Influencer marketing is a very powerful asset for marketers because it sells through trust and a connection already established. The right influencer spreading the word about your brand can yield very profitable results. However, the same reason it is so powerful is also why it is harder to track and quantify results. The factors that can impact a buyers purchasing decision from an influencer marketing campaign are vast, but if we are investing in it, then we must be able to quantify the impact.
Influencer marketing will continue to grow as social media and content outlets grow. The more platforms there are, the more ways there will be for people to connect. Some influencers have a strength in a particular platform while others boast significant followings on them all. The good news for marketers is the influencer market provides more options than ever – offering influencers from different industries, different price points and different types of content. Brands can pinpoint an influencer that fits their brand voice by reviewing their content, engagement, and audience demographics. Here are some great ways you can track and quantify your Influencer Marketing Campaigns:
Make sure you have a baseline average of what the engagement of the influencer is per post. You should know their average views, video views, likes, saves, comments, reactions, and any other action their followers take. Compare this baseline to the engagement data from your paid influencer posts to gauge who their audience reacted. Average or above is successful, while below average could lead to a more organic approach by the influencer in the next post.
It’s not if followers are commenting and sharing, it’s about what they are saying. A campaign with 100 positive comments that clearly shows the audience likes the post will yield a higher ROI over time than a post with 1,000 comments and half of them are vocal about not liking the influencer promoting your product. Instead of just tracking the number of comments over time, also track the rate of approval from these comments.
Knowing your influencer’s following and history combined with your sales data should begin to give you an idea of how long it may take for the influencer to ‘win over’ their followers enough to take significant action and create an increase in revenue. This is important for budgeting, it is not uncommon for an influencer to promote a product or service for months or years before the ultimate goals of the company are met. If you have a smaller budget, it will be crucial for you to choose the right influencer and the right content for them to post because you will likely have a shorter length of time and smaller amount of posts to get your influencer to move the audience to action. Also, do not be fooled if the influencer creates immediate ‘buzz’ and you start increasing revenue from the first few posts – how often your customers purchase is then a crucial piece of data to understand if there is a point of no return with the influencer marketing your product.
Marketers set boundaries and limits on who they want to add to a potential list of influencer matches for their campaign. For example, “find me a list of influencers with nothing less then 50k followers,” to ensure they gain the exposure they are after. This is natural, especially with so many influencers in the market now. But it may be beneficial to also look below your original threshold. Influencer marketing works off of trust, so you can also build trust with influencers who are growing their followers. The more followers and engagement the influencer has, the more money they can charge to promote products – so any dedicated influencer will continue creating content steadily as they work to their goal. If you can find an influencer that fits your tone-of-voice and their content is in line with how you’d like your campaign to look, do not cross them off your list if they don’t have enough followers right now. For a smaller budget, you can build loyalty with these influencers and grow as they grow, much like investing in a stock.
Using promotional codes and tracking website behavior is part of the influencer campaign as well, but because influencers usually have an audience that likes their specific style and personality, we must have unique and flexible ways to measure efforts. If you need further information on influencer marketing strategy, email us today at email@example.com