Finding agents and running marketing campaigns for influencers is a high order, but worth the effort (at least for most brands). But what’s the point of running these campaigns if you don’t know how well they perform or where is the room for improvement?
Some companies may not even influence the marketing of influencers because they are not sure how to monitor it, which can mean losing a huge opportunity to get new sales leads.
By analyzing the right metrics and ignoring the importance, you can make your campaigns more effective and extend your budget even further.
Decide which influencer campaign metric to track based on your goals
Before you decide which metrics to monitor, you need to be sure of your influencers’ marketing campaign goals.
For example, do you want to increase sales or do you want to know more about whether your brand exists (brand awareness)? Want to generate more leads, or do you have another type of engagement you’re currently focusing on? You may want people to share the post instead of landing on the landing page.
Know what you want to bring out of your influencers’ campaigns helps you determine which metrics to monitor and whether they work in your favor.
Influencer campaign awareness metrics
The three observable awareness metrics are coverage, impressions, and audience growth:
- Come on tells you how many people potentially influenced the post you saw. This reflects how many followers the influencer has.
- Impressions can give you a better idea of how often your audience members actually saw your post, as coverage can be difficult to track and potential viewers aren’t different from actual viewers.
- Audience growth tells you how many new followers your social account influencers marketing campaign gained. It’s a little tricky to see exactly why you have new followers, but if you have an influx of followers during an influencer campaign, that’s a good sign that it’s working.
Awareness metrics along with engagement metrics (which we come to) can usually be tracked using the social data of the social platform itself or a third party tool.
An influencer’s social data – which the influencer should share with you for sponsored posts – along with your account’s social data will give you all the information you need to track awareness metrics.
Influencer campaign engagement metrics
The metrics you are considering when tracking follow include CTR, clickthrough rate (CTR), and cost-per-click (CPC).
In general, relevancy metrics show how well your viewer received your campaign and what it did as a result. When your audience is inspired to take action, your campaign does its job.
- Involvement rate is the percentage of the audience that interacted with the influencer’s post in some way. This includes people who liked, commented on, and shared the post, for example.
- CTR is the percentage of viewers who clicked on your ad (or on the influence link in the post).
- CPC is how much you pay for each click on a post link. The lower the CPC, the better.
Influencer campaign sales metrics
At some point, you want to make money through your influential marketing activities, where sales metrics come from. Attention must be paid to lead generation, sales and revenue.
- Generation of drivers tells you approximately how many sales leads the influencers’ marketing campaign generated. The more sales leads you get, the more opportunities you have to sell.
- Sales is pretty self-explanatory: you track the number of sales, which is a direct result of the influencers’ campaign (learn more about how to do it in minutes).
- Revenue is also a matter of course: you keep track of how much revenue these sales generated.
Sales metrics require you to create trackable links so you can know exactly which links led to which sales. Using specific links in influencer campaigns lets you know where sales leads or customers clicked on the link that took them to the next step in the buying process.
In addition to or as an alternative to tracked links, you can create custom promotional codes that are advertised to influencer trackers. This way, you know that whenever people use a promotional code to make a purchase, they found out about your brand, product, or service through a post from that influencer.
By combining tracked links with promotional codes, you can cover your bases even if someone clicks on the tracked link but doesn’t use the promotional code.
Influencer campaign traffic metrics
If you want to drive traffic to your site through an influencer post, you should keep up with the traffic metrics.
You have a CTR that tells you how many times a link has been clicked on an ad or post, but you also need to track actual website traffic. People can click on the link but then stay away from your site before it gets a chance to load, making the click inaccurate to track the actual traffic growth to your website. (But CTR is still a sure indicator of how an ad or post is performing: when people click on a link, it means it’s doing a lot of the work.)
You can find traffic analytics either through your website itself or through Google Analytics, which can give you a better idea of your traffic. You can also check the bounce rate, pages per session, pageviews, and time spent on your site to see if and how your web traffic is growing and how valuable that traffic is.
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The ROI of influencer marketing campaigns is not always easy to determine and it is true that no metric shows you the exact number.
But by paying attention to the right statistics and knowing what you’re looking for, you can get a pretty accurate idea of how well your campaign is performing. With this insight, you can then use this understanding as a weapon for your current influencer campaign to give it a better chance of success, as well as decide if you will work with this influencer in the future.