There is a lot of effort involved in identifying the best people for your influencer marketing campaign. Outreach, negotiations and setting deliverables is important to keep your project on track. In order to solidify your campaign’s effectiveness, you have to decide success metrics from the get-go.
Key performance indicators or KPIs determine the effectiveness of any campaign. As a marketer, only you can decide what success means for your business. KPIs vary across campaigns, jobs, projects, and there is no set metric for everyone.
Of course, there are common goals marketers want from influencer collaboration. For example, 33% of the businesses want to raise awareness for their business through influencers. Overall, the brand holds the strings and here are some important metrics that determine the success of most influencer campaigns.
The way you are monitoring your Website Traffic
Website traffic is a very important metric to monitor when working with influencers. Be it social media or your website, built-in analytic tools can easily tell you how many people visited the site.
Traffic coming in through influencer referrals shows the effectiveness of their endorsement. Based on the referral numbers, you can determine whether a partnership worked or not. Facebook, Twitter, and YouTube enable link sharing in captions and descriptions. Instagram influencers have to post links on their story (for those with 10k+ followers) and in the bio section.
You can track website visitors on the website through Google Analytics, which gives a complete breakdown of traffic and its sources.
When looking at website stats through Google Analytics or any other tool, you can note down
- New users on the website who visited the first time, through referrals
- Sessions to see how long people stayed and browsed the site
- Page views based on days, weeks and month
- Social channels and devices through which people visited your site
What are the Key Engagement points
This metric is based on the goals of your campaign. Be it customer acquisition or brand awareness, you can find out if the campaign worked by checking influencer engagement numbers.
Not many people succeed in developing content that engages the audience. That’s why brands have started turning to influencers because they create highly engaging content.
The reason why every brand wants to partner with Irfan Junejo now is that he has built a community around his personal brand. As a marketer, it is very important to work with an influencer who has the ability to align their content with your brand message.
Check out this video of Junejo where he is cheering on for Babar Azam during the Cricket World Cup. In the comments, people are telling him that this video makes them feel like they’re in the stadium. Irfan’s sponsors, Oppo and Emirates got high engagement rates out of this partnership.
You can find out engagement on different social channels by finding
- Number of likes, comments, and shares on the sponsored posts
- Subscriber count, likes, dislikes and comments on YouTube
- Likes, comments, saved, followed on Instagram
- Follower increase, likes, retweets and replies on Twitter
You can also use helpful tools like Buffer and Hootsuite to check engagement rates in one go.
Conversion Rate is the bottom line
The most important goal of any influencer campaign is to get more business. Any campaign that is not boosting your conversion rate and not getting any leads is a problem. The wonderful thing about real-time analytics of today is that you can tweak the campaign midway if something is not working.
Once you identify social mediums and influencers who give you most returns on investment(ROI), you can add them in future partnerships and follow a model in the future. You will be able to adjust your campaigns based on data and eliminate chances of failure.
The average Influencer marketing conversion rates after measuring 150 campaigns were found to be around 2.55%. These numbers describe campaigns that have invested in influencer marketing, but there is always room for creativity and improvement.
If you have sponsored posts on social media, you can get the lead generation numbers through paid vs organic metrics. On your website, Google Analytics can present you with a customer acquisition report.
Influencers can also send you statistics of their sponsored posts which can give you a fair idea of conversions vs leads.
Businesses love Sales
This metric is specifically important for small and medium-sized businesses. Given the budget restraints, many businesses don’t invest in marketing altogether. Thankfully, the trend is changing in Pakistan. we notice business partnerships often on social media, designed to get more sales.
When working with influencers, there are a lot of ways to increase sales. For example, adding links to your product pages, designing promo codes, etc. If you want to track it further, you can add trackable links for a product as well.
Beautify by Amna worked with Tahleel Khan on a unique promo code. Followers of Tahleel could benefit from this code and get discounts on Beautify by Amna products.
If your business starts receiving a flurry of orders after influencer endorsements, you can consider the job done.
Influencer Marketing Impressions
If your goal is to spread more brand awareness, then creating more impressions is your KPI. Impressions give you an idea of how many people viewed your content. It is information about people reached by you or the influencer, and you can design future campaigns with the help of this data.
It is not to confuse with engagement, because impressions are only the times when people saw a post. You can request the influencer to send you this data as a part of your monetary agreement. An impression is a metric that is pretty much the same on each social medium, so you just have to go to the analytics section and find it.
Here are our endnotes on the topic
Influencer marketing can play a huge role in uplifting the image of your brand. You can invest in influencer endorsement and reach more relevant customers at a much-reduced cost. But you can only see the process working by notifying the correct metrics.
Out of many KPIs, we listed only a few which are commonly considered in every campaign. You need to figure out which metrics matter the most for your business. If you want to partner with brands or influencers for an upcoming campaign, our team would love to help you out.
Featured Image Credits: @irfanjunejo