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Influencer marketing is one of the famous tactics used in digital marketing. Many of us are aware of the right tools and strategies for finding influencers. However, measuring the effectiveness of this strategy is not commonly discussed.
You might have invested in the analytical tools, contacted famous influencers, and did all the basic research. But, how will you know the increase in your ROI? Whether you are planning influencer marketing for your brand or providing a service to a client, knowing the success metrics is imperative.
Now, there is a huge list of success-metrics. So, how will you determine the right metrics for your brand?
Here, relevancy comes into play.
Relevancy is Essential
Influencer marketing is a systemic process where you plan a goal, find an influencer, and then implement a plan. Therefore, the success-metrics should be relevant as per the goal. For instance, if your goal is to build a gigantic online community, revenue graphs will do nothing for you.
Other common goals include customer engagement, brand awareness, conversions, etc. Once you select the right success-metric, the next step is knowing the right path of calculating effectiveness. Here is how you can do it:
The following guide will help you in measuring the success of your plan. We will pick one goal at a time and discuss the way of measuring its effectiveness.
- Brand Awareness
When entrepreneurs start a digital business, brand awareness is their ultimate objective. A key metric known as IMPRESSION is useful in knowing its effectiveness.
Impressions help in determining the number of people who viewed the content. However, it isn’t easy to know how many views came exactly through influencer marketing. A higher number of views are better for brand exposure.
At the same time, you can completely rely on this metric. People who clicked on your content might have left it at the next moment. Therefore, every impression does not lead to an engagement.
How to Get Access?
Since it is a private metric, getting access is difficult. However, the influencer can see the results and send you the data as per the will. It completely depends on your agreement and relations with the influencer.
You can ask for the pre and post data for better evaluation. Besides this, the access also varies as per the social media channel. Instagram only gives access to the influencers having a business account.
If you are opting for an Instagram influencer, you can ask for the screenshots to maintain transparency. On the other hand, Facebook provides access to all page owners. Instead of using the word “impression,” Facebook uses the word “reach” to tell about content clicks.
- Social Media Followers
Analyzing the growth in social media is relatively easier. Every social media platform provides separate data analytic reports. These reports help view the changes in your growth. Besides this, you can also use various tools like Brand24, Unmetric, SoTrender, etc., for Facebook.
Similarly, some other tools are available for Instagram data analytics like HypeAuditor. These tools help in knowing the number of impressions, mentions, followers, traffic, etc. Apart from it, you need to monitor where influencers are posting about the brand closely.
If you are providing this service to a client, make sure to get access to all social media accounts.
- Brand Engagement
Unlike brand awareness, engagement is relatively easier to calculate. Engagement refers to the number of comments and likes related to your brand. Since the results are public, you can easily calculate engagement.
Simply, add all forms of engagement to know the overall impact after the influencer campaign. You can also calculate the total engagement in the case of multiple influencers. For instance, if influencer A has got 450 likes while B got 500 likes. Therefore, the total impact on your engagement will be 950. Now, compare it with the previous likes to analyze the difference.
- Website Traffic
If you have just built a new website and want to increase its traffic via influencer marketing, use Google Analytics. It will provide you a clear picture related to new users, the number of clicks, total time spent on a page, referrals, etc. Now, let us see what these terms refer to:
- New Users: total number of users who viewed the website for the first time
- Page Views: Total page views within a specific date range
- Time spent: Total time spent by the viewers on each page
- Referrals: From where the traffic to your website is coming
Tracking changes will be easier if you have already set up Google Analytics. In this way, you will have the former data. Therefore, you can easily compare changes within a specific range, like a change in traffic within 6 months.
Another common goal behind every influencer marketing tactic is to increase sales. Tracking the success of this goal is relatively simple. However, it depends on the strategy you are using to increase sales.
If you are using an influencer to convince a targeted group to use a discount code, tracking changes will be easier. Since every consumer will use a unique code, you can calculate the total number of codes used.
Additionally, you can calculate your total revenue or use other tools like eCommerce tools or Google Analytics. You can also use the tools built inside your eCommerce platforms.
- E-Product Downloads
If your goal is to increase the number of downloads, be sure to get access from a hosting provider. This will help you to monitor downloads. Besides this, UTM tracking links are also helpful for tracking changes.
Wrapping It Up
In short, using the best influencers is not the only thing for your achievement. The ultimate objective is to achieve your goals, and you should know the right metrics to measure success. You can use various ways depending on your goal.
For instance, using impressions for brand awareness and social media analytic tools for an increase in followers. Similarly, you can use e-commerce tools to know about changes in sales.
You can even calculate the total likes, comments, and followers for analyzing the brand engagement. Lastly, e-product downloads are accessible via hosting access and website traffic through Google Analytics.
One of our experts will get back in touch with you soon.