When it comes to working with creators, brands (and creators alike) struggle with one very simple thing: tracking influencer marketing results.
Even if performance is still something that marketers are struggling to fully quantify since the metrics are still unclear, there is no doubt that UGC (user generated content) is outperforming brand-created content, showing that being able to witness your products in real life is as essential as your next photo shoot.
How can brands measure ROI?
One of the more impressive results from Influencer Marketing Hub survey was the finding that 70% or brands and marketers measure the ROI on their influencer marketing campaigns.
76% of marketers in a Linqia study said that the most significant influencer marketing challenge for 2018 would be determining their campaign ROI (9 Mind-Blowing Influencer Marketing Statistics)
Clearly, with influencer marketing now mainstream, businesses now understand the need to customise their ROI metrics to match their campaign needs, and the ease of having a platform that can guide them to do so.
Engagement rate comes first
We would always recommend looking at the engagement rate first and foremost.
The more engagement, the more reach you’ll get. It’s as simple as that. Engagement is not just great for conversions, but also for genuine conversations and audience insights.
As a way of comparison, engagement is much higher on Instagram than a platform like Twitter – including a baffling example of accounts with 1,000 followers at an engagement rate of 7.2% on Instagram, compared with 1.4% on Twitter. (State of Influencer Marketing 2019 report).
- Likes, Comments, and Shares: Engagement rate can be measured by calculating the number of likes, comments, and shares a creator’s content receives in relation to the number of followers they have. This metric is used to determine how much interaction the content is generating in comparison to the total number of followers.
- Click-Through Rate (CTR): CTR measures the proportion of people who click on a link within a post or advertisement. It helps businesses to evaluate how the content has impacted conversions and return on investment.
- Time Spent on Content: An essential metric to measure engagement rate is measuring how long people spend interacting with content. The longer viewers spend on a video or webpage, the more likely they are to be engaged with the material. Analysing the time spent on content can help businesses identify which creators have the most engaged audiences and produce more effective campaigns in the future.
Ways to track impact and brand awareness
There are a host of tools for creators to calculate their media value – and brands can access this number via their influencer marketing platform of choice.
- Use Tracking URLs and Discount Codes: Using unique tracking URLs or codes can help determine which creators are driving the most conversions. This information can be used to identify the most successful creators and refine future campaigns for better results.
- Analyse Brand Mentions and Hashtags: Analysing brand mentions and hashtags can be a great way to measure the impact of campaigns. In fact, by monitoring brand mentions and hashtags, you can identify creators generating the most buzz around their products or services. You can use this information to improve future campaigns and connect with more creators!
Quality of followers
When working with creators, businesses must ensure that their influencer campaigns are reaching the right audience. It’s not just about the number of followers; the content’s reach and relevance are equally important.
Having fake followers or those who are not interested in the product or content can hurt the campaign’s return on investment. As a rule of thumb, do your research.
- Choose creators with high-quality followers to improve targeting and boost engagement
- Monitor follower engagement for data-driven decisions and to measure impact
- Increasing engagement drives more ROI from influencer campaigns
The good news is, there are loads of tools to help you gather that knowledge.
- HypeAuditor: This platform provides a detailed analysis of an influencer’s following, including demographic data, audience interests, and engagement rate. It also allows businesses to cross-examine the follower lists of multiple influencers and find overlaps.
- Social Blade: This tool provides insights into an influencer’s engagement rate across various platforms, including Instagram, YouTube, and Twitter. It also tracks follower growth, so you can identify if an account is experiencing an unusual surge in followers, which may indicate bot activity.
- Klear: Klear’s audience analysis tool provides data on an influencer’s follower demographics, interests, and engagement rates. It also allows brands to identify influencers based on their audience demographics. For example, this is useful if targeting a specific demographic or geographic location.
Identify influencer marketing results
You’ve learned how to identify successful creators and measure the effectiveness of a particular campaign. It’s like you’re an influencer marketing superhero. The creator economy and influencer marketing space is always changing, after all.
Finding ways to track your efforts and build better campaigns is going to pay off in the long run.
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