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Are you measuring your Influencer Marketing campaigns correctly?

Blog iConnect Our online journal

The rapid rise of influencer marketing in the advertising and marketing world has been nothing short of spectacular. Brands have been lapping up the success this technique provides them with both their hands. The value for money campaigns, far superior engagement rate, capturing the imagination of the internet savvy consumers have all helped the influencer marketing concept to grow by leaps and bounds. A successful brand campaign made by social media influencers can do wonders for the company. But how will a marketer ascertain if the campaign was successful or not? To gauge the success of an influencer marketing campaign, brands should keep an eye on top KPIs (key performance indicators) and keep measuring their impact. This blog will look out for the KPIs that every brand marketer working in the influencer marketing space should be tracking.

Return on Investment

For any brand marketer to assess the success of their influencer marketing campaign, return on investment (RoI) is the most crucial KPI. Understanding the RoI will help the brands and marketers know if the money they have spent on the campaign was worth it.  According to an industry report, if the influencer marketing campaign is efficient, each dollar can generate up to $18 for the brands, which is a massive number. On average, the same report said that the brand could generate up to $5 for every dollar spent on influencer marketing. But tracking the RoI is not easy for the brands because the campaigns are often designed to create brand awareness, and their primary objective is not sales. But if the brands are developing the campaigns to generate sales, tracking RoI becomes the most important KPI.

Engagement

Another important KPI that is equally significant for brand marketers to determine the campaign’s success is to monitor the post’s engagement from the audience.  The better the engagement on the post, the more likely it is to succeed.  Brand marketers should not put their entire focus on the number of followers that the influencer has. Instead, they should look at the conversation happening around the campaign, which can be in the form of likes, comments, shares, brand mentions, and reactions. To get the maximum eyeballs, brands should track if the audience engages with the content and the influencer engages with their followers.

Conversion

Any desired outcomes that a brand is seeking from the audience on their influencer marketing campaign can be termed as conversion. This action can be anything from subscribing to e-mails, newsletters, clicking on a link, following the brand on social networks like Instagram, Facebook, Twitter, Youtube, and TikTok, or making an actual purchase. Therefore, it is vital for the brands to clearly define what they mean by conversion well ahead of launching the influencer marketing campaign. The move will ensure there is no ambiguity on measuring this KPI to gauge the project’s success.

Brand Awareness

One of the top reasons for newer brands to get into influencer marketing is to create awareness for their brand amongst their target audience. And influencer marketing, with the help of the influencers, can introduce your brand to their followers and help it reach a broader audience, which was unavailable till now to the product. Therefore, any brand that has devised an influencer marketing campaign on social media platforms like Instagram, Facebook, and TikTok with the primary objective to create awareness and buzz for the brand or product should track this KPI very closely.  Once the campaign ends, brand marketers should check factors like the brand’s reach, mention of the brand names on social media platforms, and their followers. Tracking these factors will help brands conclude if the campaign achieved its objective or not.

Apart from these critical KPIs that every brand should keep a keen eye on, there are other indicators like content, web traffic, influencer post volume, and user-generated content that marketers should track actively. If any brand has based its KPIs on the factors mentioned above, there are chances that it will become easier and much more accurate to assess the impact of the influencer marketing campaign.