So, you know it’s time to use influencer marketing, but you’re not sure how to measure its effectiveness.
Partnering with online influencers has the potential to completely revitalize your business. Numerous stats show that people are increasingly relying on influencer recommendations and trust social networks to guide their purchasing decisions. So basically, if you don’t have influencers on board, you’re really missing out.
There are many ways to evaluate the success of your influencer marketing so it’s essential to decide on which metrics you will be using at the beginning of the campaign. If your goal is to increase sales, you may decide to use the number of sales and an increase in profits as key performance indicators (KPIs). Some of the most common metrics for evaluating success are:
- Number of sales
- Value of sales
- Sales Leads
- Visitors to a site
- Repeat visitors
- Unique visitors
- Subscriptions to a newsletter
- Comments on a social media post
- Shares of a social media post
Studies have shown that influencer marketing is overtaking print marketing campaigns but still, businesses are struggling to assess whether their influencer marketing campaigns are successful. So, when analyzing the effectiveness of a marketing campaign, you’re usually going to be looking for one or more of the following:
This is the measure of how far your message spreads. Improving reach ensures more people see your product and can help you break into previously untapped demographics.
How to measure reach: It’s possible to get a rough idea of the kind of reach expected from working with an influencer by studying how many followers they have. But you should also track impressions, which is the number of times the content is displayed, regardless of whether or not someone actually saw it.
As you expand your reach, you increase your visibility. This often translates to increased traffic to your site. You can use a programme to track marketing statistics, including the amount of traffic from a specific source, which will make it easier to establish which visitors are coming as a result of your campaign.
This measures how many people interact with your content. Interactions include liking, commenting, or sharing with friends.
How to measure engagement: Engagement is an important way to build a loyal audience. A good influencer campaign serves up content that people love so that they keep coming back for more. Engagement on social media is easy to monitor thanks to “like” and “share” functions.
Measuring sales involves looking at the volume and frequency of purchases, the size of the purchases, the number of repeat customers, the number of items added to a wish list, and the quality of sales leads.
It’s essential to establish if you’ve achieved these goals. Otherwise, it’s impossible to tell if you’re getting a good return on your investment.
How to measure sales: When a sale comes in you need to be able to identify the source of that sale. There are several ways to do this:
- Marketing codes: Give each of your influencers a code, and keep track of how many of each code comes in.
- Affiliate links: Similar to marketing codes, giving each of your influencers a custom link to embed in content makes it easier to track sales.
- Isolated marketing: Using isolated marketing involves selecting a product and only making it available through a specific channel (in this case, through your influencer campaign). If you get any sales, you know where they’ve come from.
- UTM parameters: Adding UTM tags to your URLs makes it possible to track sales information through Google Analytics.
Influencer marketing has the potential to dramatically improve business, but if you want to ensure you’re getting the best results you need to first understand what your campaign is trying to achieve and then you can establish metrics for evaluating your success. Without a clearly defined way of measuring your influencer marketing effectiveness, you have no way of knowing if your marketing strategies are worth the level of investment you’re putting into them, and you have no way of deciding the best way to take your marketing to the next level.