How do we measure the success rate of Influencer marketing? Success is not a one size fits all model. It varies from brand to brand, but no matter your ultimate objective it all begins with setting yourself up for success. We’ve outlined a three step strategy to get you on your way to making the most of the influence in Influencer Marketing.
1)Decide and define your most valuable success metrics-
Depending on your goals, your measurement metrics will change. Using the right metrics for your desired objective is foundational for evaluating performance. There are a handful of key metrics tied to popular Influencer marketing objectives that you should consider evaluating when selecting your strategy.
2)Make sure you have the right tech in place to track your KPIs-
Knowing what to include in your set-up is essential to gather the right data. When working with Influencers we recommend using an Influencer Relationship Management (IRM) platform to easily access impression and engagement data. If you’re looking to take it one step further and execute a direct response campaign, make sure you consider these strategies to directly understand Influencer marketing’s impact on your business goals. First and foremost, always use UTM Parameters when using links and directing users back to your brand site. These are your best friend. Appending unique parameters to your desired destination links will help you understand which of your marketing efforts are influencing the most traffic or conversions on your site.
Typically native to IG stories, Swipe Ups direct a user off-platform to a specific destination. This is a great tactic to include when evaluating metrics like traffic to site or conversion points from campaign activations.
Another way to side step Instagram’s limitation on linking in Feed posts, Link in Bio lives in an Instagram account profile and pushes users to your desired destination. Providing Influencers with unique promo codes can ensure you understand the impact of your influencer activation.
3)Test and learn what works for you to develop measurable benchmarks-
Once you’ve landed on your KPIs and implemented the proper tech tracking solutions, it’s time to benchmark. Like all marketing tactics, it’s difficult to understand what success looks like for your brand until you take the time to test and learn. Ultimately, measuring yourself against yourself is the best indicator of success.
- It begins with trying anything at all based on educated assumptions.
- Whatever the outcome, gather the data from your pre-defined metrics and use it as your benchmark.
- Do it all over again, but change just one thing and then compare to your initial benchmarks to inform future initiatives.
- Continue to repeat the process and test additional assumptions until you’ve found what works best for you.
Influencer marketing is complex. It’s still the new kid on the block, which means marketers are learning daily how to best use it to their advantage. But as with all the other available online marketing tactics, it’s up to you to figure out if it makes sense for your brand. You’ll never know if you don’t give it a go.
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