Traditional marketing campaigns are evaluated with clear metrics and KPI’s. It is clear, how to measure results of banners and ads, but what should be measured about influencer marketing? In this article, we will try to give the key points of evaluation of campaigns with influencers.
First of all, don’t undervalue traditional metrics, such as Google Analytics and social media own statistic tools. And don’t forget the fact, that every analytics is started with clear goals. As soon as the goal of the campaign is set, go on to 4 main metrics of influencer marketing. They are the reach, engagement, leads, and brand mentions.
It is the total number of people who saw your content on social media. Previously this metric was one of the most informative, but with the practice of buying fake followers, its significance is declined. Though, don’t discard it. Pay attention to how many times your post was seen by those followers or other social media users, and the number of clicks on a post or link to proceed to your brand’s website or social profile.
This means any interaction with an influencer’s post. Track the number of likes, comments, reactions, and shares a post gets. The cost-effectiveness of engagement is calculated as CPE (cost-per-engagement) and means how much every single like, share comment or reaction costs. The lowest CPE is the best one. Influencer engagement can indicate the future of brand loyalty among your consumers. It’s a really powerful way your brand can track long-term ROI (return on investment).
The concept of lead generation is one of the mail marketing goals. To generate leads you may use three three pricing models: cost per thousand views (CPM), cost per every click (CPC) and cost per action (CPA). CPM and CPC can seem relatively cheap, but by converting to a lead, it may eventually be more expensive than if you’d bought leads from the beginning. To measure how many people and leads are coming to your site via a specific influencer, ask to add UTM parameters to URLs. It is especially useful while working with blogs and Facebook influencers.
Mention is a great way to measure how awareness of your brand changes and track how often it is mentioned online. Brand tracking tools allow to find mentions of your brand and let you know about them. This can be realized in real time via push notifications, through email alerts or by monitoring the dashboard of a service. As your first tracking tool, you can use Google’s own instrument that is free and easy to sort out or use a paid service.
We believe that an influencer marketing campaign is one of the best marketing moves your brand can make. It can net you over 11 times the ROI of banner ads and PPC when done correctly.