Influencer marketing generates a $5.78 return on investment on average for every dollar spent, making it a very effective marketing strategy. However, with what appears to be a limitless number of outlets to choose from, you must determine whether influencers have earned a position in your marketing strategy.
Influencer marketing was famously difficult to link to corporate objectives in the past. More advanced affiliate and sales tracking capabilities are now available, allowing you to track the effectiveness of your influencer marketing programs. But tools aren’t enough; you also need to know what to track and how to track it. Use these pointers to discover how to properly set up your campaigns so you can track their results and improve your influencer marketing efforts in the future.
Determine your objectives so you know what to monitor.
You don’t want to simply deliver money and a product to content providers and hope for the best. Determine the objectives of your influencer marketing campaign so you’ll know exactly what metrics to look at when it’s time to assess if your investment was worthwhile.
Brand recognition
The familiarity of your target audience with your brand is referred to as brand awareness. When it comes to working with influencers, it’s what 85 percent of brands are looking for. Create key performance indicators (KPIs) based on these measures to assess social media influencer-driven awareness.
The number of followers your brand obtains over time is known as follower growth. This measure suggests that the audience of your influencer is interested in hearing more from you. Before embarking on an influencer campaign, establish a baseline to evaluate if it results in an increase in followers.
Views, reach, and impressions, for example (see other blog)
The amount of times your brand’s name has been searched is known as branded search volume.
The amount of times your influencer’s material has been presented to social media users is referred to as impressions.
The amount of times your partner’s content has been viewed is measured in views, which is normally only done for video.
The amount of unique persons who have seen the material is known as reach.
Sessions will show you how many people were referred to your website by a single influencer. Use it to figure out if the influencer’s post was interesting enough to get others to click.
The quality of the traffic your influencers are driving is measured by average time on site. The amount of time visitors spend on your site indicates how well your brand or service is connected with the influencer’s target audience.
The percentage of visitors that arrived to your site but did not take any further action is known as the bounce rate. The bounce rate, like duration on site, will inform you how well your offer matches the audience’s expectations. If an influencer’s audience leaves soon away, your offer is probably not suited for them.
Engagement
Metrics for the consideration stage indicate whether or not potential customers desire to learn more about your company. They might sign up for your email or text message list, or they might add a product to their shopping cart. Micro-conversions are high-value behaviors that suggest that someone is more likely to make a purchase.
The engagement rate indicates how engaged the audience of your influencer is with the content. It’s calculated as a percentage of the followers, views, or impressions a post received, depending on the platform. It’s calculated as a percentage of the number of actions taken on a post (likes, comments, clicks, saves, shares, and so on, depending on what actions are available on a platform).
Email and SMS subscriptions are extremely valuable to a business since they indicate that you have earned the right to contact directly with your new customers. With a welcome series, you can nurture new relationships and encourage purchases over time. Tracking new subscribers against your influencer marketing will reveal influencers who aren’t driving sales but are introducing your company to a large number of interested consumers who may buy later.
Adds to basket is a valuable indicator for determining how engaged the audience of each influencer is with your brand or offer. Even if no one buys, you can be assured that the influencer is bringing qualified traffic to your site.
Sessions will show you how many people were referred to your website by a single influencer. Use it to figure out if the influencer’s post was interesting enough to get others to click.
The quality of the traffic your influencers are driving is measured by average time on site. The amount of time visitors spend on your site indicates how well your brand or service is connected with the influencer’s target audience.
The percentage of visitors that arrived to your site but did not take any further action is known as the bounce rate. The bounce rate, like duration on site, will inform you how well your offer matches the audience’s expectations. If an influencer’s audience leaves soon away, your offer is probably not suited for them.
Set up custom goals in your Google Analytics account to track micro-conversions.
Sales
Making a profit keeps you in business at the end of the day. You may measure income, average order value, and sales conversion rate by influencer to see which influencers are effective at driving purchases.
