Running an influencer campaign without keeping an eye on influencer marketing metrics is like continuing to take your diabetic medication without regularly testing for it. The more influencer campaigns you run, the more you understand the importance of metrics that help you make the right decision.
There are several key performance indicators (KPIs) or metrics that play an important role in understanding the success of an influencer campaign. But, it’s important to note that the metrics that matter most to your campaign depend on the goal of your campaign. In this article, we will talk about the important influencer marketing metrics that you must account for while analyzing your influencer results.
Reach is one of the most important metrics for understanding an influencer campaign because it helps you understand the exposure of your influencer posts. Only when you know how many people have seen your campaign, you can know how worthy it was.
Another reason that makes reach quite valuable metrics is that all other metrics are estimated based on the reach of the campaign.
In simpler terms:
Reach = Number of Unique Impressions
Impressions would mean the number of users that have seen your influencers post across social media platforms and search engines. It’s the combined total of views for your influencer’s social media posts, blog posts, and social media stories.
How to track the influencer marketing metric – Reach
If you are using an influencer tool to carry out your influencer campaigns, reach is an available metrics that the tool calculates for you. Here’s a screenshot from HypeAuditor’s campaign tracker:
If you are not using any influencer tool, you can calculate the reach by asking your influencer for the analytics report of their sponsored post from social media and Google.
Engagement helps you in understanding how well your influencer’s post has performed amongst their audiences. It also helps you in understanding how well your brand has been received and your relationship with the audience.
Engagement can include a variety of actions across social media platforms. Some of the important actions that you need to look at are likes, comments, views, shares, clicks, votes, and mentions.
To calculate engagement rate:
Engagement Rate: Total Engagement/ Total Number of Impressions
Engagement alone is an insufficient metric. Hence, the engagement rate is calculated to understand how the engagement has been received compared to the total impressions.
How to track the influencer marketing metric – Engagement
Influencer tools like HypeAuditor give a detailed account of the engagement your influencer’s posts receive. As you can see in the screenshot below, the campaign tracker from HypeAuditor gives engagement rate per post as well as total engagement.
With the engagement chart, you can see how the engagement has changed with the money spent on a daily basis. The authentic engagement checks for the engagement fraud with influencers and verifies if the engagement is authentic or not.
If you are not using a tool to track your influencer campaign, you can go to each influencer’s post, add all the engagement actions and use the formula above to calculate the engagement rate.
Conversions may/may not be the direct goal of every influencer campaign, but it’s the main goal that any brand investing in influencers aims to increase. Conversions help you know how many sales you received with the campaign and if the growth matches the investment and effort.
To calculate conversions,
Conversions = Sales + (Downloads/ Sign-ups/ Clicks)
Conversions may not always be sales. At times, conversions could be an ebook download or a sign-up or link click. Based on what matters most to your business, you can identify conversions with your influencer campaigns.
How to track the influencer marketing metric – Conversions?
Most influencer tools have a metric that can help you track conversions using the platform.
Ideally, it would be easiest if you can provide your influencers with an affiliate link/ coupon code/ promo code, so every conversion from your influencer campaign can be tracked easily.
Identifying the metrics that truly define your influencer campaign success can be a tedious process. But, working around these metrics and aiming to improve them can put you on your path to success.
Because of the success that marketers have received with influencer marketing, even the biggest brands leverage it to increase their awareness and conversions. Influencer marketing has worked when no one predicted and hence, it’s crucial to add it to your marketing mix.
If you have any questions regarding the influencer metrics discussed above, please feel free to share them in the comments below.