Influencers can provide tremendous value to a marketing campaign. High-quality content is used by top-tier influencers which helps to start organic conversations about a company with its target demographic. Businesses gain exposure at the very least, but many businesses desire more. They want to see a clear relationship between influencers and sales.
If you use or are thinking about using influencer marketing in your marketing strategy, you must track your metrics to ensure it is a cost-effective marketing channel for you. We’ve determined the crucial parameters to monitor in order to evaluate your performance.
1. Return on Investment (ROI):
The basic measure to monitor while operating influencer marketing programmes is return on investment (ROI). ROI is simply the revenue or profit earned by an influencer campaign divided by its cost.
By keeping a close eye on the ROI, you will understand exactly which influencer is helping your brand get more reach and engagement and ultimately, driving more sales.
2. Cost per Acquisition (CPA):
CPA, or cost per acquisition, is the amount of money spent to acquire a single customer. Influencer marketing campaigns allow you to calculate the acquisition cost based on how much you pay the influencer.
Checking the CPA rates of influencers beforehand will help you choose the right influencer for your brand.
3. Brand Awareness:
We often end up buying the products of our favorite influencers or celebrities.
Happened with you too?
Well, this is the power of influencers!
While choosing influencers for your brand, make thorough checks on their profile, their followers, their engagement rate, etc. This will help you to understand how far you can build your brand awareness based on that particular influencer!
4. Website Visitors:
By making the use of Google Analytics, you will be able to understand how many repeat visitors you have on your website and also the new visitors on your website after the influencer campaign.
Based on the data, you can re-target your repeat customers through offers and offer special discounts and coupons like introductory offers and/or welcome offers for your new customers.
5. Engagement Rate:
You should always look out for the amount of reach and engagement an influencer has brought.
By doing this, you will exactly know what impact a particular influencer has produced on your brand.
Track influencer content in particular to track likes, shares, and backlinks (i.e., how many times other sites mention your content). You should also check at the content’s comments for information regarding its attractiveness or what people liked/didn’t like about it.
6. Influencer Engagement Rate (IER):
The influence engagement rate (IER) is the proportion of engagements to followers that influencers had at the time they posted your campaign. The higher the IER, the more relevant your message was to their target audience.
Use this to locate other influencers, such as those who provide you with high IERs.
Summary:
When done correctly, influencer marketing may help you develop brand awareness, expand your reach, generate sales, and engage new audiences. When working with influencers, it is critical that you have the necessary tools to track their influence so that you can identify where to devote more resources in the future.
Remember that influencer marketing is not a one-time event. It takes time and nurture for results to appear. However, by tracking the indicators listed above, you may determine which influencers provide positive ROI and improve your performance over time.
