We’ve put together a comprehensive strategy guide on how to measure Influencer Marketing Success before you start to get submissions!
What are KPIs?
KPIs or Key Performance Indicators is a measurable value that demonstrates how effectively your brand is achieving key business objectives. Each department will use different KPI types to measure success based on specific business goals and targets. Having a data driven approach to determine the success of failure of Influencer campaigns will help you evaluate the campaign.
It’s recommended to have a S.M.A.R.T goal when setting KPIS and goals. SMART stands for – specific, measurable, attainable, realistic and time based. This way, marketers and agencies can measure campaign success on a more granular level.
Step 1: Set campaign goals/objectives for accurate ROI and Tracking
Firstly, setting clear goals and objectives for your campaign is very important. This determines what kind of influencers to work with, types of content, brand key messaging, social media platforms etc.
Some common influencer marketing goals for marketers include:
-Increase brand awareness
-Reach new/target audiences
-Improve brand advocacy
-Manage brand reputation
Image via Statista
Orient Influencer Marketing goals also includes the below:
-Increase brand awareness
-Promote product or service
-Promote product or service review
-Increase website traffic & clicks
-Increase App installs
Image via Orient’s Campaign
Step 2: Define metrics to measure campaign performance
Secondly, with the campaign goals and marketing objectives set, the next step is to identify the metrics or KPIs to measure them.
KPIs to Measure Influencer Marketing Success
So how do you know that you are using your Influencer Marketing budget wisely when it comes to influencers?
Let’s define our main objectives and KPI metrics so we can make informed decisions.
Main KPIs includes:
- Conversion rates
- Reach & Awareness
- Referral traffic
- Audience Growth
The ultimate end goal for brands is to drive growth and sales revenue, and this is where the conversion KPI metric comes to play. An easy to way to track conversions is to compare the changes in sales before and after the campaign. For more advanced marketers, using affiliate links, UTM parameters, promo codes, landing pages and link tracking. However, conversions are not necessarily all about sales, it can be used on any desired action determined by the brand. This could include newsletter signups, downloads on apps or e-book, clicking on a link.
2. Referral Traffic
Referral traffic gives you a good indication of the campaign’s reach and the ‘fit’ of the target audience. You can analyse the metric provided by Google Analytics and compare them with metrics such as new visitors, referral sources, total page views, and time on site.
3. Brand Reach and Awareness
The main benefit of using influencer marketing is the quick and effective reach with the influencer’s audience, which in turn increases brand visibility. Metrics include impression data on social media posts, blog posts, videos and other content within the campaign. Similarly, this can be viewed through social media site analytics, influencer’s post analytics and Google Analytics if you compare new versus return visitors when the campaign is running.
4. Audience Growth
Audience growth can be tracked with social media analytics, email list and the number of new sign ups during the campaign.
Engagement is essential as it gauges how your brand is being received, how strong your relationship is with your audience, and how relevant you are, and how loyal your customers are.
-brand mentions and tags
Micro Influencers generate higher engagement
Most ORIENT posts generates 2-5% engagement, so if you’re looking for high engagement influencers, have a look at Orient’s Influencer Marketing Platform!
Image via Orient
For instance, if your brand goal is to raise brand awareness, the KPIs could include number of impressions, engagement, clicks, brand mentions, follower growth etc.
If you’re unsure of which KPI metrics to choose, we recommend looking using common performance metrics used by marketers. According to Linqia, engagement is the most-used metric in influencer marketing programs (cited by 90%). The majority of marketers also use clicks (59%), impressions (55%), and conversions (54%). Other metrics such as reach and product sales are also popular.
Image via Linqia
Step 3: Determine goals and performance metrics to measure individual influencer success
It’s very important for brand marketers to utilise the influencers who are over-performing, and cut out the underperforming ones. This ensures that the marketing budget and resources are well optimised and spent.
Individual influencer should align well with your brand and campaign goals. Some metrics to measure this includes:
-Number of clicks to landing page/website
-Conversions to customers
-Amount of user-generated content created
-Revenue and sales generated
You can also shortlist influencers to work with the brand on a long-term basis.
Step 4: Choose the influencer tracking platform
Using Influencer Tracking Platforms to manage the end-to-end campaigns will make it easier to track your campaign performance. You can then focus your time and resources on other areas that require manual involvement.
Orient’s Influencer Marketing platform allows brands and agencies to create multiple campaigns in minutes. The brand objective, goals and KPIs will also be defined on the application. Orient also monitors the performance in real time to track important metrics. This includes, engagement, impressions, reach, cost per engagement, ROI etc. You can monitor both the performance of the overall campaign, a post or an influencer.
In addition, Orient Influencer Marketing platform also provides the real data of influencer profile insights, allowing brand marketers to choose the right influencers to work with. This includes all true profile insights from the influencer’s insight profile. Including impressions, reach, engagement, audience profile (top countries, top cities, gender and age groups).
Image via Orient’s Influencer Marketing Influencer Profile Insights
Step 5: Evaluate and measure the Influencers
While most brands measure the performance of the overall campaign, it is also important to track each influencer’s performance from start to finish.
Look at the following KPIs:
-Unique URLs: Create a custom URL for each influencer to track the direct traffic coming from that influencer’s social media post or blog post. We recommend using a cleaner link for influencers to post. For instance, you can create a unique URL using a redirect through services such as bit.ly.
-Unique discount codes: Provide a custom discount for each influencer to share with their followers. This metric will be helpful in measuring which influencers brought in x amount of sales. A discount code could be “Influencername15OFF”
Measure and determine long-term success with your Influencer Marketing Campaigns
Long term success should be measured compared to the projected KPIs for bench marketing. Did the influencer outperform the KPIs set? Did they drive the results you were looking for?
It’s important to understand that each influencer is a different experience. Each influencer has a different set of expertise, audience base, and unique point of view. The key to success to keep testing different groups of influencers.
Moreover, we recommend to run Influencer Marketing campaign more frequently. The key is to have smaller campaigns to eliminate under-performers and focus on a fixed set of successful influencers.