Influencer marketing has been present since the late 1800s, but it has only recently emerged as an important approach in digital marketing. There is no doubt that influencer marketing works; otherwise, it would not be a $8 billion business. Several case studies indicate that influencer marketing generates enormous returns. However, investing a lot of money and producing fantastic content would not get you anywhere.
You could wonder:
What’s the harm?
Because influencer marketing is riddled with complications ranging from fake influencer profiles to overblown performance statistics. As a result, it is critical to understand which KPIs to monitor in order to correctly track and measure your campaign. In this blog article, we’ll go through which influencer marketing KPIs are essential for determining the success of your influencer marketing strategy. However, before learning what these metrics are, it is critical to establish your goals and objectives in order to determine which metrics you should be monitoring.
KPIs might be based on industry benchmarks or prior marketing success. Evaluating your return on investment (ROI), like with any other marketing effort, will determine success. Here are some top influencer marketing KPIs to consider in order to evaluate your campaign’s ROI and increase your budget as your efforts thrive.
Sales and Conversions
Tracking influencer conversions and sales frequently necessitates the use of attribution techniques like affiliate links, discount codes, and/or UTMs. Tracking influencer revenue is typically the programme KPI that receives the most attention.
A conversion happens whenever a user responds to a call to action, such as signing up for an event or subscribing. The more prospects and tools you take advantage of, the more conversion metrics you’ll have to deal with.
One of the primary reasons businesses collaborate with influencers is to increase brand awareness. Before you can anticipate clients or sales, you should first get your name out there, and one of the greatest ways to do so is through an influencer marketing campaign. If brand recognition is the primary goal of your influencer marketing plan, the following KPIs should be monitored:
Impressions and Reach
One of the benefits of working with influencers is their big audience. This is your chance to reach an audience you would otherwise not be able to reach. Instagram defines “impressions” as the number of times a single user has viewed your post, whereas “reach” refers to the total number of unique users who have seen a certain post. All of this information is accessible via Instagram Insights, which is available to all Instagram Business accounts.
Increased follower count or audience growth is a key indicator of brand awareness. To track your following growth during the campaign period, you may use a variety of third-party applications. After the campaign has ended, you can view your mutual followers by going to your influencer’s profile, selecting “Followers,” and then selecting “Mutual.” This is about the amount of followers you acquired as a result of the collaboration. Don’t forget to look at your mutual followers before the campaign begins to obtain a more accurate figure.
Hashtags And Brand Mentions
During the campaign, how many times was your brand’s name or campaign hashtag mentioned? Mentions are a powerful indicator that your campaign is having an impact.
Although the conversion KPI is crucial to watch with influencer marketing and influencer marketing platforms, it’s not the only thing to consider. The quantity of visitors the campaign delivers to your site should also be monitored. The reason for this is because referral traffic will give you a decent indication of the campaign’s reach. It may also tell you a lot about the campaign’s overall success. It’s crucial to note that conversions don’t always tell the full picture, because if your site isn’t correctly designed for conversions, it’s conceivable that the campaign was still effective even though sales didn’t grow.
Monitoring referral traffic may help you with this since it will tell you how many visitors arrived to your site as a result of the promotion. The good news is that you can use the same tools to track campaign-driven traffic that you used to track conversions, such as promo codes, and so on. Furthermore, you may compare the data supplied by Google Analytics to pre-campaign metrics to determine performance, and the ones to pay attention to are:
- Referral sources
- New visitors
- Total number of page views
- Total time spent on the site
Engagement is an essential KPI since it gives you a more detailed picture of how your campaign was received. Again, traffic and reach will tell you how many there are, but audience and engagement will tell you how well they are performing. Engagement is important since it indicates how your brand is seen, how strong your relationship with your audience is, how relevant you are, and how loyal your consumers will be. A single engagement can refer to any of the following activities done by your audience:
- Views of videos
- Brand mentions
Some of your influencer initiatives may thrive in addition to your paid efforts. For example, a sponsored influencer article may be shared by their audience frequently enough to go viral. This type of growth is termed organic, and it generally occurs when the material is ‘meme-worthy’ or ‘shareable,’ and it appeals to a large number of online audiences.
In marketing, a Lead is a person or an organization who is interested in your product or service. The final stage of the marketing process is lead generation. Leads like traffic may be created through influencer marketing platforms. However, unlike website traffic connections, these links lead to the acquisition of customer information through form fills, collateral downloads, or other similar actions.
You may now inquire:
What is the purpose of the Leads?
Once you have a Lead, you must nurture them with your brand’s content and encourage them to make a purchase.
Influencer marketing and influencer marketing platform both are a strong avenue via which businesses may scale up their marketing efforts. However, if you don’t know how your campaign is functioning, any digital marketing endeavor will fail.
Numbers and numbers are the cornerstone of effective marketing strategies, and they are critical in assessing campaigns and making adjustments in future efforts based on your learnings.
As a marketer in an increasingly digital environment, one thing remains constant: data and analytics are the keys to uncovering the secrets of unrivalled success, whether in influencer marketing or traditional marketing efforts.