Half a decade ago it seemed that the term “influencer marketing” was just a business buzzword that wouldn’t amount to much. No one realised that it was set to be worth $15 million in 2022.
Now that marketers are aware of its potential global success, it has become a primary advertising channel and one of the most effective ways of building a brand from the ground up.
If you are reading this blog, you either fall into the category of being deeply invested into influencer marketing already and wanting to know if it was the right decision OR you have been putting off collaborating with influencers because you are unsure of how to measure the results of a campaign. In whichever case, we’ve got you covered.
Without further ado, here are the top tips on how to measure influencer marketing campaigns.
Why is it important to measure marketing effectiveness?
In layman’s terms, measuring marketing effectiveness essentially means to analyse and describe the impact and efficiency of marketing.
When you effectively measure influencer marketing, you can assess what works for future strategies and what doesn’t. You can also better evaluate your performance, track where your leads and sales are coming from and spot areas for improvement. The rate at which you measure this effectiveness is entirely dependent on your personal timeframe, goals and objectives.
Simply put, keeping track of and measuring the effectiveness of your influencer marketing campaigns will only be beneficial to you in the long run, as you will learn to better understand your business; setting future campaigns up for guaranteed success.
How to measure the success of influencer marketing
How to measure influencer marketing campaigns: Metrics and KPIs
A successful influencer marketing campaign is that which sets itself up for success in the initial stages. One of these first steps is deciding which KPIs (key performance indicators) and metrics you will use to monitor your campaign’s effectiveness.
The right KPIs will help you identify which campaigns and tactics have the biggest impact on whether you reach (or fail to reach) your sales and marketing goals.
With an extensive list of KPIs already out there, how do you choose which ones to define the success of your campaign?
In all honesty, there is no right answer, but there are things to consider when choosing the right ones for you:
Align your metrics with company objectives
Less is usually more
Avoid looking at metrics in isolation
Delegate reporting to one responsible team member
Now you know what to consider, here are just a few examples of KPIs that could potentially be of some benefit to you.
- Marketing Revenue Attribution – how much revenue have your digital marketing campaigns brought into your company?
- Customer Acquisition Cost (CAC) – total sales and marketing spend needed to gain a new customer. This is calculated by using the following formula: (total marketing expenses + total sales expenses) divided by number of customers acquired within your chosen time frame.
- Digital Marketing ROI – calculated by using the following formula: (sales growth – marketing investment) divided by marketing investment.
- Organic traffic and your top 5 entry pages
How to measure influencer marketing campaigns: Deadlines
Setting time frames and deadlines to accompany your goals/objectives will create accountability and help keep you focused. Sticking to deadlines will ensure you are doing all that you can to lead a successful campaign.
Which leads us to…
How to measure influencer marketing campaigns: Scheduling
Once you have established a timeframe for your campaign, assign checkpoints along the way to track your progress. These will be essential to understanding what is working and what isn’t. There is no rule on how often this should be done, but experts suggest scheduling more in the initial stages of the campaign.
How to measure influencer marketing campaigns: Use the tools
They’re there for a reason!
Google Analytics is the most commonly used tool, but any and all software will help you track your campaigns and better understand your leads and customers.
There is no single marketing tool that can cater to the needs of everyone, so it is wise to pick one based on the goals you are aiming to achieve.
How to measure influencer marketing campaigns: Benchmark your performance
This allows you to capitalise on growth opportunities and spot areas for improvement, as well as allowing you to gain competitive advantage and set more meaningful and achievable targets for your campaign.
How to measure influencer marketing campaigns: Don’t stop testing
Even when your campaign is running full steam ahead, test test test.
Knowing how to measure influencer marketing campaigns is knowing that the key to success is consistent testing and analysing. After all, there are no disadvantages to continuous testing; only the benefits of being able to adapt new ideas from test results for an overall better performance.
We hope this has given you some insight into a few tips and tricks on how to measure influencer marketing campaigns. As a marketer, it is in your best interests to figure out which measurements to implement in order to test the effectiveness of your campaign and further improve your chances of success for now and the future.
How do you measure the success of an influencer marketing campaign?
This all depends on whichever metrics you choose to measure the campaign’s effectiveness. These metrics should be aligned with your campaign goals and regular analysis and testing should be conducted to determine whether you are meeting these or not. Some examples of key metrics and KPIs are:
- Using marketing tools
- Benchmark your performance data
- Check your online feedback
How do you analyse an influencer marketing campaign?
Using marketing tools such as Google Analytics will allow you to analyse your influencer marketing campaign.
If you want to receive our industry insights, visit our Influencer Marketing & Social Media blogs here.Contact us
Most Popular Instagram Hashtags | Tiktok Hashtags | Instagram Monetization | Facebook Banner Size | Snapchat Influencers | Most Subscribed Youtubers | Best Time to Post on Youtube | UK Twitch Streamers | Female Twitch Streamers | Popular Tiktok Songs | Male Tiktok Influencers | Lgbtq Tiktok Influencers | The Rise and Fall of Clubhouse | Influencer Marketing on Clubhouse | LiketoKnowit | Pretty Little Thing Instagram| Social Marketing Agency