The reason influencer marketing is successful is that influencer-generated content has produced better outcomes for brands than promotional or branded posts. Influencer marketing's initial focus was only on showcasing fresh goods and services. Influencers are increasingly used not only to promote brand awareness on social media but also to launch new businesses and revive stale ones. An influencer marketing strategy requires numerous steps to frame and carry out. Your brand goals and objectives will become a reality as you take steps in the right direction. Due to its great return on investment, influencer marketing is currently utilized by all industries.
However, are influencer marketing strategies always successful? Actually, no. So how do you evaluate the performance of your influencer marketing effort? Does it only matter how many likes and comments you get? Are any additional vital measures that demonstrate the effectiveness of influencer campaigns?
Let’s have a broad look at how to measure the success of an influencer marketing campaign
Keep a track of goals and objectives:
Each influencer marketing effort aims to accomplish a specific set of objectives. To determine whether their campaign fits with the agenda, marketers need to keep these in mind. This will not only provide you with a tool to assess your campaigns, but it will also let you know whether they require any corrections.
Choosing the right set of influencers:
Knowing how your influencers are doing on social media is a requirement for sustaining influencer marketing. You may check influencer insights, the businesses they have worked with, the influencer's popular hashtags, the performance of their content, and much more with the aid of influencer marketing tools. Pickmyad has a special tool where you can check the insights and engagement of any particular influencer you wish to work with making your influencer marketing journey easier.
Check the conversion rate :
Monitor the progress of your user base on Google Analytics and other similar analytics tools to keep track of your marketing objectives. These tools will help you fetch data that would be useful in calculating your progress. This will enable you to determine whether your marketing initiatives are achieving the intended brand objectives. Another excellent strategy to enhance your internet presence is to understand which landing pages are generating leads. To better understand the behavior of your audience, find out where the majority of your users are coming from, discover the sources of your traffic, and so on. You can develop stronger strategies thanks to these insights because you are already aware of the pattern your users are adopting.
Examining the engagement numbers is the greatest technique to determine whether the audience is participating in your campaign. Keep an eye on the effectiveness of your content and keep track of the pieces that are working best for your brand.
Return on Investment (ROI):
Measuring your influencer revenue is the first step to determining the success of your program. By the end of the campaign certain metrics like the total number of conversions, total number of orders, and total sales would be in your hand
Now analyze the costs of your influencer program such as Product seeding costs, product discounts, Cost of Goods Sold (COGS), and Shipping. Deduct your costs from your sales to calculate profit. ROI is calculated by dividing your profits by your costs.
Influencer program sales – Influencer program costs = Influencer program profit
Influencer program profit / Influencer program costs = Influencer program ROI
Key performance indicator (KPI):
The five most important KPIs to concentrate on when it comes to influencer marketing are conversion rates, reach and awareness, referral traffic, audience growth, and engagement. There are numerous KPIs that are useful for various aspects of your plan. These KPIs will enable you to monitor your development, gauge your success in achieving your objectives, and keep your influencer marketing strategy on course.