For example, you could leave a brainstorming session with the goal of “increasing web traffic”. But that's too vague. Instead, set a more precise goal, such as “increasing website visits by 30% in 4 months”. If the goal of your campaign is to increase brand awareness, you should track the reach, engagement and impressions generated by your content.
Always keep track of the followers gained during your influencer marketing campaign. To make sure that new followers come from the campaign and not from some other source, you should start tracking your followers weeks before the campaign's launch. This way, you can compare the followers you got before the launch with the followers you gained during the campaign and get a better idea of the follower growth that occurred with the campaign. Impressions are the number of times a post has been visible in the timelines or feeds of social media platforms.
This metric is one of the most effective ways to measure the visibility of your brand to your target audience and, ultimately, calculate your brand awareness. Impressions also provide you with useful data about the reach of your content with different influencers, which can help you refine your process of selecting influencers for future campaigns. Trackable links are one of the easiest ways to calculate your campaign conversions. Each link is assigned a unique URL that can be read through common analysis software, such as Google Analytics.
Then, those links can be used when sharing a blog post, email link, or other resource intended to generate conversions in order to show exactly where each conversion originated. Your engagement rate is the number of interactions on posts divided by the number of views or followers. The higher the engagement rate on content, the more effectively it will have an impact on an influencer's audience. For more information, see our blog “20 Key Influencer Marketing KPIs You Should Track.
You can evaluate an influencer's performance in a number of different ways, and it all really depends on what your objectives are for your campaign. If your main goal is to generate more conversions, you can use discount codes or affiliate links to see how many sales they generate. Or, if your goal is to create brand awareness, you can measure impressions in your creators' posts. Unfortunately, unlike other marketing techniques, there is no quick and easy way to measure the success of this marketing approach.
The metrics involved in this new type of advertising remain, for the most part, a mystery for many companies. Without the right parameters, there's no way to know how well a campaign worked. Fortunately, 11 experts from the Forbes Agency Council decided to share their experience on how companies can calculate the return on investment for influencer marketing campaigns. While it can be difficult to directly track the ROI of influencer marketing, I've found that if we can attribute a sale to an influencer, then that's a measurable return.
We also measure channel performance, such as the increase in web or social traffic. Using promotional codes and landing pages is a great way to help measure return. The purpose of influencer marketing is not only to generate sales, but also to increase awareness of your brand among potential customers, as well as among the influencers themselves. However, as you expand your influencer marketing program, you'll want to automate everything you can to make the most of your time and budget (you'll also save your influencer managers a huge headache trying to manually record all that data from multiple platforms).
The influencer engagement rate (IER) calculates the relationship between the number of interactions and the number of followers that influencers had at the time they published your campaign. Discover and vet influencers who share your target audience and partner with influencers who are more likely to give you great results. It is crucial to create personalized follow-up links for each influencer you will work with; in this way, your company can analyze the performance of each of the influencers participating in a campaign and calculate metrics such as the CPC. Influencer marketing campaigns allow you to judge this acquisition cost based on the amount paid to the influencer.
Make sure to use unique tracking links in each influencer campaign to know which influencers are getting a positive ROI compared to those who aren't. It's essential that, when working with influencers, you have the right tools to track their influence, so that you can understand where to allocate more resources in the future. It's important to note that you can pay influencers based on the CPA rates they get; spending more on influencers who generate more sales and less on those with lower conversion rates. .
