The last, most important step in any (influencer) marketing campaign should be to analyze the results: that helps you to decide which influencers to use and what should be the budget for your next campaign.
But how to measure influencer marketing and which metrics to use? Depends on the goal!
a) Raising brand awareness with influencer marketing
Influencers are often used to engage new audiences: using social media, you can reach those who you can’t reach through banner advertising or outdoor media. If your main goal is visibility or brand awareness, your main metric is probably the reach – the number of unique users who saw the post.
The metrics you should measure in influencer marketing:
• Number of visits on the website
• Number of branded searches on Google
• Customers’ feedback
It’s important to note that the number of influencers’ followers doesn’t show how many people the post will reach – especially now when many of the influencers’ reach has significantly reduced.
The good news is that if the influencer has a Business or Creator Account on Instagram, they can see the impressions and reach for each image separately. Meaning, they can tell the brand the expected reach before the campaign starts and take a screenshot of the actual results after the campaign has ended.
If you are using an influencer marketing platform (such as Promoty), you’ll see the campaign statistics straight from Instagram for every post and story separately as well as for the campaign in total.
Posted content statistics on Promoty
thatb) Improving brand’s image with influencer marketing
Influencer marketing is a really good way to improve your brand’s image: products used by influencers are often perceived as much more attractive and trendy. Moreover, if a brand acquires “instagrammable” reputation, more and more people will start voluntarily sharing it on Instagram – just because it’s cool to do it!
If your goal is to connect with your (potential) customers, you should focus on the engagement-related metrics:
• The number of post likes
• The number of post comments
• The number of post saves
• The amount of new Instagram followers
• The number of visits on the webpage
• The number of branded searches on Google
• Customers’ feedback
In addition to the number of likes and comments, you can also check the quality: is it just emojis and buzzwords, or has the influencer sparked some meaningful conversations around your brand. Also, the number of saves is a powerful metric: it shows the number of people who are planning to return to the post later – maybe when they’re actually in the place of doing a purchase decision!
Since people usually follow brands they really like and care about, the number of new followers of the brand is also a good indicator. Of course, only if becoming a follower was not mandatory for participating in the giveaway!
Also, interested people might check out your brand’s website or search about your brand on Google.
To compare different campaigns and collaborations, the two metrics that are mostly used:
• Engagement rate – the sum of likes, comments, and saves divided by the reach. Here, you can compare the engagement rate of the sponsored post with the average engagement rate of the influencer. If it’s higher, the audience match is probably there!
• CPE (cost per engagement) – total budget divided by the sum of likes, comments and saves
Both brand awareness and brand image are quite difficult to measure, especially if the brand doesn’t have a huge budget to invest in brand surveys. In this case, the brands don’t have any other way than to rely on the social media data and customers’ feedback.
c) Boosting sales with influencer marketing
For many brands, increasing the number of sales is the main metric. However, it’s crucial to remember that the potential customer almost never does the purchase decision the first time they hear about the product – as a new brand, you need to build awareness first.
This is also what the AIDA model shows us: first, you need to get consumers’ attention, then build awareness, then spark interest, and finally, they’ll make the purchase. In general, studies have shown that, on average, consumers need 7-8 touch points before they make a purchase decision!
If you’d like to measure influencer marketing results on your sales numbers, you should focus on the following metrics:
• The number of new customers
• Revenue brought by the influencer
• The return of investment (ROI)
Measuring influencer marketing in e-commerce
For web-based products, the measurement of those metrics is fairly straightforward: special links or promotional codes can easily measure the impact of each influencer on website visits, number of transactions, and sales.
Here’s how to do it:
1. Use UTM tags
You can use this tool to easily create a tagged URL that helps you see the results per every channel, campaign and medium in Google Analytics. Tip: you can use the name of the influencer as the keyword – so you can see exactly how many visits or sales revenue each creator brought.
The tagged URL is quite long. In blog, you can easily hide it inside a text link. On Instagram, the influencer can add it in their bio and refer to it in their story or in the post caption (“Link in bio!”).
Bigger influencers can also add the link to their story – this is something that has been limited to the users with over 10K followers, but some smaller accounts can also add links to their Instagram stories now — the rumors say it will soon be available for everyone!
2. Create special URLs
To avoid long and dragging URLs, you can create a personal web address for the influencer(s) that redirects to the UTM-tagged URL. That will also give you accurate information about how many visitors, transactions and sales each post generated.
If Google Analytics looks daunting, you can also measure clicks with bit.ly. When logging in, you can create a proprietary link, such as bit.ly/promoty – it looks way better than any /l8d4qwy link, and according to bit.ly, it gives you 34% more clicks!
3. Create a personal discount code for the influencer
If your web store platform allows it, one of the easiest ways is to create a unique promotional code for the influencer. The greater the discount you can offer – even in the short term – the more the influencers are motivated to share it! It’s a value for their followers, after all.
In case you don’t have an online store, the impact of influencer marketing is much more difficult to measure. In that case, the brand has no other way to compare the sales results of the period with the influencer marketing campaign period to see if there is any correlation.
In general, that might be one of the main disadvantages of influencer marketing nowadays. The field of influencer marketing has gone through tremendous growth over the last few years, and it seems the tools have not yet caught up – measuring results is a little complicated and not accurate enough.
The best way seems to be using an influencer marketing platform where all the social media data is gathered in one place. If you’d like to learn more about the Promoty platform, let us know – we’d love to hear from you!