Written by: Shathyan Raja
Digital marketing has been booming all around the world due to the sudden Covid-19 outbreak. Hence, both offline and online businesses are now leaving no stone unturned to leverage the power of digital marketing.
One of the popular forms of digital marketing is influencer marketing (according to 92% of marketers).
Are you about to launch your influencer marketing campaign? Have you already launched a campaign?
Whatever your case may be, you must know how to quantify the success of your influencer marketing campaigns.
In other words, you must be able to measure the ROI (Return on investment) of your campaigns. However, it is not a cakewalk to do that.
About Measuring the Success of Influencer Marketing
Key Performance Indicators (KPIs) can help to measure success in this regard. When it comes to deciding whether the influencer marketing campaign was successful or not, you must consider your business goals.
What was your business goal before launching the campaign? Did you want to move up your website traffic or boost brand awareness?
A successful influencer marketing campaign helps a brand to set goals in every marketing channel (chosen by the business).
The best way to measure influencer marketing success is to use a data-driven approach. The evaluation helps to analyze the shortcomings of the current campaign that you can use to boost your next campaign.
Moreover, measuring the campaign’s success would help you set a budget for your upcoming influencer marketing campaigns.
Streamline the Success Measurement of Your Influencer Marketing Campaign
Do you want to streamline? Then, you must have specific business goals!
I know you want to know the strategies for measuring the success of the influencer marketing campaign.
However, if you want to streamline the success measurement later, then you must have a precise business goal before running your campaign.
Whether it is an email marketing campaign or an influencer marketing campaign, you must set specific goals for your business.
In terms of influencer marketing, the first task is to find the most appropriate influencer to align with your campaign.
You might have already determined your target audience.
Now, it is time to check whether your shortlisted influencer is aligned with the target audience or not.
Moreover, the influencer must be able to generate high-quality, valuable content.
Do not forget to check the level of reputation of the influencer.
Above all, your budget must suit the expectation of your shortlisted influencer.
In other words, you must get appropriate value at the end for the investment in the campaign.
Once you have chosen an influencer, it is time to set specific goals for your campaign. Thus, it would be easier for you to track the success later.
Note that tracking the campaign’s success is not easy as it sounds. So, you should leave no stone unturned to ensure the groundwork before launching the campaign.
You should take the following parameters into account to set your goals to streamline the success measurement:
- Website traffic
- The number of followers in social media platforms after the campaign
- Mentions in social media channels
- Post engagement shares or rate
Congratulations! You are now ready with your business goals in terms of the influencer marketing campaign.
Measure the Success of Your Influencer Marketing Campaign: A Step-By-Step Guide
Follow the steps below and conclude whether your influencer marketing campaign got successful or not:
Check how far your Brand Message has traveled:
Analyzing the reach of the influencer marketing campaign helps to figure out the performance. In other words, the campaign must help your brand to reach more target audiences.
The KPIs or key performance indicators below should help you with the measurement of influencer reach.
Measure the Influencer Followers:
Note that influencers not only have human followers but also get bots and brands as followers.
Hence, you cannot fully rely on the influencer’s follower count to measure the campaign’s success.
But, the metric can still help you to figure out the approx. count of people to have got your brand message.
The influencer follower count indicates the approx. count of times your brand message is shown to your target audiences.
So, if your sponsored post received 2,000 impressions, then it had been seen 2,000 times.
Of course, you won’t be sure whether 2,000 human beings have checked it out or not. However, you would still have some idea of the reach of your brand message.
Analyze the Traffic Data
When it comes to measuring the reach of a campaign, traffic data comes up as the most trustworthy metric.
Traffic data indicates the accurate volume of traffic that has reached from the influencer’s account to your business website.
Measure the traffic data and you can easily track how many people have been influenced by your brand message.
Measure Audience Engagement & Evaluate CPE (Cost Per Engagement):
Measuring the influencer marketing campaign’s reach is not enough. You must track the engagement rate of your target audiences with your sponsored post.
So, start measuring each and every statistic of all of your sponsored posts and stories. Do not forget to measure the following metrics:
Once you know the number of clicks your sponsored post has received, you can easily figure out how many of the target audiences have reached your post.
Measuring the number of likes on your sponsored post is also imperative. Thus, you can get to know the number of people that have shown interest in your post.
If your post gets more likes, then you can expect your post to get moved up on social media rankings.
The number of shares indicates how many people have found your post insightful or valuable. In other words, people that have shared your post are interested in your products or services. You would need to nurture those leads to convert them into paying customers.
Moreover, the shares also imply that people are interacting with the content of the influencer and recommending the post to their networks. That means you can expect your brand awareness to have moved up after the campaign.
Comments are the most powerful tool to measure the engagement of your sponsored post. The more comments your post gets the more people are highly interested in your business.
You should also consider the reactions and brand mentions for your post to track your campaign’s success.
When it comes to Instagram, you would need to check the count of the saved posts.
Have you collaborated with an Instagram influencer? Then, you need to get the insights of your sponsored post from the influencer.
Sending you the post insights is a cakewalk for the influencer. He/she would get to the post insights and take a screenshot of it to send to you.
On the other hand, if you have partnered with Facebook influencers, then you can leverage the power of a paid marketing tool. Thus, you can get to know an in-depth overview of the performance of your campaign.
Have you collaborated with a blogger? Then, the above strategy would also apply to this case.
The number of likes, shares, comments, and reactions on your sponsored post would help you track the overall campaign’s performance.
Thus, you can get to know whether or not and how much your post has influenced your target audiences.
How to Calculate the Cost per Engagement (CPE)?
Have you already calculated the count of your user engagements? Great!
Now, just divide your total advertisement investment by the count of user engagements.
Let us take an example below:
You have invested $5000 for your influencer marketing campaign. And the influencer has managed to get 2,000 comments, 20,000 likes, and 2,000 shares for your post. So, the total count of engagements is 24,000. So, the CPE of your campaign would be $5000/24,000 = $0.21.
Track Your Target Audience Growth:
Do you want to get a high return on investment for your influencer marketing campaign? Yes?
Then, you must consider the demographics of audiences to whom your post has reached.
To ensure the high performance of campaigns, you must ensure your post should reach the correct target audiences.
Leverage the power of Google Analytics Demographics report. Thus, you can get to know if the influencer is putting enough effort to spread your brand post.
Let us take an example:
You sell cosmetics for teenagers. Definitely, your target customers are teenage girls.
However, to increase the sales of your products, you have to reach teenagers’ parents.
In other words, the sponsored post should be able to convince their parents to get them to buy your products.
It is of no use to reach teenagers with your post, as they cannot make buying decisions on their own.
So, if your Google Analytics Demographics report shows teenage girls as the maximum web visitors, then your sponsored post surely needs some changes.
Otherwise, your influencer marketing campaign won’t bring many benefits to you.
You must have Patience!
Once you have launched an influencer marketing campaign, give it 30 to 60 days to reach your target audiences.
When the waiting period is over, you can start measuring the campaign’s results.
It is true sponsored posts yield maximum sales in the first couple of days after getting launched.
However, some potential customers also use promo codes after some time the campaign gets launched.
That means you must wait some time to get to know the accurate performance of your campaign.
Measure Conversion Rates:
The main goal of any marketing campaign is to convert target audiences into paying customers. So, if your campaign brought a low conversion rate, then the performance has not been up to the mark.
So, how can you track the conversion for your campaign?
You need to measure the following metrics:
- The number of sales of your products
- The count of email subscribers
- The number of free trial sign-ups
Is there any way to check if these conversions have been brought by the influencer campaign?
There are two options:
Leverage the Power of UTM (Urchin Tracking Module) Tags:
Urchin Tracking Module or UTM tags help brands to measure the performance of their online marketing campaigns.
When it comes to providing a site link to an influencer to promote it, you must ensure to attach UTM tags to that link.
As a result, you can analyze the Google Analytics report with ease and measure the page visits and conversion rates led by your campaign.
You can also take the help of a marketing automation software program to check the performance metrics.
However, there is no hard and fast way to make use of UTM tags.
The standard method of doing so is to use the following:
utm_source=Facebook (if you are targeting Facebook for your influencer marketing campaign)
Thus, it gets simpler to measure the conversion rates for the link that you provided to the influencer.
Get a Landing Page Developed for Your Influencer Marketing Campaign:
A specific landing page for a marketing campaign can render more insights into the campaign’s performance.
Once you get a landing page developed, you need to send its link to the influencer.
Wait for some days and then start measuring the success of the campaign.
So, if you receive conversions on your landing page, then you can rest assured about its source (definitely from your influencer marketing campaign).
How can an E-Commerce Business track the success of the Influencer Campaign?
When it comes to measuring the campaign’s success, e-commerce businesses get some advantage over other businesses.
The number of product sales is a direct indicator of the influencer marketing campaign’s performance. However, it is a bit difficult to verify whether the sales were brought by the campaign or not.
For instance, you have observed a surge in product sales after running the campaign. However, there is no way for you to conclude if the campaign has got this result for you.
To avoid such conflicts, you can leverage the power of discount codes. You just have to configure it on your business website.
As a result, your target audiences can complete shopping from your website via the influencer. So, when a buyer completes shopping, you can find whether the lead was contributed by the influencer or not. The credit goes to discount codes!
Influencer Marketing Campaigns: How to track Long-Term Success?
The success measurement of an influencer marketing campaign depends on the business goals you set at the beginning.
And you already know some waiting period is there before you should start tracking the performance.
For instance, a blog post may call for a couple of months before getting traffic. On the other hand, an Instagram post may need a week or longer to be presented in front of your target audience.
So, how to track the campaign’s long-term success?
You should measure the success, according to the key performance indicators or KPIs you set before launching the campaign.
Did the influencers bring you the results you aimed for the campaign? You have to find the answer to this question to shape up your future influencer marketing campaigns.
Do not go for any unrealistic goals for your campaigns. If you are going to launch your first influencer marketing campaign, aim for only potential customer engagement and brand awareness.
It is because people do not know you. In other words, the influencer’s followers would get to know about your business from the campaign.
So, measure brand awareness and engagement rate to analyze the campaign’s performance.
Have you already launched a couple of influencer marketing campaigns? Then, one of the significant KPIs that you should consider for the next campaign is sales.
So, measure the sales and compare the margin before and after the campaign. You could get to analyze the performance with ease.
Are you going to run multiple influencer marketing campaigns? Then, you would have to figure out the performance of each influencer after the campaigns.
To do that, you need to make use of affiliate links, Urchin Tracking Module (UTM) tags, and coupons with your campaigns.
Thus, you can measure the success of each campaign and the performance of each influencer you have invested in.
So, you are now familiar with how to track the success of an influencer marketing campaign. Follow the strategies and you can easily measure your ROI and the performance of the influencer for your sponsored post.
As a result, you can plan your next campaign accordingly and expect better results. Always have a solid plan and precise realistic expectations regarding your campaigns.
If it is needed, then collaborate with some other influencer on your next marketing campaign. All you need is expected results in terms of increased traffic, brand awareness, sales, and profit margin.
It is high time to measure your influencer marketing campaign’s success.
Do you have any experience in influencer marketing? Let us know your thoughts!
Hi, I’m Shathyan Raja, a Growth Marketer focused on Performance Marketing in User Acquisition & Product Growth.
I have worked extensively on Mobile App Growth & E-commerce. Also, I have a blog called Online Business Bay, where I share my knowledge on Digital Marketing for Online Businesses.