How can you tell if your influencer marketing campaigns are successful? What metrics should you use to measure Influencer Marketing ROI? In this article, we’ll explore several key performance indicators (KPIs) that will help you answer these questions and more.
If you’re not sure which metrics to track for your influencer marketing campaign, don’t worry. Most marketing teams don’t understand how to measure and improve influencer marketing ROI.
Influencer marketing is becoming more and more popular. It is expected to grow from $1.7 billion in 2016 to $13.8 billion by the end of this year.
These numbers don’t seem surprising when you consider that 89% of businesses who have tried influencer marketing say it is better or comparable to other marketing initiatives.
Best KPIs to Track for your Influencer Marketing ROI
To start, you need to identify a goal for your campaign. This will help determine which metrics are most important to track your Influencer Marketing ROI. Then, you can structure your influencer campaign accordingly.
A Brand Awareness campaign is designed to help brands be more well-known. People will start to recognize the name and maybe even associate the name with a product or experience.
A Conversion campaign is designed to help brands send traffic to a website where customers can take specific actions, usually buying something, downloading something, or joining something.
A content/asset campaign is designed to help brands create a library of creative assets that they can use for online and offline marketing.
Different campaign structures can be used to achieve different goals. The type of metrics that are most important will vary depending on the campaign structure. For example, with an awareness campaign, engagement is important because it is a way to measure how many people saw the campaign. That is why it is so important to use the right metrics to measure your Influencer Marketing ROI.
Reach
Reach is the number of unique people/accounts that see your content. This is different from impressions, which is the number of other accounts your content is visible to. However, just because something shows up in someone’s feed doesn’t mean that everyone saw it.
The best way to track your Influencer marketing ROI campaign reaches is by looking at engagement. This is the number of people who interact with your post in some way. Potential reach is usually calculated by multiplying an influencer’s audience size by the total number of influencers working on your campaign.
Engagement
Engagement is a way to measure how well your target market connects with the content your influencer creates. The formula is simple: (Post engagements / total number of followers) * 100.
Different people have different engagement rates when it comes to being influenced. This also varies depending on the type of industry or platform you are looking at.
The engagement rates for sponsored content are usually lower than the engagement rates for organic content. However, if you create great content that your followers will relate to, the engagement rate for this type of content will usually be very close to your average engagement rate.
Instagram and Facebook both offer detailed reports about your audience, analytics, and trends. For Instagram, you need to have a business or creator account. For Facebook, you can use the Facebook Business Suite to manage your account and get these detailed reports.
Followers on Your Account
If you are doing an influencer campaign with a Facebook, Instagram, or YouTube influencer, you should see more followers or likes coming to your brand’s social media account. For example, if you are working with an Instagram influencer and you noticed that your Instagram profile suddenly garnered more likes and followers, that is most likely the effect of your collaboration.
You can track how well your campaign is doing by looking at how many people subscribed, liked, shared, followed, or commented on it on different platforms. This includes Facebook, LinkedIn, Twitter, Youtube, and Instagram. An increase in email subscribers after your campaign is a good indicator of its success.
Site Traffic
Site traffic is a measure of how many people visit your website. This can be determined by counting the number of sign-ups, sales, downloads, or users adding products to their cart.
It is important to have a landing page and URL so you can see how often that page is being visited. You will need to assign each influencer a tracking pixel so you can monitor their visits. This will be helpful because there may be times when the landing page is one of your own sales pages.
Leads
Some businesses find that sales from influencer campaigns may not be immediate. So it’s important to also track and measure qualified leads. Make sure you have a way to capture email addresses so you can evaluate how many qualified leads you’ve captured.
It is important to understand how many leads an influencer can bring you, how long it takes those leads to hit a sale or conversion stage, and how long the entire process takes in order to determine the success of your influencer marketing initiative.
Bold Creators Club can help you reach your goals
To have a successful Instagram account, you need to put in the time and effort. You can’t just set up your account and expect people to start clicking on your links. You need an engaged audience that is interested in your brand. This is why running Instagram ads is still a good idea – it will help you build up a following and figure out what engages your target customers best.
Dealing with social media influencers is not always easy. Actually, most of the time, companies and influencers can’t communicate clearly, as there is a lack of a cultural, linguistic, and social bridge that connects both.
When it comes to Latin influencers, this communication barrier is even bigger. Not only because a lot of people in countries like Brazil or Colombia don’t English, but also because these countries are highly multicultural, with cities with completely different styles, slang, and social and cultural movements within the country.
In the case of Brazil, this aspect is so strong that there are even completely different cultures within the same city, in big metropolises like São Paulo or Rio de Janeiro.
It is really hard to keep up with the constant changes in pop culture and in the internet world, so contacting an agency whose job is to always be updated about what the influencers are doing, how is the stability in the country, and more important information for your company, is the best strategy.