influencer marketing strategy article by modash

Steal the strategies of top influencer marketing teams.

Since the inception of their influencer marketing program, Modash has had the honour of working with and learning from the incredible ambassador teams at some of the fastest growing tech companies and influencer marketing agencies in Europe. Their incredible process of experimentation and data-driven decision making has led them to huge success. 

Much of the things we have said in the past have been solidified by our experiences with our largest and fastest growing partners, It has been a very exciting learning experience, and I wanted to share some things here. It’s not very often you get to work with clients that have the calibre of thinking that these folks do. I will be citing them for quite a long time whenever someone asks for influencer marketing advice.

Out of respect of our partners, and so as not to get into specific details of their strategies, we will keep them anonymous. Hopefully, an opportunity to release a specific and thorough influencer marketing case study will come soon.

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Long term influencer marketing relations.

Our top partners have adopted an always-on approach to influencer marketing. That means they aren’t paying for 1 post and then disappearing. They instead opt to build long term relationships with creators. These relationships create value for both sides. 

These long-term influencer relationships ensure that the creator has a stable source of income month that they are incentivized to maintain. For the brands, it enables them to measure precisely which influencers, content, audiences and other variables are working best. It also means that they can scale this as an effective attribution channel. 

To incentivize influencers to share regularly with their followings, they set quotas. Influencers must accomplish certain goals every month in order to remain a part of the ambassador program. This benchmark for success gives transparency to the creator. It also provides a metric that these brands can optimize. They can increase or decrease this quota over time as they understand the most optimal influencers to work with.

A focus on influencer marketing ROI and measurement.

The best of the best have a clear and highly specific metric that most of their attribution channels focus on. For measuring roi, a reasonable example would be sign-ups.

If you have a product or service users have to sign up to use, this could be what’s known as your “North Star Metric”. A metric that every team knows they are striving to optimize to increase. The fastest growing companies do this by having a clear goal and then optimizing every aspect of their influencer marketing efforts to optimize for their North star metric. 

Many of these brands and agencies are built on efficiency. Their ambassador programs don’t vary from this trend and your’s probably shouldn’t either. To stay efficient, they don’t opt to buy contributions to their North Star without at least matching the current best channels. 

If $50 gets you signup with Facebook ads in your target market, you should aim to achieve an acquisition cost of equal to or less than $50 with influencers. The easiest way to do that is to use an acquisition based reward model. Provide influencers with a creator code, the quota we mentioned in point 1 and pay them based on the number of signups they acquire each month.

measuring marketing and statistics on a paper

Breaking down the influencer marketing workflow.

Often, the highest performing brands and agencies we work with break down their workflow into parts and optimize each part accordingly. A 3 part example of influencer marketing workflow:

Outreach – Identifying and contacting relevant influencers with the highest possible conversion rate. 

Communication – Managing and optimizing the flow of information between influencers and the marketing team in order to improve scalability.

Payment and Analytics – Pay influencer and Measure the success of each campaign as efficiently and accurately as possible in order to decrease the cost of achieving the north star metric.

By breaking down the workflow into these parts, it becomes much easier to improve each part. For each company or influencer marketing goal, this flow might be much different. The bottlenecks you experience in trying to achieve those goals will require unique solutions. 

By experimenting with methodologies for each of these stages, they find solutions. Hypothetically, you might take July as a month to focus on optimizing their process for paying influencers. That means they will need to look at what data they have now, analyze bottlenecks and test solutions.

Some solutions are analogue. Testing at which stage we ask for an influencer’s payment information for example. Others will be more technical, such as testing Modash’s influencer payment features to solve payment scalability issues. 

These internationally reaching companies are solution driven and intentional about influencer marketing. They don’t waste any time on things that don’t matter and they are constantly optimizing their workflow. So much so that some manage 7x more ambassadors per marketer than any brand I have ever heard of and achieve lower acquisition costs with influencers than nearly all other ad-forms. 

We have had the chance to partner and learn from companies expanding at a rapid pace, agencies quadrupling in size and startups recruiting hundreds of employees just a few months. Steal a few of their principles for influencer marketing and apply them to your company today. 

Influencer marketing Case study

Get a PDF case study featuring Veriff and how they used Modash to increase their job applications by 250%.

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