In the digital influence field more than any other, analysing the results and statistics of your influencer marketing campaigns is absolutely crucial. This guide will help you understand how to determine the effectiveness of your campaign with your influencers based on your marketing objectives and choice of KPIs for your campaign:
- Reach (followers, engagement rate, impressions, traffic)
- Engagement (clicks, likes, reactions, shares and retweets, comments, mentions)
- Sales (business performance, tracking and conversion rate)
Many brands currently build their strategies with a view to achieving short-term profitability with an increase in traffic to their websites or sales outlets.
However, experience and data show that influencer marketing success stories come from brands wanting to set up long-term campaigns. These campaigns raise their profile and boost their image in the long term, by adjusting their KPIs throughout their experience.
How to measure influencer marketing
There are several different approaches to calculating your performance in terms of influencer marketing, each associated with studying specific KPIs.
1- Define the reach of your influencer campaign
The reach of your campaign is an element to be considered before, during and after your campaign. The greater the reach, the more you will increase your chances of growing your sales.
- Followers: How many fans does your influencer have on the target networks (Instagram, Youtube, Facebook, Twitter, etc.)? This criteria obviously needs to be considered very early on, as it will play a big role in determining the anticipated cost of your campaign. Even more importantly: do these followers match with your target?
- Impressions: The number of times your influencer’s content/post is seen by internet users is a KPI to be considered in advance. If your campaign exceeds the usual impression rate, your ROI will automatically increase.
- Engagement rate: This criteria is key to measuring what impact your influencer may have on their community. Is their audience active and engaged? Is your influencer really a fake influencer?
- Traffic: The amount of traffic driven from the influencer’s social networks to your website. Using tracked links is useful for gaining an overview of the traffic generated by each of your influencers.
This information is accessible from your influencer’s various accounts via the built-in tools offered by most networks. You can also use specific tools that provide detailed statistical tracking of the activity on social networks.
2- Measure the engagement of your influencer campaign
KPIs associated with reach are a good way to measure the potential of your campaign. However, they make it difficult for us to tell how many people are truly interested in your brand, and could therefore be future buyers. It is therefore essential to track these six interactions:
- Clicks: Clicks measure the levels of interest shown by your target, thereby helping you to identify which content is the most effective in driving your audience to your website.
- Likes: Likes generate attention around your brand.
- Reactions: Reactions are seen as even more engaging than likes as they require additional effort compared to a simple like.
- Shares and retweets: Shares and retweets are quality indicators. They are a sign that your audience is likely to recommend your brand to their friends and family, and that you are creating a buzz.
- Comments: Comments indicate that your audience wants to engage in conversation with your influencer regarding the content pertaining to your brand. Comments can often be interpreted as positive engagement in terms of the content created by the influencer.
- Mentions: Mentions are also good indicators as they mean that your content is being discussed, thereby increasing its visibility.
All these indicators enable you to calculate the Earned Media Value. Each like, comment, mention, etc. has a value. If their totals are higher than the cost of activating your influencer campaign, you can congratulate yourself on creating a successful influencer campaign!
3- Track the results of your influencer campaign
The main aim of an influencer campaign is obviously to convert your marketing efforts into sales. How can you measure your campaign’s conversion rate?
- Across all networks: associating an exclusive promotional code with each of your influencers enables you to observe the number of leads they have generated.
- On Facebook and Twitter: place Bitly, Goo.gl and SmartURL tracked links in posts to track the origins of your traffic.
- On Instagram: it’s not easy to track Instagram posts as they cannot contain links! You will need to look at the popularity of your hashtags, visits to your websites or sales outlets compared to your campaign target, and positive feedback from followers.
- However, Instagram stories can now include tracked links (Bitly or UTM) that direct users to your website, blog or domain name, so it’s no surprise that brands are increasingly using these types of posts. And Kolsquare can now also gather data from stories!
- On YouTube: this is possibly the easiest network to track. Aside from tracked links, Google Analytics is easily integrated into YouTube as both tools belong to the same environment.