As influencer marketing continues to reshape the way brands interact with their audiences, it’s important to consider how these campaigns are measured. Proper monitoring of influencer marketing efforts will help determine which tactics are working and which are not, making it easier for marketing professionals to build a more effective strategy for their companies.
However, in measuring the efficacy of influencer campaigns, there are different things you need to consider. For example, you need to measure social indicators and business indicators. But what’s the difference? And what does each one tell you about your influencer campaign?
These KPIs measure the less tangible aspects of your influencer marketing campaign. They are supposed to give you an idea of the impact your efforts are having on the perceptions and associations people have with your brand. Here are some examples of social indicators you should be measuring when tracking influencer campaigns:
Quite simply, this KPI tells you how many people are aware of your brand. This might be measured by the number of followers you have, or the amount of people that see the content produced by an influencer on your behalf. Increases in both categories tell you that you’re reaching more people, but they don’t tell you much about who you’re reaching, a key limitation of this metric.
This is probably the most important of all the social indicators. Its function is to help you determine what people think about the content you produce. Measuring things such as shares, likes and retweets are all going to give you an idea about engagement. But it’s also important to do a qualitative analysis of other types of engagement, such as reactions and comments, as these can tell you a lot about how people are receiving the content coming out of your influencer campaign.
This KPI deals with how much of your target audience are you able to reach, and it can be a bit tricky to measure. It’s usually presented as a percentage, and it refers to the proportion of the audience you are able to reach. Ideally, you want your influencer marketing efforts to help you tap into different segments of your audience, helping you increase exposure and connect with new groups of people.
However, for this metric to be useful, you need to have an idea of the total size of your target audience, a number that can often be difficult to ascertain.
In contrast to social indicators, business KPIs deal with the bottom line. They help you answer the question: how are my influencer campaigns affecting sales and revenues? It’s important to track these metrics so that you can determine if your efforts are worth the investment.
This is the number of people who take a desired action as a result of being exposed to your content. If the goal is to get people to sign up for your newsletter, then your conversion rate will be the amount of people that do just that after they read or view some piece of influencer content.
The same thing applies when the intention is to get sales. What percentage of people that see your content become customers? Figuring out this number is critical, as it will tell you which strategies are worth pursuing and which should be abandoned.
Return on Investment
How much are you earning for every x dollars invested? Being able to answer this question is essential, especially if you’d like to keep you job—most managers don’t like hearing that money is being spent without some realistic expectation of getting it back.
Figuring out this number is relatively simple. Take a look at your campaign, calculate how much it will cost to run it, and then determine how much profit you stand to make. Keeping ROI as high as possible is critical, and by measuring this statistic, you’ll be able to identify much more quickly when an influencer relationship simply isn’t worth its expense.
Part of the purpose of influencer marketing, and marketing in general, is to generate leads for the sales team to convert into customers. So, a good way to measure the success of an influencer marketing campaign is to track how many leads you are able to produce.
This might be as simply as tracking the number of people who click through the influencer’s piece to your site, or it might be the number of people who sign up for your newsletter or email list. But no matter what it is, tracking your influencer’s ability to create new leads is important for understanding if the relationship is worth pursuing further, and it’s also helpful for identifying areas where you need to improve.
For example, your influencers may be generating leads, but your sales copy is stale, meaning the revenue numbers just aren’t there. This is a valuable piece of insight that will help make your overall marketing and sales operation more effective.
Team Up with the Right Influencers
Part of having success with an influencer marketing campaign is in identifying right from the beginning the influencers that will produce the best results. The tools offered through WOW Influence’s platform are helpful for determining which influencers will have the most impact, and if you combine these tools with the right KPIs, you’ll be well on your way to a successful influencer collaboration.