Before launching an influencer marketing campaign, businesses must have an attribution methodology in place.
The author shares some points that can help companies evaluate whether they are ready for influencer marketing. The piece notes that the annual expenditure on influencer marketing will exceed $10 billion in the next few years.
The article states that brands struggle with attribution, which impacts their ability to track the ROI of their campaigns. This is despite spending billions of dollars annually on influencer marketing. They must then have a methodology for attribution in place before starting out.
Additionally, companies must rigorously test and optimise their customer experience to be able to meet the demand that influencer marketing could generate. The author recommends comparing influencer marketing to other digital channels as not having a realistic sense of ROI could mean misallocated marketing dollars.
[4 minute read]