Influencer marketing has quickly become a very popular marketing strategy. According to Google Search Trends, it has spread so far that it has surpassed print marketing. Reasons for this include low costs and high returns on investment. Of course, popular social media personalities have a wide reach and a loyal fan base. But how do brands and marketers measure the success of their influencer marketing campaigns? While influencer marketing has been proven to be effective, determining ROI remains difficult. Let’s look at the best ways to evaluate the effectiveness of your influencer marketing campaign.
Determine the campaign’s reach
There are a few metrics that show how far your message has travelled if your goal is to expand reach through influencer marketing. These metrics are as follows:
Impressions
Check the amount of impressions created by the influencer’s post to get a sense of how many times your brand’s post was seen by individuals.
Followers
Look at how many followers the influencer has. Based on this, you’ll have a general idea of how many people will see your sponsored post, though you should double-check how many of those followers are genuine, as numbers aren’t always everything.
Traffic
You must track the number of people who come to your website via the influencer’s link to do this. This only applies if the influencer included a link to your website in the sponsored post. You can use a spreadsheet to track this data and determine how much buzz the influencer’s post produced.
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Determine Campaign Participation in Influencer Marketing
Even if your campaign goal was to promote engagement, you shouldn’t assess success solely on the number of engagements. You should also determine the cost per engagement to obtain a better picture of your ROI. Engagement on posts reflects how engaged people are in your brand and its items. To measure engagement, keep track of the following metrics:
Likes
You should look at how many people like the influencer’s post. This will show you how many people have interacted with the post. More likes can even help your content rank higher on social media channels.
Clicks
The number of clicks indicates how many people were interested in the content.
Shares
Shares also reflect how many people were interested in your material. The shares indicate how many people are suggesting your influencer’s material to their friends and family.
Comments
The greater the number of comments on the post, the greater the level of involvement. The comments suggest that the audience is really interested in the topic. These metrics can be tracked and entered into an excel sheet to give you an idea of the total number of engagements on the posts. To calculate the cost per engagement, simply divide the total cost by the total number of engagements.
Calculate the revenue earned
If your goal is to generate sales through influencer marketing, you must determine how many sales have been generated in order to calculate your ROI. There are several ways to find out, including:
Affiliate hyperlinks
You can make affiliate links and distribute them to your influencers. You’ll be able to track people who click on these links and make a purchase. Influencers typically receive a commission for each sale that they produce. These links will also show you the number of times each link was clicked. You’ll even know your average sales value and total number of sales. This allows you to determine the success of your campaign as well as the performance of individual influencer.
Analytics by Google
Google Analytics can also aid in the tracking of online sales. You can create a “Event” to see which clients visited your website as a result of the influencers’ posts. This will assist you in determining the sales ROI of your influencer marketing campaign.
Coupon code
Promo codes have two functions. The first is that they provide exclusive deals to your customers. However, the second goal is considerably more critical. You can use them to track purchases made as a result of influencer marketing. Determine the number of customers who used the codes to make a purchase and then use this information to calculate your ROI.
Make use of software
Because all of the procedures discussed above are difficult, you must devote a significant amount of time to determining and measuring the parameters. Then, go a step further and analyse them to determine your overall ROI, which complicates the entire process. You may quickly determine the ROI of your efforts with the help of software. Certain software allows you to easily track everything from your total spend to customer purchases and find the right influencers.
Success Evaluation Measuring the performance of your influencer marketing strategy may appear difficult. However, with regular follow-ups and tracking, you can easily calculate your ROI and use software to efficiently measure the success of your campaign.
