It’s nearly the end of 2022, and we’ve finally reached a stage where brands need to measure influencer marketing campaigns.
But can we even measure an influencer campaign? Isn’t that what all the fuss is about – the inability to quantifiably track ROI in influencer marketing?
Well, you can!
Why measure influencer marketing ROI?
Metrics in marketing are critical. That’s how you take budgeting calls, but the reason brands must measure influencer marketing campaign success goes deeper.
- It shows what works and what doesn’t work, saving wasted effort, time, and resources.
- It identifies campaign strengths and increases the ROI of future campaigns.
- It helps grasp which influencers work the best for you, allowing you to segment top-performing creators and invite them for further campaigns.
How to measure different goals in influencer marketing?
How you measure the ROI of an influencer marketing campaign depends upon the goal: getting more eyeballs, building awareness, reaching more clicks, etc.
1. How to measure brand awareness in influencer campaigns
If the goal is to create a market presence through influencer marketing campaigns. Then what you measure is how people are responding to influencer content.
a. Keep an eye on the follower count
If you see an uptick in followers on your social handles after an influencer marketing campaign, it is a sign of more awareness.
b. Check for those impressions
A better way to measure influencer marketing campaigns when you’re hoping for more awareness is through impressions. Here, find the total impressions influencer content made and check for the impressions on the brand’s handle.
c. See how many views you’re getting
In case the campaign relied on video content, then the best barometer to measure the effectiveness of your influencer marketing is the number of views.
d. What is the reach
Reach is a better metric to measure influencer campaign success because the majority of social media users just see content. They never engage with it.
e. Length of session
For influencer campaigns that link back to your website, the best metric is how long the sessions last. The number should always be higher.
2. How to measure engagement in influencer marketing
Most brands erroneously believe influencer marketing can only increase awareness. It doesn’t. Influencer campaigns are full-funnel. So, if your goal is to build interest, consideration, and intent in your audience, the metric to measure in influencer marketing campaigns is engagement.
a. Engagement rate
To know whether your brand, product, or service is clicking with the audience, measure the engagement rate (ER) of the influencer content. The formula to calculate ER is likes + comments + reposts + retweets (or any other action the platform allows) divided by the total number of followers.
If the campaign is diverting customers to your brand’s website, track what actions they are taking to measure if your influencer marketing is hitting the nail on the head. Do they sign up for an account or a newsletter, add products to their carts, or do they share the page on social media?
c. Bounce rate
In a real-world scenario, not every site visit is going to lead to a conversion. As people navigate to your website, most of them will drop off. If your bounce rate is higher than the standard, it’s a signal that your influencer marketing campaign is not working.
3. How to measure conversions and sales
Brands, even as established as Revlon, are struggling to get noticed. This is why influencer marketing is booming. With platforms becoming shoppable, influencer campaigns are now generating leads, conversions, and sales.
So, how do you measure influencer marketing success in terms of sales? You assign trackable and unique URLs to each influencer to gauge the number of sales a specific creator generates. The added advantage here is a better idea of how to budget future campaigns.
Don’t get #cancelled; measure influencer marketing ROI
Influencer campaigns have plenty of KPIs. Measuring each manually takes time and effort that you don’t have.
But not tracking campaign success is not an option.
The answer to this conundrum is an influencer marketing platform that automatically measures the ROI.
Let DYT take care of the logistics, while you take care of the #thngs that matter most.