How to measure your Influencer Marketing performance with Kolsquare
- Measure the performance of your influencer marketing campaign according to the target definitions of your brand, the platform and the chosen format.
- You can measure the success of an influencer marketing campaign using different KPIs: Brand Awareness, Engagement, Conversions and Cost Equivalency.
- Influencer marketing platforms like Kolsquare help you collect and organize data.
Budgets for influencer marketing are on the rise. In a study by Influence Marketing Hub, 28% of respondents said they already put 20-30% of their total spend into working with influencers. This represents a 9% increase in investment in 2022 compared to last year.
The performance calculations are made up of various elements: Which social platform and format do you choose for your campaign? Of course, they should first clearly define the goals: Do you want more interaction with your brand? Do you want to increase your brand awareness? Or are you concerned with increasing conversion? Is your investment worth it, so do you have a satisfactory EMV?
We would like to revisit the different methods in this post, which are characterized by different factors.
Kolsquare Helps to Measure the Performance of Your Influencer Marketing
Considering all the data that you can gather according to your goals, you could quickly lose track of it all. Hence, as yourself: Is my brand even capable of collecting the data, structuring it and preparing it vividly so that I can then interpret it in a relaxed manner?
Data-driven influencer marketing is, of course, extremely important in a world where everything is counted and quantified. Read on the Kolsquare blog how to bring order to a chaos of numbers and know what data is relevant to your brand and how to collect it.
Also, download Kolsquare’s free Chrome extension that allows you to collect and analyze your influencer marketing campaign data on Instagram and TikTok.
Measure Influencer Marketing Performance Based on Brand Awareness
Building awareness of your brand is an effective marketing strategy, but more importantly, it is a long-term strategy. However, the numbers here may not be as clear or easy to determine as with the other two methods, as brand awareness can be a tough process. Yet, for a long-term positioning of your brand on the market, it is inevitable.
Consequently, if your goal now is to increase your brand awareness, you want to activate influencers and gather their impressions ( likes, comments and views) and reach.
What is the Influencer Marketing Performance in Terms of Engagement?
We already touched on the indices of this method in the previous point, but instead of comparing them over the long term, we are mainly concerned with the numbers of clicks, comments, shares, and new follow requests after an explicit campaign or post. How do followers interact with the stories, images and videos that are part of your campaign? Other Influencer Marketing platforms combine measuring brand awareness and engagement, but it makes perfect sense not to, even though both methods overlap. However, engagement can also be related to the short term, for a single campaign, collaboration with one or a single influencer, or even a single post, as aforementioned.
For this method, you can also compile data on traffic generated by your campaign. Do you want to refer your customers to the web version of your landing page, your mobile website, a product page, your Instagram store, or your offline offer, for example? Accordingly, of course, you need the data to clearly determine the success of your campaign.
Measure the Success of Your Influencer Marketing Campaigns by Conversions
Sooner or later, every marketing department has to justify investments and budgets with the generated sales. This is not only interesting for your brand, but of course also for yourself, as you can see whether the effort is worth it.
Before you decide to use this method, you need to define which action you want to define as a conversion and to what extent you want to use IM for it. Consequently, distinguish between Cost per Acquisition (CPA), Conversion Rate (CR) and the Return of Investment (ROI).
- Cost per acquisition describes the cost of converting target customers.
- Conversion Rate describes how often target customers see your campaign and message, and how often they take the action you want them to take.
- Return on Investment indicates how much you invested in your influencer marketing campaign and how much money you made in return. ROI indicates whether or not your investment has ultimately paid off.
Performance Through Cost Equivalency
This method is more broadly part of your efforts to measure the performance of your campaign. While it is not about the performance of your ideas per se, you still want to measure success of course. The usual metric for this is the so-called Earned Media Value (EMV).
It indicates how effective your Influencer Marketing investment is compared to, for example, digital advertising. So how should you best allocate your budget, what should you invest in: owned, earned, or paid media? This is where the EMV comes in, which comprehensively compares the expenditures of the respective marketing disciplines.
Overall, it can be observed in the industry that marketers are increasingly no longer using EMV, as the method generally calculates with little stringency and transparency.