Influencer marketing is one of the most rapidly growing segments within the digital marketing domain. You can very easily find plenty of jargon online stating what it is and how you can use it. Such tactics can easily give you the much-needed kickstart with your marketing campaign. But, how do you know if your influencer campaigns are proving fruitful? Surely, there are metrics such as sales and referrals that can tell you if your marketing strategy is working, but what if you need to know which ones are performing better?
In this article, you’ll find answers to all such questions.
But, before moving on any further let us understand what does a successful influencer marketing campaign means.
A successful marketing campaign
Any marketing strategy is successful only if it effectively drives sales. So is the case with influencer marketing as well. But, since the primary objective of influencer marketing is not to drive sales, it would rather be impolite to measure its success thereby. As the experts at https://socialbook.io/ opine, a better measure of the success rate of influencer marketing can be the loyalty it brings to your brand. Since the principal goal of the same is to build brand awareness and help businesses tap into new markets, measuring the conversion rate is, therefore, a critical key index that marketers use to measure its success.
Now that the context of success in terms of influencer marketing is a bit clear, you must be wondering how you measure this conversion rate. So, without any further ado, let’s list some of the key performance indexes that you can use.
How far does your content reach?
Since improving awareness for your brand requires your branded content to reach as much of your target audience as possible, you can use this reach to measure the success rate. Though the followership that your influencer partner has can give a firm figure of how far your content is sure to reach, there can be more patterns. For this purpose, you can make use of the following metrics.
- Impressions that your posts receive
Regardless of whether the post on Instagram or Youtube has been shared or liked by the viewer, impressions refer to the people it came across. Simply put, the total number of people that view your branded content can give you an idea of how many people know your brand. So, you can expect more clarity about how effectively your brand is gaining recognition.
- Traffic that came through the referral link
Since your partnership with the influencer is meant to drive referral traffic to your website as well, you can use this measure to learn which influencer is performing better. You can use your website’s analytical tool to measure how much traffic your website is receiving from the referral or affiliate links. Learning about referral traffic is crucial as it can help you figure out the effective conversion rate to assess the sales patterns.
How engaging is your content?
Learning about how many people have come across your brand is an incomplete measure of the ROI for your investment. According to a study, more than 40% of users click back after reaching a website to never return, even if this reversal does not affect the bounce rate of your website. So, you need a more effective measure of your campaign that can allow you to know if your strategy is bringing in any returns. Learning about how many people that came across your content liked it, shared it, or even left a comment on it can be a good way to measure the same. Simply put, the fraction of impressions that convert to engagements is a more precise measure for confirming returns on your investment.
Different engagements can reveal a different story. For instance, likes can reveal that people are interested in your content, sharing it means people are recommending it while commenting can imply that people wish to be a part of your family. All of these measures are critical when it comes to measuring the inclination of your target audience. However, if you can ably measure the rate of engagement in terms of individual impressions, you can better target your audience. Thus, you can retarget your audience and even curate fresh content intended to cater specifically to your most loyal set of audience.
Can you measure the revenue generated?
Of course, you wish for improved sales out of your marketing efforts. Or rather, you expect to improve your revenue generation through influencer marketing. But, none of the aforementioned metrics are sufficient to measure the revenue generation. Though these measures can clearly state if your campaign is successful, yet as a business owner you need figures in terms of revenue to believe the success rate. This is where you can use a few innovative KPIs including affiliate links and promo codes.
Typically, these codes and links can only be used once. Moreover, they differ for each user. This means you can track the number of conversions that any influencer or their affiliate links bring in for your business. Since these links and codes are essentially used for making any purchase with your brand, you can also measure the revenue that each partner of yours has brought you. Additionally, using sophisticated analytics tools such as Google Analytics, you can reconfirm the real conversion from spammy or fishy ones.
Summing It Up!
If you’ve been following up till now, you must have realized that some of these measures are similar to the ones used for measuring blog success. However, since you cannot control the content that influencers publish other than yours, you can also not control the impact they can have on your brand.
As far as measuring the success of your influencer marketing campaigns is concerned, with appropriate tools and apt knowledge of the key metrics you can surely drive better results for your business. And if needed, you can consult with your partner to make changes to your strategy or replace it altogether. All you need to do is be consistent with your efforts.