- Guest Author
Influencer Marketing Metrics: 3 Components To Effectively Track Campaigns
We hear it in the media, from friends or colleagues: Influencer marketing is successful in increasing sales.
However, hearsay is insufficient for highly qualified marketers. Only facts matter. In my personal opinion, most brands need to improve their influencer marketing campaigns. Without sensible tracking, you will achieve fewer results and increased costs.
Surveys prove my point of view. According to Rakuten Marketing, 39% of US American brands affirm the following decision:
Our leaders would be more likely to invest in influencer marketing if they could measure its overall impact on business growth.
That is more than one-third of brands!
In this guest post, I will elucidate how to effectively track influencer campaigns. Consequently, you may improve your results, achieve your goals and become a more highly qualified influencer marketing manager all around.
Obviously, you need to consider your goals before you can start tracking.
Do you want to enhance your name recognition, increase purchases, or reach more people?
You should focus on one of these primary goals.
Depending on your goal, your metrics will change. For example, a marketing manager who focuses on revenue will prioritize sales-related metrics. This could be the number of purchases, the total revenue, or something else.
Hence, you must translate your goal into measurable actions. Otherwise, it will be impossible to properly measure your results.
Influencer Marketing Metrics At A Glance
Input, Output, Outcomes: All of these metrics are decisive to realize a high-quality influencer marketing campaign.
Without the corresponding input, you do not reach out to sufficient influencers to realize your marketing aims. For instance, if you want to sell products worth 1,000,000 dollars, it does not suffice to pitch your product to three influencers.
The same concept applies to each metric. You need to go the extra mile to get what you want. Set yourself a goal for each of these metrics to achieve your overall aim.
1. What Is Input?
Input refers to all activities in the research phase. These activities include but are not limited to:
• the outreach to influencers,
• invitations to events,
• the sending of collaboration requests in general
• or the distribution of business cards during fairs.
During this phase, you should count the total number of contacted people. But how does this measurement work?
You can realize this by measuring the number of people you emailed, reached out to, or simply invited.
2. A Definition Of Output
The output comprises all influencer confirmations. For instance, let’s say you want influencers to promote your fitness wristband. Then the output includes all influencers who decided to be part of your fitness campaign. They confirmed to collaborate with you.
Thus, you realized a measurable output.
However, influencer confirmations are only one part of the equation. Output also includes how many influencers turned up for your product presentation, became long-term partners, or joined your influencer program.
3. Outcome Explained
The outcome is nearly synonymous with your marketing aim in its entirety. These are the goals mentioned at the article's beginning such as increased sales. However, you can quantify the outcome, which is not always possible for mere marketing aims.
Some example outcomes are:
• 5000 achieved sales
• a 20% higher engagement rate
• 1,000,000 newly reached users
Key Performance Indicators: Measure The Success Of Your Campaigns
• Engagement rate: It is the percentage of users who interacted with an influencer’s content. An interaction can be a comment, liking the post, or sharing it.
• Click-through rate: The mentioned parameter allows you to determine how well the content is in getting your audience to take a specific action. You can compare the click-through rate to other influencers.
• Cost per click: It refers to the paid compensation for every click. Let’s say you paid the influencer 1,000 dollars and you realized 2000 clicks. Then, you have a cost per click of $0.50.
Audience growth: This metric comprises the number of newly gained followers due to influencer collaborations.
Reach: Reach is a crucial metric for many brands. 59% of brands tracked the campaigns’ in 2019 to evaluate how successful they truly were. (source: Rakuten Marketing) This value allows you to track the number of persons who viewed your influencer ad.
Impressions: Another crucial component are impressions. You can find out how often the reached users viewed your content. It is a more accurate measurement.
You can measure traffic by analyzing social media insights. Just check the link clicks in your story insights.
Lead generation, sales, and revenue are the most significant KPIs in this category. You can either measure the number of leads, purchases, or total revenue. It depends on where you are in the customer journey process.
These indicators allow you to compare multiple influencers. You can conclude which type of influencers you should focus on in the future. For instance, if lifestyle influencers offer better engagement rates and costs per click than fitness influencers, you should focus on this target group.
Influencer Marketing Metrics: A Conclusion
Influencer metrics offer you significant insights into a campaign's success. It will enable you to constantly improve your results. According to author James Clear, if you become one percent better daily, you are 37 times better at the end of one year.
What if that will happen to the results of your influencer marketing campaign?
Get started today and analyze your campaigns!
About The Author
Managing Director Niklas Hartmann is an influencer marketing expert with 8 years of professional experience. He is the author of the German book “How to Become a Successful Influencer“ which has been released by mitp publishing house. He took eighth place at the prestigious Tiger award in the category "Business Bestseller of the Year."