Influencer marketing has quickly grown to become an extremely popular marketing method. It has spread so much that it has outpaced print marketing according to Google Search Trends. The reasons for this are affordability and high returns on investment (ROI). And, of course, there’s the wide reach and loyal fan following that come with popular social media personalities.
But how do brands and marketers measure the success of their influencer marketing campaigns? While influencer marketing has been proven to be successful, determining ROI remains a challenge. Let’s take a look at the best ways to measure the success of your influencer marketing campaign.
1. Determine campaign reach
If your goal is to increase reach through influencer marketing, there are a few metrics that show you how far your message has traveled. These metrics include:
You should check the number of impressions that the influencer’s post has generated as this will give you an idea of how many times your brand’s post was seen by people.
You should see how many followers the influencer has. Based on this, you’ll have a rough idea of how many people might see your sponsored post, although you do have to check how many of those followers are, in fact, authentic as numbers aren’t always everything.
For this, you need to track the number of visitors that came to your website through the influencer’s link. This is only valid in cases where the influencer has included a link to your website in the sponsored post. You can track this data using a spreadsheet and find out how much buzz the influencer’s post has generated.
2. Determine Campaign Engagement
You shouldn’t just measure success based on the number of engagements alone, even if your campaign goal was to drive engagement. You even need to find out the cost per engagement to get a better idea of your ROI. The engagements on the posts are indicative of how interested people are in your brand and its products.
You should keep track of the following metrics to measure the engagement:
You should check how many likes the influencer’s post gets. This will give you an idea of how many people have interacted with the post. More likes can even boost the ranking of your content on social media channels.
The clicks will give you an idea of how many people showed an interest in the post.
Shares also reveal how many people found your content interesting. The shares show the number of people that are recommending your influencer’s content to their close circles.
The higher the number of comments on the post, the better the engagement. Comments show that the audience has shown high interest in the content. You can track these metrics and put them in an excel sheet to give you an idea of the total number of engagements on the posts. To find the cost per engagement, you can simply divide the total cost by the total engagements.
3. Determine the revenue generated
If your goal is to generate sales from influencer marketing, you need to find out how many sales have been generated, which will give you an idea of your ROI.
There are a few ways to discover this, including:
You can generate affiliate links and send them to your influencers. When people will click on these links and make a purchase, you’ll be able to track them. Usually, the influencers receive a commission for every sale that they generate.
These links will also give you an idea of the number of clicks that were made on each link. You’ll even know the average value of your sales and the total number of sales. Based on this, you can find the success of your campaign and also the performance of each influencer.
Google Analytics can also help you track online sales. You can set up an “Event” and see which customers visited your website via the influencers’ posts. This will help you find the ROI of your influencer marketing campaign in terms of sales.
Promo codes have a dual purpose. Obviously, the first being they give special discounts to your customers. However, the second purpose is even more important. You can use them to track the purchases that resulted from influencer marketing. Find out the number of customers who made a purchase using the codes and then calculate your ROI using this information.
4. Use software
All of the aforementioned methods are complex so you need to invest a lot of time into finding the parameters and measuring them. After that, go a step further and analyse them to discover your overall ROI, which makes the whole process cumbersome.
With the help of software, you can easily determine the ROI of your campaigns. Certain software allows you to easily track everything from your total spend to the purchases made by customers and easily find the right influencers.
Measuring the success of your influencer marketing campaign may seem like a tough task. However, with regular follow-ups and tracking, you can calculate your ROI with ease and use software to efficiently measure your campaign’s success.