There is no denying the fact that influencer marketing works or it wouldn’t be an $8 billion industry. Several case studies suggest that influencer marketing yields huge returns. However, you won’t start getting results with just high spending and good content.
You may ask:
Because there are various complexities in influencer marketing from fake influencer profiles to bloated performance data. So it’s important to know which KPIs to look out for so you can accurately track and measure your campaign. In this blog post, we will discuss which influencer marketing KPIs are critical to understanding the effectiveness of your influencer marketing campaign.
But before discovering what these metrics are, it’s essential to set your goals and objectives to know which metrics you should be tracking.
Why are you planning to collaborate with influencers? Is it for promoting a new product line? Or to increase your brand’s general awareness? Your campaign’s KPIs change according to what your endgame is.
So it’s essential to set a clear goal before moving ahead with the campaign planning. This will help you move in the right direction.
There are various campaign objectives you can set based on your overarching business goals.
These are three commonly-used goals used for most digital marketing endeavors. If you wish to get the best result out of your campaign, it’s important to analyze your marketing or business goals and align your influencer marketing goal with it.
Before setting your goals, analyze prevalent industry benchmarks to keep your goals realistic. Average spend, engagement rates, reach, etc. will vary greatly on the basis of social channel, industry, content category, etc.
So be sure to find the latest statistics for the social platform you wish to run the campaign and note down the KPIs relevant to your campaign.
Now that you are well-versed with how to set realistic goals, let’s discuss various metrics that help you track the performance of your campaign, which are Engagement Rate, Reach, and Conversions.
Engagements are considered quintessential metrics of influencer marketing success. This is because the engagement directly reflects the quality of an influencer’s content and their audience’s loyalty.
It isn’t easy to maintain high engagement. Influencers need to regularly create authentic and engaging content to do so. It’s the mark of a top-notch content creator.
Here are some common engagement parameters used to calculate influencer performance:
This is apart from the organic growth of your campaign, which happens when a follower shares your branded post on their feed.
There are some simple metrics to analyze if you wish to calculate the reach of your campaign.
It’s important to note sharp upward spikes in growth rate or uniform growth over periods of time may allude to suspicious activity. The use of influencer platforms with social media listening tools can be beneficial in these scenarios.
Some of your influencer campaigns might experience growth beyond your paid efforts. For instance, a paid influencer post might be shared by their audience often enough to become viral.
This growth can be considered organic and usually occurs when the content is ‘meme-worthy’ or ‘shareable’ and appeals greatly to online audiences.
The primary goal of most businesses is to get relevant leads and convert them to sales. So Conversions becomes an indispensable measurement of influencer marketing success.
You may be thinking:
Conversions comprise not only sales but also calls-to-action such as website visits, newsletter sign-ups, and more. Basically, it is anything that leads potential consumers to take an action that confirms commercial interest in your brand.
Calculating Conversions is essential to understanding the ROI of your campaign.
Sales are simple, yet vital, indicators of success when it comes to conversion-optimized campaigns. Sales interactions can be done by simply inserting a link to the product page on the influencer post.
While working with the influencers, there are various ways to enhance your sales activities using promo codes, affiliate links, etc.
You may wonder:
But which website visitors and purchases come from my influencer post?
In order to track sales and referrals coming from influencer campaigns, you can use unique, trackable codes and UTM parameters and insert it into the links that will be placed in the promoted content. So when they click on the link, your analytics tool will attribute it accordingly.
Defined as a user who visits one of your landing pages, website traffic is a critical benchmark for any digital marketing activities. In influencer marketing, it is enabled through inserting links in influencer content that lead to your website.
Observing website traffic only scratches the surface. To truly gauge the quality of these visitors, you need to also look at session time, unique visits, and more such metrics.
You may ask:
How do I track these metrics?
Google Analytics is one of the most popular tools used to track traffic, page views, bounce rates, etc. on your website. To effectively measure the efficacy of your campaign, it’s crucial to leverage multiple digital tools for a truly comprehensive analysis.
In a marketing context, a Lead is an individual or organization that is interested in your offering. Generating Leads is the final stage in the marketing process.
In influencer marketing, leads can be generated similar to traffic. But unlike website traffic links, these links lead to the collection of consumer information by form fills collateral downloads or similar actions.
You may now ask:
What are the Leads for?
Once you gain a Lead, the next steps involve nurturing them with your brand’s content and encouraging them to make a purchase.
Influencer marketing is a powerful channel for brands to upscale their marketing activities. But any digital marketing initiative falls flat if you don’t know how your campaign is performing.
Numbers and figures form the foundation of successful marketing practices and are essential in evaluating campaigns and also help you make changes in future campaigns on the basis of your learnings.
As a marketer in an increasingly digital world, one thing is constant: data and analytics are the keys to unlocking the secrets to incomparable success, whether it be in influencer marketing or traditional marketing activities.
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