The metrics that matter when tracking the results of your influencer marketing campaigns.
If you want to boost your influencer marketing campaign ROI, you first need to understand it.
Even though influencer campaigns can be linked to specific goals and measured in a similar way to other marketing channels, the ambiguous nature of viral content also requires additional tracking measures such as social listening and engagement analytics in order to gauge campaign success rates.
Deciding on an influencer
There are certain metrics that you should pay attention to when evaluating potential influencers for your campaigns. At Upfluence, we use two metrics to rank influencers:
- Influence Score: The influence score is what determines the order in which the influencers appear in the results of our software. It measures influence based on engagement rates and community size. For blogs, the software factors in estimated unique monthly visitors.
- Relevancy Score: The relevancy score shows how relevant an influencer is based on the criteria specified in the search query, which includes a combination of keywords, engagement rates, community size, language, location, platform type, how often they post and more. You can learn more about the 20+ criteria here.
Influencer marketing campaign measurement roadblocks
The are two main reasons why influencer marketing campaigns can be difficult to track and measure:
- Virality. Brands running influencer campaigns won’t have any problems keeping track of influencer posts. The issue comes in when you need to track content awareness and virality.
- Social Media Links. U T M are an ideal way to track your campaigns but unfortunately, social media networks don’t allow the tracking of links or they will simply rewrite them. Basically, your links are lost when they’re copied and pasted across platforms such as Facebook, eliminating U T Ms as a way to track your influencer content and campaigns.
Fortunately, there are a few ways to work around these two roadblocks and it starts with knowing which metrics you should be focusing on and making use of additional tracking measures such as coupon codes and hashtags.
Key metrics for tracking & measuring influencer marketing campaigns
Below are the key metrics that you should focus on in order to track the success of your influencer campaigns.
- Global reach. Tracking your reach across paid, owned, and earned media will tell you which platforms and influencers are the biggest contributors to your campaign success
- Sales attribution. Outlines the tactics that are generating the most sales. Coupons and affiliate selling being examples.
- Referral traffic. Use the referral traffic report in Google Analytics to analyze the websites that are sending the most traffic to your site.
- Reach & impressions: Reach will show you how many people have been exposed to a piece of content in their newsfeeds, while the number of impressions indicates how many times a piece of content was displayed, whether it was clicked on or not.
- Social media engagements: Any time a user interacts with a post or piece of content on any social media platform, it’s counted as an engagement. Examples of social media engagements include likes, shares and comments.
- Conversion goals: Setting up goals in Google Analytics will allow you to track the user journey on your site and to see where potential customers are entering the sales funnel. The types of goals that you can set up include:
- Website or landing page clicks
- App downloads
- Newsletter subscriptions
- Demo downloads
- Contact form completions
- Clicks to social media accounts
- Watching a product demo video
Influencer campaign insights
We will now look at the metrics and methods to use in order to garner specific insights around your influencer marketing campaigns.
If you are looking to track how your influencer campaigns are contributing to your sales, you can start by linking each of your influencer campaigns to a specific discount code or coupon that can be used when converting. This will allow you to keep track of the campaigns and influencers that are generating the highest ROI.
Setting up goals in Google Analytics will also help you better understand the buyer journey on your site and which campaigns and websites are the biggest contributors to your sales.
Content Virality & Brand Reputation Insights
There are several metrics that can be used to track the success of your content as well as your brand’s reputation online.
Let’s start with dedicated hashtags. Using a unique hashtag for each of your influencer campaigns makes it easier to track engagement and brand awareness using social listening. Social listening allows you to track conversations based on specific topics, keywords, brands, phrases or industries, which will give you more information on the content and topics that are driving the most engagement. There are a number of social listening platforms available to make this process easier. Just be sure to make your hashtag unique enough to reduce the chances of it being used by other brands.
Reach and engagement will give you the information you need to track content awareness as well as how many people are engaging with your posts. When looking at reach and engagement, be sure to also take the following into account:
- Posts published by your brand (owned media value)
- The influencers you are working with (paid media value)
- People sharing content published by the influencers you’re working with (earned media value – see POEM model)
- User-generated content
By taking the above metrics into consideration, you can calculate global media value to see how much additional reach your campaign generated, CTR, and global engagement rate to show how Influencers performed on average.
Upfluence’s reporting tool provides analytics on all published content throughout each campaign. Easily accessible reports include CTR, engagement, and shares on all posts as well brand mentions via social listening.
Upfluence’s tool also makes it easy to calculate campaign costs. For example, in order to calculate cost per engagement, you would divide your cost per post with the number of post engagements received. Assuming you paid an influencer $500 for 1 Instagram post, following the campaign, you get 1500 engagements (likes, comments, bookmarks) your CPE would be equal to $0.33 for the campaign.
Tracking the success of your influencer marketing campaigns doesn’t have to be overly complicated, especially when you have the right tools and know which metrics matter the most.