A major woe for brands diving into influencer marketing campaigns is a lack of understanding in measuring the success of these campaigns. Typically, the industry measures impressions and page views, but those metrics do not provide an accurate depiction of sales conversion. In reality, what determines the success of a campaign is tracking how well a campaign will do from the start, using rich engagement metrics that track total media value, earned vs. paid, organic social shares, and verified blog analytics.
Gartner Inc. defined three categories when setting metrics for influencer marketing. Let’s break these down.
Description: Overarching business goals and desired outcomes
Sample Metrics: Revenue growth, brand heath, profitability, market share, customer acquisition, or lead generation
Description: Measures of success based on marketing objectives
Sample Metrics: Awareness, engagement, audience growth, conversion or other desired actions (e.g. downloads)
Description: Program-level proxy metrics and cross-functional KPI’s
Sample Metrics: Number of influencers/posts, inbound links, referral traffic, SEO improvement or mentions, sentiment
Without strategy, there is no way for an influencer campaign to succeed. Each type of influencer can play a role in a brand’s success but it takes careful planning, setting clear objectives, establishing a plan for each channel, and choosing the right influencers.
How do you start? Check out our new white paper, The Sweet Spot of Influence: Balancing Reach and Engagement in Influencer Marketing to determine which type of influencer is best for your brand and campaign needs. Your free copy is just a download away.