It is essential to know how to measure the success of an influencer marketing campaign, and for that, you need key performance indicators (KPIs). Many KPIs serve a purpose for different elements of your strategy, but when it comes to influencer marketing, the five essential ones to focus on are reach and brand awareness, engagement, referral traffic, user-generated post, and conversion.
These KPIs will allow you to track your improvement, measure success in fulfilling your objectives, and help you stay on track with your influencer marketing campaign.
Reach and Brand Awareness
Brand awareness has a vital role to play in marketing. One of the advantages of partnering with influencers as your marketing strategy is they have a massive audience that can enhance your brand’s visibility. Thus, you need to track impression data on the campaign posts that you created specifically for the campaign. This data can be generated through social media site analytics, through your influencer’s site, and social media analytics, and through your own Google Analytics if you compare new versus return visitors when the campaign is running.
Evaluating the impression of your campaign will help you to discover how many people you have potentially made aware of your product or service. Furthermore, evaluating the impression will also help you understand the significance of each influencer and define which influencer and campaign is the most effective.
One of the most tangible measures of your influencer marketing is the rate of engagement. Engagement is the measurable interaction that your content gets. You need to keep track of these metrics to estimate your influencer engagement rates;
- Clicks – Clicks are a way to understand attention levels in your audience. However, it is also significant to maintain a good proportion of clicks, likes, and shares.
- Likes – Likes are the simplest way to measure content reach. They also help you quantify, to a degree, the buzz around your influencer content.
- Shares – Shares are also a measurement of content quality. If people recommend your content to their social media circles, they’re more likely to recommend your products too.
- Reactions – Facebook’s algorithm gives more weight to post reactions than your simple likes. Seeing as they require more effort, they are a better gauge to understand the content sentiment.
- Comments – Depending on the number and nature of comments, you can tell whether or not your audience likes your content.
- Brand Mentions – Measuring brand mentions help you to track where your content is being referred to.
This means the number of people who reach your page from a specific link. Referral traffic or CTR is the same in that you can track them through customized links or UTM parameters. E-commerce brands usually run referral marketing campaigns using influencers to encourage followers to shop with a unique discount code or landing page. In this case, referral traffic can be measured by the number of times a product was bought using the unique code or page.
When collaborating with an Instagram influencer, you give them a branded hashtag to promote your product and brand. Then the influencer will encourage their followers to repost their campaign and mention your branded hashtag when they upload posts related to your brand. This strategy will help you get a lot of user-generated content. By tracking the number of posts created using this hashtag, you can discover the significance of your influencer marketing campaign.
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You need to reach several goals with influencer marketing, including improving your reach, growing your audience, driving engagement, and boosting traffic to your pages. However, the main goal is always leading growth and sales, where your conversion rate KPI is needed. To track conversions, you can generate it by the influencer marketing campaign to track sales before, during, and after the campaign and compare any sales fluctuations that occurred when the campaign was running. You can set up affiliate links, UTM parameters, promo codes, landing pages, and link tracking for the campaign for a more sophisticated method. That means you can track the traffic sources of customers who converted during the campaign.
It is crucial to track and measure various influencer marketing KPIs by determining the effectiveness of an influencer marketing campaign. You should measure KPIs related to the goal you want to reach for your influencer marketing campaign. After tracking your influencer marketing campaign KPIs of your marketing strategy, we hope you can finally figure out if it was successful or not.