Brands are consistently increasing their expenditure on influencer marketing. As per recent statistics, influencer marketing spending is going to grow to $16.4 billion in 2022. The success of influencer marketing lies in the fact that influencer generated content has given desired results to brands than promotional/branded posts.
Initially, the scope of influencer marketing was restricted to showcasing new products and services. But now, influencers are used for the launch of new brands, the revival of stagnant brands, and to improve brand perception on social media too. Framing and executing an influencer marketing campaign involves several steps. And every step in the right direction will lead you to your brand goals and objectives.
Influencer marketing is now being used by all industries because of its high ROI. But do all influencer marketing campaigns succeed? Not really.
So, how can you measure the success of your influencer marketing campaign? Is it only about the likes and comments received? Are there any other crucial metrics that depict the success of influencer campaigns?
Fret not, we’ll answer all your questions in this blog.
Keeping a track of your influencer marketing campaigns is no less than a task. Be it finding relevant social media influencers, implementing the campaign on the right social media platforms, or gathering data for the campaign, everything boils down to measuring the success rate of the influencer marketing campaign.
Measuring the effectiveness of influencer marketing is a process that needs close analysis and data gathering. Influencer marketing platforms can also help with the same.
Without further ado, let’s begin with the process of measuring influencer marketing campaigns.
Metrics That Will Help You Measure and Evaluate the Success of Influencer Campaigns
The Unbox Social tool offers a well-equipped influencer suite that helps you frame effective influencer campaigns. Right from influencer selection to creating an influencer brief, everything can be done with the help of this feature in just a few clicks. Not just that, the tool also helps with analytics that impacts influencer campaigns. Here are a few metrics that can help you measure your influencer campaigns.
1- Keep in mind your brand goals and objectives
Every influencer marketing campaign involves achieving certain goals and objectives. Marketers need to keep these in mind to see if their campaign aligns with the agenda. This will not only give you a pathway to evaluate your campaigns but will also tell you if your campaign needs any rectification.
2- Evaluating brand influencers selected for the campaign
There are numerous social media influencers for every platform. Evaluating influencer performance is a part of the overall process of measuring the campaign’s success. Tools like Unbox Social have a dedicated feature to help you evaluate influencers. The tool gives you an overview of the influencer you choose from the dashboard.
To scale influencer campaigns, it is first necessary to know how your influencers are performing on social media. With the help of influencer marketing platforms, you can check the influencer insights, the brands they have collaborated with, top hashtags used by the influencer, content performance and lots more.
3- Recheck your influencer selection
In many cases, brands often need to reframe their influencer marketing campaign simply because of the wrong influencer selection. Influencer marketing tools can help you with the same. Tools like Unbox Social help you find influencers as per mentions, hashtags, and captions. Moreover, the tool also allows you to view the influencer directory to give you an insight into the influencer’s data.
4- Track your brand engagement
The best way to know if the audience is engaging with your campaign is to check the engagement metrics. Keep a check on the content performance and note which posts are performing the best for your brand. Tools like Unbox Social offer in-depth insights into engagement metrics. Right from the performance of influencers to the measurement of a brand’s social media presence, the tool has it all! Likewise, even social media platforms have their native dashboards to check the same.
5- Track the conversions
Tracking the conversion rate is the best way to evaluate the performance of your influencer campaign. This involves everything from email subscriptions, free trials of products and services to sales.
Track your campaign goals by tracking the journey of your user base on Google Analytics and other such analytics tools. This will help you check whether your campaigns are leading you to the desired brand goals. Knowing which landing pages are fetching leads is also a great way to optimize your online presence. Check where most of your users are coming from, learn about the sources of your traffic, and so on to know your audience behavior better. These insights help you craft better strategies because you are already aware of the pattern your users are following.
6- Be flexible with your influencer marketing campaigns and strategies
A perfectly planned, executed, and measured marketing campaign is a rarity, especially if it’s your first foray into influencer marketing.
So, if you try a tracking mechanism that doesn’t work the first time around, don’t be disheartened. It doesn’t necessarily mean the campaign has had no effect, just that you need to get tighter processes around tracking and measuring.
Step one in this case is to switch up the goals you are using. If you’re finding it difficult to track website traffic, for example, try choosing a specific conversion goal around a single piece of content.
These are some points that will help you measure the effectiveness of your influencer marketing campaign. The more you engage with influencer marketing, the more confident you will get about tracking its ROI. Influencer marketing is a great marketing exercise to garner the attention of your target audience. See to it that you plan and execute your influencer marketing campaigns with the help of data and analytics.
