Ad Spend: Will you want to use paid support to boost content created by influencers?
NOTE: There is no universal one-size-fits-all pricing rule for influencer marketing — many digital marketers adhere to a $250-$450 per 10K followers rule, as a starting point.
#3: Identify Ideal Influencers & Reach Out
While influencer marketing isn’t new compared to more traditional ads, many enterprise businesses point to not knowing how to find (and choose) the right influencers for their campaigns.
Here’s how (don't overcomplicate it):
Check Your Brand Mentions, Tags, and Relevant Hashtags: Set time aside to frequently monitor your tagged posts, comments, DMs, and search relevant hashtags to find influencers who could be a good fit. Then, reach out via email.
Follow Industry-related Podcasts, Newsletters, and Events: Keep an eye on podcasts, events, and newsletters related to your industry: What do they talk about? Who do they interview? Who speaks on their panels?
Use An Influencer Marketing Platform: Automate influencer discovery and outreach with Later's influencer search tools.
Simple as that.
#5: Manage Your Influencer Campaigns
Once you’ve contracted your creators, we recommend breaking out your workflow into steps.
The key management components are: content reviews, communication with stakeholders, and processing payments.
Our top tip? Let Later’s services team handle it all to truly scale your efforts (more on that, later).
#6: Track Your Results & Refine Your Strategy
It’s important to track, monitor, and measure the results of your campaigns.
This way, you can see how the content performed and use it to inform future campaigns — whether it’s working with the same influencers, finding new ones, or refining your goals.
Influencer Marketing KPIs
Tracking (and analyzing) KPIs lets you understand what works and what doesn’t — so you can make informed decisions, optimize your efforts, and ensure a strong ROI.
Depending on your goals, here are some influencer KPIs to track:
Brand Awareness: Reach, impressions, video views — all the top-of-funnel traffic that indicates your audience size and visibility.
Engagement: Likes, comments, shares, saves, brand mentions — measures how well your campaign (and content) is resonating with your audience.
Conversions: Share unique promo codes, affiliate links, and UTM links with your influencer partners to track sales.
Earned Media Value (EMV): The value of all organic (aka earned) exposure your social content and influencer campaigns generate.
Return on Investment (ROI): Determines whether your campaign is profitable or not — the higher profitability, the more successful the campaign.
PRO TIP: Measure your earned media value (EMV) and ROI to capitalize on long-term partnerships!
Working With an Enterprise Influencer Marketing Platform
If you’re looking to scale your influencer marketing campaigns, using a platform like Later Influence is the way to go.
With it, you can:
Search our influencer index (with over 10M vetted influencers and counting!)
Access discovery tools that filter by industry, primary platform, and more
Manage outreach and communications — all in one place
Streamline payments, budgets, and reporting
And if you want to take it a step further, let our marketing services team manage your influencer marketing campaigns for you.
This means we’ll handle everything from strategy, to sourcing influencers, to execution and tracking results.
And that’s that — with these tips and the best influencer marketing platform, you’re bound to create an enterprise influencer marketing strategy that takes your business to new heights.
