7 Questions To Ask An Influencer Marketing Agency Before Signing The Contract
When a business decides to engage in influencer marketing they are confronted with two choices: do it in-house or hire a third-party agency to handle the details for them.
In-House or Agency
Experiences vary by business size, and purpose, but for the most part influencer marketing is an expensive endeavor when a company tries to do it themselves. Recruiting influencers, managing a campaign, and measuring results is a full-time job for a department full of employees.
An agency is a tempting option because the hard work is done by professionals whose job it is to run campaigns every day. Their experience, combined with a flourishing network of ROI-driven influencers, eases the burden from the company without removing the results.
How To Make The Right Choice
But even if a company decides to go with an influencer marketing agency, there are countless to choose from, and all who have experience with one brand or another.
To help your company decide we’ve narrowed the decision-making process down to 7 simple questions that will get you the answers you need before signing a contract:
7 Questions To Ask An Influencer Marketing Agency
1. What Is Your Past Experience With Campaigns In My Industry/Category?
Case studies are vitally important to understanding what you should expect from a campaign with this agency. In the best case scenario, the agency has already worked with businesses in your industry or category.
If they haven’t, they could still be the agency for you, but you’ll need to get detailed information about their plans before signing any contracts. Ask for a proposal that explains how they would run the influencer campaign if you were to choose them.
2. How Do You Build & Maintain Your Influencer Network?
It’s very important to foster relationships with influencers. They put their personal brand at risk to be the face of a brand’s product. It’s important that their reputations are protected, and their experience with the brand is a positive one.
At Acorn our influencer outreach strategy is to hand-select influencers for a campaign, rather than have them bid on it. That way we maintain confidence in the performance of our vetted influencers.
An influencer agency should compensate fairly, have open communication with their network, and send our influencers handwritten thank you notes and gifts.
3. How Much Involvement Do We Get In The Process?
While some brands like to be hands on, others prefer to have the agency take care of everything, and neither is a wrong choice. However, all businesses should be as transparent as possible, so that the campaign runs exactly as they expect.
Be detailed in your high level goals, who your customer is, and how you have run campaigns in the past. All of this information will be helpful for the agency who puts together a plan
4. What Is Your Pricing Structure?
Influencer agencies generally offer a campaign-based pricing model that covers the expenses of running the campaign, including labor costs, influencer compensation, and any extra digital spend to promote the campaign.
Fluctuations in price occur depending on the number of influencers, their audience, and predicted engagement, and reach.
At Acorn we’re beginning to offer a premium service that allows businesses deeper demographic insight into the customers interacting with influencer content. Undoubtedly, there will be new pricing models as influencer marketing evolves.
Ask for a base, standard pricing that matches your budget, and then negotiate the necessity for premiums.
5. How Do You Handle The FTC Regulated Disclosure Laws?
When the FTC first introduced regulations for influencers, each publication written about a product or company had to feature the hashtags #spon or #ad. The FTC now states influencers can create their own disclosure statement, as long as it clarifies the relationship between the influencer and the brand.
Marketers should educate themselves on the latest FTC laws before engaging in a campaign. We interviewed a lawyer who specializes in FTC regulations for influencers, and brands. You can read her Q&A here.
Find out how your agency will abide by the FTC regulations before you sign the contract.
6. How Do You Measure The Results From Your Campaigns?
As a marketer, you understand the importance of measuring campaign performance. The results explain your return on investment, and guide your decisions in future campaigns.
Just a few years ago, social reach was valued above engagement, and now the opposite is true. With the advancement of social analytics tools, we can get even more granular when assigning values to social media engagement.
Ask how the agency will calculate engagement, and measure reach, after the campaign is over.
7. How Are You Different From Other Influencer Marketing Agencies?
A run-of-the-mill influencer campaign might drive results but is it empowering your brand to stand out? Find out what the agency uniquely delivers to their customers so that you can be innovating every step of the way.
How do choose influencers guaranteed to drive engagement and sales?
What is your company doing to innovate on the analytics you deliver?