3 Key Metrics to Measure in Influencer Marketing
dateJuly 24th, 2020
Although 2020 is the year of uncertainty and significant changes, Influencer Marketing is still proving to be a dominant player in the paid social realm. Data provided by Influencer Marketing Hub indicates that the Influencer Marketing industry is projected to grow $9.7B within 2020. So, although the tactical complexities of campaigns are evolving, leveraging influencer partnerships is still an authentic and impactful way to reach your brand’s objectives.
One of the most critical steps in building an influencer program is understanding your objectives and metrics to determine campaign success. One of the most common mistakes brands make is focusing on vanity metrics, which lack the data we require to understand performance levels or inform future strategies. Although vanity metrics such as follower count can look great, this information can be misleading and take away from how your campaigns are truly performing. It is essential to look at data that will support your brand’s ROI and shape future strategies. Below are three key metrics to measure the success of your next influencer campaign.
As the demand for ROI and performance marketing becomes more critical for brands, conversions are becoming increasingly significant for influencer campaigns. Influencer Marketing Hub released its The State of Influencer Marketing Benchmark Report: 2020 and shared that conversions/sales are now among the top reporting metrics for influencer campaigns. It is important to remember; a conversion does not necessarily need to be a sales-based activity. It could be a link click, downloading a PDF or signing up for a newsletter. A great way to track conversions is by setting up trackable links, such as UTM codes or sharing a promotion code with an influencer. These help brands understand the exact number of people who took the appropriate actions from the campaign.
Reach and Awareness
While having a consumer take the desired action from influencer content is important, creating reach and awareness is an impactful measurement of influencer success. It is one of the first steps in boosting brand recognition, establishing relationships and potentially introducing a consumer into the sales funnel. To track, ensure both reach and impressions are taken into consideration, as reach gives a more accurate picture of how many people viewed the content.
This metric is incredibly important for building brand trust and relationships with consumers, something becoming increasingly imperative during a time of social dividedness. 34% of businesses believe that engagement is still an essential measurement of campaign success. Always calculate Engagement Rate, as it will provide accurate insight into how an influencer’s engagement is performing against the impressions. The primary metrics for engagement include
- Direct Messages
Account Executive, Digital and Social Media