Measuring the effectiveness of your influencer marketing is a tricky business. While there are is a lot of available information on how to pull off an effective marketing campaign, there is a dearth of information on the metrics that can be used to determine a campaign’s success.
A successful marketing campaign should ensure excellent performance on all indicators. I would compare it with all the Spectrum offers I receive as part of my subscription newsletter to ensure the excellent provision of Internet, TV and voice services. Brands may have a lot of influencers under their belt but it is very difficult for them to prove the return on investment.
Ways to Measure the Effectiveness of Influencer Marketing
It is very important that you make your goals and objectives very clear to an influencer before partnering up with any. Opt for a data-driven outlook from the start that can easily be used to interpret success. And make sure that your objectives are clear and measurable. By using different social media benchmarks, you can follow up and review your goals.
After setting your goals, you can set up various metrics to track and report on your goals. Some of these are:
The Engagement Rate
Engagement rate refers to the number of likes, comments, shares and retweets extra on a post, video or an image. It is an indicator of a user’s interaction with your brand’s content and its essence. Measuring user/customer engagement is an easy process. If you are working on one campaign at a time, just add the number of engagements received by different influencers. It will give you an idea about your brand’s performance on this metric.
The Brand Awareness
This metric tells you about the number of views received on a piece of content. The more people view an influencer’s content, the better for your brand. Although it should be kept in mind that it is not an accurate metric to measure people’s engagement with a piece of content. It merely gives you an idea regarding people’s knowledge about it.
The process of measuring brand awareness varies across platforms. On Instagram, an influencer can send a screenshot of impressions to you by setting up a business account. On Facebook, you can use the ‘reach’ metric to measure awareness.
You can measure the increase in traffic by setting up Google Analytics. The best part about setting up these analytics is that the data gets stored and you can always check history to measure the increase in traffic over time.
Some of the metrics to measure website traffics are the number of new users, the total number of sessions during a period, the total number of pages consumed during a period, the average time spent by a user on the website and the partners that are the most active in driving traffic to your website.
Increase in Sales
Measuring the success of an influencer in driving up sales can be measured by taking your brand’s strategy into account.
If the strategy regarding the sales has an affiliate marketing section or a discount code, you can just add up the number of unique codes used by the customers. The number of codes will give you an idea about influencer’s performance on this indicator.
However, if the strategy has no such section or discount code, you can employ Google analytics to measure total monthly revenue and rate of growth to determine the increase in sales.
Download Frequency of an App
There are two ways in which you can determine the frequency of download. Either you can get access to the hosting provider or you can build UTM tracking links for a different durable source of tracking the downloads.
The Database Growth
To grow your database, you need to access an email marketing platform. This platform will help you through its in-built metrics to recognize active users and calculate your database progress.
In order to measure a campaign’s success, have a clear idea of how many email addresses you should be targeting at a time in order to check your influencer’s performance.
Amount of Content Created
You’ll need to physically count the amount to measure the performance on this indicator. However, you can start by allotting a dollar value to every piece of content. Then you can measure the return of investment and value generated by this content during a campaign.
Sentiments and Audience Data
These come in handy when you have to approach a new audience with the latest product/service. Audience data is a measure of your followers and their interest. Sentiments are the audience’s response to your brand and its products. These are not easy to measure and require the involvement of some third party metrics.
These 8 ways are sure to help you in accurately determining the effectiveness of your influencer marketing. With this guide, managing a successful influencer marketing campaign should be as easy as it is to make payments in the Spectrum Billing tab on My Spectrum app.