We hear the term, influencer marketing thrown around a lot! And as the holidays are approaching, it could be the opportune time to work with one of these influencers. But can an influencer bring real profits? And if so how is that measured?
That is what this post is going to show you! Just how easy it is to analyze campaigns with influencers. After all, the ideal time for influences to be posting is RIGHT NOW as your audience is starting to research and take action by making those big holiday purchases.
Deciding the best way to market to your audience is a must! You have to know if influencers are even going to work before you start working with them.
Once you do your homework and reach out to some people who could be considered influential, you then have to decide what they are going to do and how. Do you want a series of:
- Blog posts
- Social media posts
- Or even a combination of all of the above?
What is most likely going to catch your audience’s interest and propel them towards your end goal? What plays to your influencers strengths and where is their audience already finding their content and engaging with it?
How To Track
- Trackable Links & Unique Promo Codes
It’s essential to provide each influencer with their unique promo code and trackable links. Promo codes allow influencers to personalize product codes in a way that ties in with their brand and audience.
Trackable links allow you to track how they are promoting, sharing and most importantly if anyone is clicking on it. Don’t forget you can also have your influencer give away prizes or even manage their own give-a-aways. This encourages social activity and is another way for you to collect information like names, phone numbers and email addresses.
- Google Analytics Tracking
Append Google Analytics tags for each of your influencers to provide you with better insight into who is driving traffic and conversions for your brand. This is easy to setup and gives you an understanding of who and how people are converting.
- Conversion Tracking
Pixels and cookies are useful tools for tracking influencers content. It gives you an idea of where content viewers are coming from, what their viewer’s interests are and provides insights into retargeting them for maximum brand impact. By embedding tracking pixels into influencer content, brands can collect information and get a 360 view of their campaigns:
- Audience search
- Clicks per View (CPV)
- Cost per Clicks (CPC)
- Customer Acquisition Cost (CAC)
This is probably the most useful tool for helping brands identify the right type of content creators for their brand.
What To Track
- Visits To Your Website: Visits shows how well the post redirected people to the website.
- Cost Per Click (CPC): Is the average cost for each person who clicked on a link in the post on the influencer’s website or social media channel. It also gives you an idea of your…
- Engagement Rate: Which is the number of clicks compared to the number of reads on a post.
- Cost Per Lead (CPL): Is the average price for each lead generated out of your visitors.
- Return On Investment (ROI): Is the money you earned net of what you paid for your influencer rewards. This lets you know if your campaign is profitable and by how much.
- Audience Growth Rate: This is the increase you see in your own audience. Whether it be newsletter subscribers, social media followers or whatever you and the influencer have agreed on. You might also want to track which publication has the most impact on your audience growth rate.
- Brand Mention: The number of mentions on social media and other websites. This can help assess the impact of influencer marketing in your branding strategy. Track the growth over time, and the publications driving the most mentions.
- Sentiment: This metrics allows you to know how your audience perceives your brand.
- Total Revenue Generated: Shows the impact on sales of the additional reach you generated.
- Average Order Value: Can be used to assess the effectiveness of the conversion funnel. Try to understand if your influencer’s audience buys more or less than your other acquisition channels.
- Conversion Rate: Is the number of sales (or subscriptions- whatever is agreed on) you get out of the total number of clicks to your website.
- Visits To The Post: This is not an engagement metric. This lets you know whether people were interested in the content and is the most accessible metric to track.
- Time Spent: On post indicates how relevant the content is for the audience.
- Bounce Rate: Gives an overview of the overall attractiveness of a website. This metric tells if people were engaged enough to click on another link on the page. A high bounce rate usually reflects a poor website architecture or a lack of links to relevant content. But it isn’t necessarily a bad thing for you: in the case of an article, it is usually high because the reader probably found the information she was looking for.
- Reach: Gives an idea of how many people were potentially exposed to the content outside of the websites direct audience.
- Social Media Shares & Reposts: Sharing metrics are essential to know who was exposed to your message, where and how the content has been shared.
- Inbound Links To Your Website: Is your content getting mentioned? This is a key element for increasing the post’s ranking on search engines.
Wrap It Up
The rise of social media marketing has triggered a lot of changes in how marketers and brands advertise products and services online. As influencer marketing campaigns continue to grow in popularity the need to measure and understand their success is more important than ever. This advertising tool is effective, but only if you know what metrics to use to gauge the effectiveness of your influencer channels and the tools to understand the data received.
Want to read more about influencer marketing? Check out this post How To identify Influencers With Converge here.