As the saying goes: “There’s no better time to take action than now.” This phrase fits perfectly with your preparations for this years Q4.
Why is Q4 so important? For e-commerce in general and for Influencer Marketing in particular, it is the time of the year when most profits are generated.
Want to see this in action? Continue reading to understand how we generated such promising results for our client by leveraging Influencer Hero and Influencer Marketing - making $448K during Q4 and generating over $34K in a single day!
Our esteemed client hired us to assist them with their US marketplace expansion. After extensive research, we took the following steps:
One of the most crucial steps is to identify your top-performing influencers. By doing so, you will be able to focus on the influencers who really move the needle.
Read: A detailed guide on How to Identify and Find Performing Influencers here.
Once you have identified your performing influencers, you need to organise your seasonality campaign. In this case, your BFCM campaign.
Read: A detailed guide on Organising Seasonality Campaigns here.
With your top-performing influencers, make sure to close packages, e.g., 4 posts for $1K, in order to lower your cost and get the commitment. Affiliate deals are great if the influencer doesn’t perform but get expensive if an influencer performs well.
From the chart above, you can see that prior to the BFCM campaign, there was barely any activity. With influencer marketing, your biggest returns are generated during seasonality campaigns. Why does this work well?
As the marketer, it is your responsibility to communicate this to the influencers you work with, which in turn will communicate the message to their followers. Your influencers will become the voice of your brand!
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Make sure to not only think about your customers but also put a lot of focus on your influencers. Let them feel special. Thoroughly explain to them that the offer is only offered to certain partners and let them feel special by becoming a part of this campaign.
Once the campaign goes live, make sure that all your codes are activated. Before you sit back and watch the orders come in, make sure to follow up and send reminders to your influencers a day before the campaign to maximise posting rates.
It’s clear how customers poured right into our client’s Shopify store, raising the conversion rate to 2.99%. The average store conversion rate during the year was between 1% - 1.5%. With a strong Black Friday offer of 30% and communicating scarcity through the influencers, we 3X’d the usual store conversion rate. More than 13K people reaching the checkout section shows why choosing the right influencers and making the right deals can turn in huge profits.
On 25th November 2022 (Black Friday), we instructed most of our influencers to post at once. Through this, we generated almost 6K clicks which resulted in 35K revenue in a single day!
The customers’ AOV (Average Order Value) consistently stayed around $120. One point to consider here is that some people purchased multiple items for gifts. However, the increase in AOV was evened out because of the 30% Black Friday discount we had offered.
The chart above shows that our High-Performing (HP) influencers were the reason for the majority of the sales (71.4%) during the BFCM campaign, followed by sales generating from our Medium-Performing (MP) influencers (16.8%), and then our General-Performing (GP) influencers racking in 11.8% of sales.
This categorisation between HP, MP and GP is done prior to the BFCM campaign. By having the influencer post before the big campaign, we know in advance how many conversions approx. we can expect from each influencer. During the initial post, we categorise the influencers based on the following criteria.
As low performers might sound offensive to certain creators, we decided to label influencers with <3 conversions/post as general performers.
Remember the 80-20 Rule of Influencer Marketing? Let’s explain the idea in a few words: 20% of the influencers contribute to 80% of the revenue. This can become 10% or 3% of influencers contributing to 90-95% of the revenue (as shown in the pie chart above).
Even though our High-Performing influencers made up only 2.3% of the total number of influencers we worked with, they generated a massive 71.4% revenue during the BFCM campaign. This shows how valuable your HP influencers are and why you should conduct influencer testing campaigns to filter out High Performers, Medium Performers, and General Performers.
Read the article which explains this performance distribution more in detail here.
Our client's 2023 BFCM success story underscores the impact of influencer marketing, generating over $400K in just two months and over $34K in a single day! The key takeaway here is that a small number of influencers generate the majority of your revenue.
The challenge is to find out who these influencers are. We help our clients to identify these influencers through gifting campaigns. By nurturing top influencers, crafting compelling campaigns, and capitalizing on Black Friday, you can achieve significant results! So, prepare for Q4 now and crush your BFCM campaign!
Schedule a Demo with one of our media experts below.
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