In this comprehensive guide, we will delve into the realm of Influencer Marketing Metrics and understand the key performance indicators (KPIs) that play a pivotal role in optimizing your influencer marketing strategies.
As brands harness influencers’ power to connect with audiences, mastering metrics becomes imperative, especially considering that 63% of consumers are likely to buy products from influencers they trust.
Join us to unravel essential metrics and insights into influencer collaboration performance.
Table of Contents
Importance of Setting Goals to Measure Influencer Marketing Metrics
Goals help you focus your efforts on what works, providing a direction for your campaign. Each goal should have a specific number and a deadline.
For example, instead of a vague goal like “increase web traffic,” aim for something precise like “boost website visitors by 30% in 4 months.” Ensure your goals are challenging yet achievable to keep your team motivated.
These influencer marketing metrics and goals serve as benchmarks, guiding marketers in aligning collaborations with broader business objectives.
Firstly, by setting clear and measurable targets, you can effectively measure the success of your campaigns, whether it’s increasing brand awareness, driving engagement, or boosting sales.
Additionally, influencer marketing goals also enable brands to focus on specific key performance indicators (KPIs), allowing for precise evaluation and optimization of strategies.
Influencer Marketing Metrics: Goals and Measurements
Selecting and monitoring Key Performance Indicators (KPIs) not only highlights success but also facilitates effective communication of achievements with your team and superiors. Below are the influencer marketing metrics you need to keep an eye on:
1) Brand Awareness
To enhance brand awareness in your campaign, it’s crucial to monitor the reach, engagement, and impressions of your content.
Additionally, pay attention to mentions of your brand in influencer-generated content, with careful consideration of the nature of these mentions and comments. If you observe an unexpected rise in negative sentiment, it’s important to identify the issue promptly and address it.
Campaign ideas for Brand Awareness
One way is to team up with influencers who have a massive following that aligns with your target audience. These influencers can make sponsored posts showing your brand to their audience, using their credibility to grab attention.
Another way is through user-generated content (UGC). Influencers ask their followers to create and share their posts about the brand on social media.
For example: Airbnb worked with influencers to encourage followers to share their dream travel wish lists using #AirbnbWishList. This not only made more people aware of the brand but also built a sense of community and support for the brand.
Hosting influencer events or takeovers is also a good way to make more people know about a brand. Brands can invite influencers to attend events, launch products, or have exclusive experiences, creating excitement and sharing the brand with a bigger audience.
Influencer Marketing Metrics to Track:
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- Followers: Track new followers gained during your campaign, starting weeks before launch to distinguish campaign-driven growth.
- Impressions: Measure how often your posts are seen to gauge brand visibility and refine influencer selection based on content reach.
- Campaign/Branded Hashtags: Utilize branded hashtags to track campaign performance, collect user-generated content, and simplify awareness measurement.
- Conversions: Monitor various conversion metrics (purchases, sign-ups) for a comprehensive understanding of influencer-led actions.
2) Drive Website Traffic
Another commonly pursued goal in influencer marketing campaigns is to boost website traffic. This involves teaming up with influencers to draw more visitors to the brand’s website, ultimately enhancing visibility and engagement.
Campaign Ideas for Driving Traffic to the Website
Working with influencers who market your brand’s website through sponsored material on social media, including product reviews, endorsements, or tutorials, is one successful tactic. These influencers can also offer trackable links that route visitors to the website.
Additionally, you can also invite influencers to contribute to your blog or website, creating valuable and engaging content that drives traffic from the influencer’s audience.
Giveaways and competitions with influencers are also good ways to increase website traffic. Brands can partner with influencers to host giveaways or contests that require participants to visit a brand’s website, sign up for newsletters, or explore specific sections of the site.
For Example: Daniel Wellington, a watch brand, became popular for its successful influencer marketing. Influencers shared their own experiences with the watches and gave special discount codes, making their followers want to visit the Daniel Wellington website urgently. This plan worked well, increasing the number of people visiting the website and turning them into customers.
Influencer Marketing Metrics to Track:
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- Use Google Analytics: Leverage Google Analytics to measure traffic and, gain insights into website visits, sources, and user engagement duration.
- Clicks (CTRs): Monitoring clicks and tags enables you to track how frequently followers engage with a link, irrespective of whether they liked, commented, or shared it on an influencer post.
3) Boost Sales and Conversions
In the end, the primary goal for brands initiating an influencer marketing campaign is to increase sales and conversions, with influencer strategies playing a key role in achieving this. To encourage audience purchases, brands might improve this by providing special discount codes or affiliate programs via influencers.
Example: Gymshark’s partnership team finds talent to share content with their products. On TikTok or Instagram, Gymshark Athletes, like @SopheAllen, showcase their latest hauls and offer discount codes, like getting up to 60% off using their affiliate links.
Campaign Ideas for Driving Sales and Conversions
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- Giveaways and Contests: 65% of marketers partner with influencers for giveaways, offering free or discounted products to boost engagement. Micro-influencers with engaged audiences are particularly effective in such campaigns.
- Product Collaborations: 62% of marketers collaborate with influencers for product launches, involving creators in designing or producing specialized content. To create anticipation, this includes reviews, unboxing videos, event activations, and pre-release content.
- Affiliate Influencer Campaigns and Sponsored Posts: Over half 57% of marketers use influencer-led advertising. In affiliate marketing, influencers earn a commission for each sale through codes or links. Sponsored posts involve brands paying influencers to create and share content, disclosed with hashtags like #ad or on-screen labels.
Influencer Marketing Metrics To Track
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- Provide Unique Promo Codes: Offer influencers special codes for discounts that their followers can use at checkout, allowing you to track sales generated through these codes.
- Differentiate Codes for Each Influencer: Assign distinct links or promo codes to each influencer for individual performance tracking, especially crucial if commission-based agreements are in place.
- Utilize Unique Discount Codes: Generate exclusive discount codes for influencers to identify which codes drive the most conversions to assess influencers’ effectiveness.
- Separate Sales Sources with Promo Codes: Use promo codes to distinguish sales originating from influencers versus other marketing channels, aiding in precise performance evaluation.
4) Engagement Rate
The last goal we’ll explore today in influencer marketing is boosting customer engagement. Here, the main aim is to establish meaningful interactions and cultivate a strong connection between a brand and its customers.
Niche influencers, with their specialized knowledge and dedicated following, excel at this, especially if they already have a passionate audience in a brand’s target market.
Thus, by leveraging their expertise and credibility, these influencers produce highly relevant and engaging content, that resonates with their audience. Featuring the brand’s offerings in their content enables niche influencers to generate authentic interest and spark conversations among their followers.
Campaign Ideas for Increasing Engagement Rate
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- TikTok Challenges: Capitalize on the trend by creating a branded challenge. A well-executed challenge can generate valuable User-Generated Content (UGC) and position your brand at the forefront of the latest viral trend.
- Brand Partnerships: Partner with other brands to develop a joint campaign, leveraging each other’s strengths to collectively promote products, similar to the collaboration between McDonald’s and Coca-Cola.
- Employee Content Creators: Turn your employees into content creators. Their insider perspective allows them to share your brand’s story and vision, offering a behind-the-scenes look that resonates with consumers.
- Fun Hashtags: Encourage followers to create content around your products using a catchy hashtag. Apple’s #shotoniphone is a prime example of user-generated content that boosts product discovery.
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- Holiday Campaigns: Seize opportunities during peak shopping seasons and create your holidays if needed. Leverage influencers to amplify your brand, especially during established holidays like Valentine’s Day or unique ones like National Pizza Day.
Influencer Marketing Metrics to Track:
Not all engagements hold the same value, so it’s crucial to track each content piece’s impact. Keep a close eye on the following for success:
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- Likes: While not always indicative of deep engagement, likes to serve as a signpost for impressions/views.
- Comments: Valuable for gauging audience reactions (positive or negative) and understanding interest in upcoming promotions.
- Shares: Reflect organic growth and expand the reach of influencer content within your audience.
- CTRs (click-through rates): By keeping an eye on clicks and tags, you can determine how often followers interact with a link, regardless of whether they like, comment, or share it on an influential post.
How to Calculate Influencer Marketing Metrics to measure ROI?
The initial step in assessing your influencer marketing metrics is measuring influencer revenue. At this stage, you should have key sales metrics on hand, including the total number of conversions, total orders, and overall sales.
Next, scrutinize the costs linked to your influencer program. Ensure you consider data such as product seeding costs, product discounts, Cost of Products Sold (COGS), shipping, and influencer compensation.
Calculate profit by subtracting costs from sales, and determine ROI by dividing profits by costs.
Tips to track and improve Influencer Marketing Metrics
1) Stay on top of all social media features
Keep in mind that social media has different ways to interact. TikTok, for example, lets users do reactions, duets, and stitching. Instagram Stories also have options like reactions, sharing, polls, and swipe-ups.
Understand how people can engage with your influencer content on each platform and include these actions when checking how well your campaign is doing.
2) Discuss your KPIs with your influencers
Engage in conversations about your campaign KPIs with your influencer throughout the entire process—from planning to execution and post-campaign analysis.
Openly share your goals and expectations to empower your influencers in assisting you to meet objectives. It’s acceptable to make adjustments to your campaign KPIs if needed; however, ensure clear communication with your influencer team to maintain a shared understanding of how success is gauged.
3) Include your influencers in events
Get your influencers involved when you’re organizing events, and keep an eye on the role they play in the event’s success.
If you’re planning something, consider how your influencers can be a part of it. Some brands even design their campaigns, especially experiential ones, with their favorite influencers in mind. This applies to live virtual events as well.
4) Repurpose content
Make sure to use influencer content on different platforms for better results. Putting influencers’ lifestyle content on your website, in emails, and on social media can help you save money for creating new content.
However, remember, to ask influencers for permission to reuse their content. It’s a part of influencer contracts to include rights for repurposing content.
5) Align campaign metrics with KPIs
Connect each campaign metric and KPI to the correct part of your marketing process. Your marketing funnel, which shows how people go from learning about your brand to making a purchase, should guide your influencer KPIs.
Additionally, similar to how you connected specific metrics to your objectives, you can assign numerical values to each stage in your marketing funnel.
Now that you know how to measure the influencer marketing metrics, allow us to introduce you to a tool that will not only help you find relevant influencers but also give you in-depth insights into your campaigns!
Meet Happine, Your Dedicated Influencer Marketing Platform!
Effortlessly connect and collaborate with top-tier influencers using Happine. Simplify influencer partnerships and impact monitoring through the user-friendly Happine.cc dashboard, transforming brand collaborations into a stress-free experience.
Key Features
- Discover Influencers: Effortlessly explore influencers based on criteria such as age, location, gender, followers, and keywords.
- Content Recommendations: Receive personalized suggestions for diverse influencer-created content to enhance your campaigns.
- Influencer Management: Efficiently supervise influencers and their content through the Happine.cc dashboard.
- Revenue Analysis: Track and analyze influencer-generated revenue to assess campaign performance.
- Automated Rewards: Automatically incentivize influencers upon reaching predefined milestones.
To Sum it Up
In conclusion, knowing and using influencer marketing metrics is vital for your brand’s success. This guide stressed the importance of using key performance indicators (KPIs) wisely to make influencer marketing more effective.
Also, since 69% of consumers trust influencer recommendations, these metrics not only help plan strategies but also show how much influencers impact people’s purchasing decisions.
Furthermore, to get started with influencer marketing we recommend you explore Happine. The platform is designed to help you find relevant influencers, manage campaigns, and gain in-depth insights into the performance of each campaign.
So, what are you waiting for? Click below to create your first campaign!
