Influencer marketing has become one of the effective strategy for companies to create brand awareness and make sales. It’s quite evident that brands are favoring it and getting results.
But how would you know if your influencer marketing campaign is working for you?
When you track influencer marketing campaigns KPIs, it will provide you an overall idea about the campaign’s effectiveness– if something needs improvement. Tracking each influencer's KPIs will allow you to identify which influencers are performing well and to make informed decisions. In this blog, you will learn about the metrics to track influencer marketing campaigns & measure your goals. Let’s get started.
Top 10 Tips To Track Influencer Marketing Campaigns
Collaboration with influencers doesn’t mean simply offering money to the content creators and leaving everything to them. As a marketer, you often need to measure your campaign objectives to see if your investment has paid off or not. You may wonder – What exactly should I measure, and how to do so?
Well, It depends upon your influencer marketing goals. There are many different ways to measure the success of an influencer marketing campaign, depending on your specific goals like creating brand awareness, increasing engagement, or driving sales. Let’s look at some important KPIs to track influencer marketing campaigns.
1. Adapt Influencer Campaigns To Serve Your Business Objectives
It is important to ensure that influencer marketing campaigns match your business goals. This means choosing the right influencer and setting clear goals for each campaign. When you do this, your influencer partnerships can help you to accomplish the business goals. It makes your marketing more effective and shows a clear message to your audience about what your brand stands for.
If you’ve had a hard time finding the right influencer, you can trust TrueFanz - one of the best influencer marketing platforms to rely upon. TrueFanz social platform will help you to find the influencers/content creators that fits to your niche and business goals.
2. Setting Up an Influencer Marketing Campaign Objective
Once you understand how your influencer marketing campaign aligns with your business initiatives, it becomes easier to measure campaign objectives and KPIs. Whether your goal is increasing engagement, creating brand awareness, or a conversion campaign, you can track the most relevant influencer marketing KPIs. Having clear goals also helps you set attainable KPIs.
3. Assessing Website Traffic
When you opt for influencer marketing, the collaboration starts driving traffic to your website. This increased traffic can help you to gain leads and maybe increase your sales. While monitoring clicks and click-through rates, check for overall website traffic growth.
But, What’s the need to do that?
Link clicks don't always drive into website traffic. Some of the people who click on links might leave before exploring your site. This is the reason, 40 percent of companies use website traffic as a metric to evaluate influencer marketing campaign’s effectiveness.
4. Track Sales Through Unique Coupon Codes
As a marketer, you need to track sales figures before, during, and after the influencer marketing campaign. It would provide a clear picture of the influencer’s impact on sales.
The best way to track sales via influencer collaboration is by using dedicated discount coupons. All you need to do is compare the cost of ‘influencer acquisition’ and ‘revenue generated’ through that specific coupon code. It will give you a good idea of your ROI & sales figures.
5. Provide Each Influencer With An Affiliate Link
To track the influencer’s role in your influencer marketing campaign, give each influencer a unique affiliate link. This affiliate link allows you to attribute sales and traffic directly to the influencer's efforts. By assigning a specific link individually, you can monitor how many clicks and conversions each influencer has generated.
You can determine which influencers drive the most valuable traffic and contribute to your business's bottom line. This data-driven approach helps you make informed decisions on compensation and partnership extensions, ensuring that your influencer marketing campaign is both cost-effective and results-oriented.
Analyze Affiliate Link Performance
Once you've provided influencers with their unique affiliate links, keep track of the metrics associated with these links, including clicks, conversions, and revenue generated. This data will tell about the influencers who are fulfilling the your business goals through influencer marketing.
6. Use UTM Parameters From URLs ( Through Google Analytics)
Creating a specific URL - also known as UTM tags helps track and categorize web traffic. This URL consists of four specific tags that help you understand the various aspects of influencer marketing.
- The source tag identifies the source the traffic originates from, like Instagram, Facebook, YouTube, etc.
- The medium tag categorizes the channel, with "influencer" distinguishing it from other social media efforts.
- The campaign tag specifies the link's purpose, enabling detailed tracking.
- The content tag is valuable for comparing various content types, making it handy for A/B testing.
7. Creating Personalized Landing Pages For Each Influencer
Personalized landing pages are a great way to track influencer marketing campaigns' impact. Suppose, an influencer is endorsing your product and you create a specific landing page for that product. Creating personalized landing pages for each influencer offers a simple way to monitor the engagement and actions taken by each influencer’s audience through the provided link.
Beyond simplified tracking, it works as an effective lead and sales generation funnel, guiding potential customers toward conversion. Furthermore, these unique landing pages provide a precise means of measuring the influencer's true impact on their audience's response to the endorsed product, offering a comprehensive and accurate assessment of their effectiveness as brand ambassadors.
8. Look For Qualified Leads
As of now, we have gone through many ways to track the progression and results of influencer marketing. However, one crucial metric that requires special attention is - qualified leads.
These leads are not just visitors but potential customers who have expressed interest. By evaluating the conversion rate and the subsequent customer journey of these qualified leads, assess the effectiveness of the influencer campaign in driving valuable outcomes. This can include sales or just sign-ups. This data-driven approach ensures that influencer marketing efforts are not just creating buzz but also delivering results.
9. Measuring The Overall Influencer Marketing Objectives
Brand Awareness
Brand awareness is your brand’s recognition in the public sphere. The more easily the brand is recognized by the public, it will be easier for the brand to make a mark. Most people know brands from their logos, fonts, slogans, taglines, or ads. 89% of marketers leverage influencer marketing to create brand awareness or buzz around the brand. Also, Influencer engagement somewhat indicates the future of your brand loyalty. If your goal is to raise brand awareness, here are the metrics you should pay attention to.
- Impressions on Branded Post
- Views
- Reach
- Follower Growth
- Bounce
- Branded search volume
- Sessions
- Cost Per Engagement
Checking Engagement
If your influencer marketing goal revolves around assessing engagement, it's crucial to focus on specific influencer marketing campaigns metrics that provide insights into your campaign's effectiveness. Here are the key metrics that will help you to achieve optimal engagement results.
- Engagement Rate( Like, Comment, Share, Save, Views)
- Email Newsletter Subscriptions
- Adds to Cart
- Sessions
- Average Time
- Bounce Rate
Sales Activity
When your influencer marketing objective is to boost sales and drive revenue, focus on these specific influencer marketing campaigns metrics that directly impact your bottom line. Here are the key performance indicators you should be measuring to ensure your influencer campaigns deliver satisfactory sales results.
- App Download
- Revenue
- Average Order Value
- Sales Conversion Rate
- Cost of Content Production
- Bounce rate
10. Use Automation Tools
Every marketing sphere has adopted automation to simplify and streamline processes, and so does influencer marketing. By using automation software, you can easily look at precise metrics like reach, engagement, and conversion rates, making it easier to identify which influencers are most effective in driving results.
When it comes to measuring the ROI of influencer marketing, the best software tools are invaluable resources for maximizing the benefits of influencer partnerships.
Conclusion
Influencer marketing is evolving right now, and many content creators & brands are already leveraging it. This is creating a win-win situation for marketers & influencers. So, brands need to measure how well their influencer marketing campaigns are doing. This helps them know if their partnership with influencers is performing well or needs any improvement.
The metrics you pick for checking the effectiveness of influencer marketing depend on your business objectives. Once you figure out your aim for influencer marketing, you can set up the campaign and track influencer marketing campaigns using the tips that are mentioned above.
