If you’re considering launching an influencer marketing campaign, you probably already know all about the benefits. This relatively new way of promoting branded content via social channels is fast becoming one of the most effective ways of improving brand awareness, visibility, engagement and revenue. It works in a way that traditional advertising cannot, by adding a layer of authenticity that piques the interest of potential customers, ultimately driving sales forwards.
St. Joseph Communications has found that a whopping 67% of marketers believe in the power of influencer marketing, citing it as one of the top ways of reaching new customers. This study also reported some very impressive influencer marketing stats. Did you know, for example, that influencer marketing campaigns can achieve 11x the ROI of a traditional campaign?
Influencer marketing is an invaluable tool for businesses of any size, and it’s ready and waiting to be made use of. However, unlocking the potential of this marketing resource depends on the successful management of a few different factors, like influencer marketing metrics for example.
To really get the best from any marketing campaign, you need to keep a careful eye on a predetermined set of metrics. Those metrics will then show you whether your targets will soon be within your grasp, or whether you might need to change course to achieve better results.
Influencer marketing is no exception. When you plan a campaign with a set of influencers, you’ll also want to be clear on which metrics matter to you, and how the results of those metrics might determine the course of your campaign. Don’t leave it until a campaign finishes to analyse your brand’s performance. Make sure you’re ready to track those metrics from day one.
Some of the top metrics to measure before, during and after an influencer campaign include brand visibility, engagement and of course overall changes in revenue. Let’s take a closer look at what you can do to track these vital figures.
How to Measure Brand Visibility
Enhancements in brand awareness are one of the core goals of many influencer campaigns, and such campaigns are incredibly effective at achieving this. Improvements in visibility might seem difficult to track initially, but there are a number of figures that can give you quantitative information on exactly how your campaign is doing in terms of brand visibility.
Track improvements in awareness in real time by keeping a close eye on analytical data such as the number of website visits you’ve had in a set space of time, the different demographics you’ve found visiting your site or following your social accounts, and any improvements in time spent on your site by visitors during your campaign.
Engagement: The Numbers That Matter
Engagement is another key focus of influencer marketing campaigns, and fortunately this one’s a bit easier to keep track of. You’ll be able to see figures relating to engagement before your very eyes, as the numbers of followers on your social accounts start to rise. Other stats relating to engagement that are well worth keeping an eye on include comments and likes on your posts and those of your influencer partners.
It’s a good idea to calculate your average cost per engagement, with separate figures for each influencer you’ve partnered with. This calculation can be crucial when it comes to determining which of your influencers have had the most impact, and which partnerships have worked best for your brand.
Tracking Revenue in Influencer Campaigns
When marketers think about ROI, revenue is something that always comes to mind. And indeed, revenue can be one of the clearest indicators of the overall ROI of a campaign, particularly if affiliate links are used throughout a campaign.
It’s worth bearing in mind, though, that the ROI of influencer campaigns goes much further than simple sales figures. Such campaigns have multi-faceted advantages, from engagement and brand visibility to improvements in trust, brand loyalty and recognition.
We always recommend that brands working with influencers keep an eye on a range of different metrics, rather than focusing entirely on revenue. Tools like Matchmaker make this easy. This end-to-end global influencer campaign management platform can track and report on influencers, content and analytics across multiple territories and platforms. Contact us and we’ll show you how it works.
Influencer marketing campaigns are an effective, original and creative way to amplify a brand. By measuring a range of different metrics before, during and after a campaigns, brands can ensure that they get the full potential from this digital strategy. Want to learn more about how to effectively run an influencer marketing campaign? Get in touch.← Back to News