BI 381: How to Maximize the ROI with Influencer Marketing (ft Brad Hoos)

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Episode Highlights

[2:57] — Brad Introduces OutLoud Group and Influencer Marketing

• Brad is the Chief Growth Officer at OutLoud Group, a 60-person influencer marketing agency.
  
  
• Brands can use influencer campaigns to grow their revenue.
  
  
• Social media influencers can be tapped as third-party endorsements because their audience trusts them.
  
  

[7:56] — The Who Of Influencer Marketing

• Running an influencer campaign is not for everyone.
  
  
• Influencer marketing campaigns are not great for commoditized products, but they work best for B2C brands and those with a story to tell.
  
  
• Brands should make sure to pick influencer types that are either a good brand fit or adjacently related to their brand.
  
  

[15:10] — How To Structure A Deal With Influencers

• Smaller creators are generally easier to reach since they usually don't work with managers or agents yet.
  
  
• Brad observed that some creators are more reliable.
  
  
• He also recommends starting with an initial test with influencers before committing to a long-term deal.
  
  
• Most influencers will protect themselves by asking for a flat fee regardless of the campaign's success.
  
  

[20:42] — KPIs To Watch In Influencer Marketing Campaigns

• Brad recommends observing CPM by the increase of traffic to your website.
  
  
• Different creators and their platforms will have different CPMs.
  
  
• The subscriber and follower count is only a vanity metric — it may contain fake followers and cannot assure conversions, potential customers, or traffic.
  
  
• Brad recommends starting with a minimum of 5 creators first.
  
  

[27:48] — What Can Go Wrong With Your Influencer Marketing Campaigns

• Don't force influencers to use a script of brand voice and marketing buzzwords.
  
  
• Let them do their own thing since they know what will resonate with their audience the most.
  
  
• Don't negotiate for the lowest price. Remember that influencers' work will be affected by how much they feel valued.
  
  

[31:44] — Brad Shares How The OutLoud Group Grew

• Brad shares that their agency started with a family model. However, as the agency grew, they had to adopt a pro-sports team kind of model.
  
  
• The agency's main principle is to have clear goals and bring out the best in people.
  
  

[36:55] — Where To Automate Or Humanize

• As their agency grew, the business became more complex. At this point, they implemented Salesforce.
  
  
• Brad shares that their agency prides itself on customer service rather than automation.
  
  
• The agency automates its contracting and execution. However, they keep their humanized communications with different influencers and clients.
  
  
• There is no one-size-fits-all when it comes to brands and influencers. So the agency's SOPs evolve over time.
  
  
• The core of their SOP is the willingness to change.