How to analyze the performance of your influencer campaign
Finding influencers and setting up influencer marketing campaigns is a big job, but it's well worth the effort (at least for most brands). But what's the point in getting these campaigns up and running if you don't know how well they're working or where there is room for improvement?
Some companies may not bother with influencer marketing at all because they aren't sure how to pursue it, which could mean they are missing out on a big opportunity to get new leads.
By analyzing the right metrics and ignoring the ones that don't matter, you can make your campaigns more effective and stretch your budget further.
Based on your goals, decide which influencer campaign metrics to track
Before you can decide which metrics to track, you need to clearly define your goals for the influencer marketing campaign.
For example, do you want to increase sales or do you want to educate people more that your brand exists (brand awareness)? Are you looking to generate more leads or is there some other type of engagement that you are currently focusing on? You might want people to share a post instead of clicking through to a landing page.
Knowing what to expect from your influencer campaigns can help determine which metrics to track and whether they work in your favor.
Awareness metrics for influencer campaigns
Three awareness-related metrics to track are reach, impressions, and audience growth:
- To reach indicates how many people may have seen the influencer's contribution. It reflects how many followers the influencer has.
- Impressions can give you a better idea of the number of times viewers actually saw the post as reach can be difficult to track and potential viewers are not the same as actual viewers.
- Audience growth How many new followers your social account received as a result of the influencer marketing campaign. It's a bit difficult to keep track of exactly why you're getting new followers, but if you're getting an influx of followers while an influencer campaign is running, this is a good indication that it's working.
Awareness metrics, as well as engagement metrics (which we'll discuss next), can usually be tracked using social data from the social platform itself or from a third-party tool.
The influencer social data that the influencer should share with you for the posts you sponsored, as well as your own account social data, contains all of the information you need to track awareness metrics.
Metrics for the engagement of influencer campaigns
Tracking metrics to track include engagement rate, click rate (CTR), and cost per click (CPC).
Overall, engagement metrics show you how well your audience received the campaign and what it did as a result. When an audience is inspired to act, your campaign is doing its job.
- Engagement rate is the percentage of the audience that somehow interacted with the influencer's post. This includes, for example, people who liked, commented on, and shared the post.
- CTR is the percentage of the audience that clicked your ad (or the link the influencer included in the post).
- CPC is how much you pay for each click of the link in the post. The lower the CPC, the better.
Sales metrics for influencer campaigns
At some point, you want to generate income from your influencer marketing efforts. This is where sales metrics come in. The factors to consider are lead generation, revenue, and revenue:
- Lead generation indicates roughly how many leads were generated by the influencer marketing campaign. The more leads you get, the more opportunities there are to make sales.
- sales is pretty self explanatory: you keep track of the number of sales that are a direct result of the influencer campaign (more on that in a minute).
- revenue is also self explanatory: you keep track of how much revenue those sales generated.
With sales metrics, you need to create trackable links so that you can find out exactly which links led to which sales. Using specific links in your influencer campaigns will tell you where leads or customers clicked the link that led them to the next step in the buying process.
In addition to, or as an alternative to, trackable links, you can create custom promo codes that the influencer will advertise to followers. That way, whenever people use the promo code to make a purchase, you know that they learned about your brand, product, or service through that particular influencer post.
By combining trackable links with promo codes, you can have your bases covered even if someone clicks the trackable link but isn't using the promo code.
Traffic metrics for influencer campaigns
If you're hoping to drive traffic to your website through an influencer post, keep up with traffic metrics.
You have a CTR, which is the number of times a link was clicked in an ad or post, but you also need to keep track of actual website traffic. People can click the link but then move away from your website before it can load. That way, by clicking in an inaccurate way, you can keep track of the actual growth in website traffic. (However, click-through rate is still a solid indicator of an ad or post's performance: when people click the link, it means they are doing a large part of their work.)
Traffic analytics can be accessed either through your website itself or through Google Analytics for a more complete view of the traffic. You can also check the bounce rate, pages per session, page views and time on site to see if and how your web traffic is growing and how valuable that traffic is.
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It's not always easy to determine the ROI of your influencer marketing campaigns, and frankly, no single metric will tell you the exact number.
However, if you pay attention to the right statistics and know what to look for, you can get a pretty accurate snapshot of a campaign's performance. With this knowledge, you can then optimize your current influencer campaign for better chances of success and decide whether you want to work with this influencer in the future.
More resources on influencer campaigns
Create (and upgrade) influencer campaigns
The six secrets of successful influencer campaigns
How to Find & Hire Social Media Influencers (Infographic)