Influencer marketing campaigns are making waves as a marketing strategy since it provides third party credibility and brand awareness to the right audiences. An influencer can enhance a brand’s visibility and social reach, usually beyond the capabilities of traditional media outlets.
Tapping into influencer marketing requires some planning and dollars so it’s important that our influencers are making a positive impact on the brand in terms of return on investment. It’s impossible to determine if your influencer marketing campaign is actually improving your business if you’re not measuring the effective of the campaign. Here are some tools to help keep track of how successful your influencer marketing campaign is:
Start with a clear goals in mind for what you want to achieve. Goals should be measurable and specific. Whether it’s increasing web traffic by X% or increasing following by X amount every week, develop a data-driven approach so you can define quantitatively what success means to you. Now that you’ve defined your goals, here are a few tools to measure the success of your influencer marketing campaign:
There are social media marketing tools to track engagement rate through which you can track every single post by an influencer related to your brand. Best practice is to measure engagement post by post so you can evaluate what works and what doesn’t. If you really want the specifics, use metrics like cost per engagement or CPE and cost per action or CPA, which measures how much you are paying for engagement, i.e. comments and clicks.
Track Mentions and Hashtag Frequency
A good way to find out whether your marketing campaign is creating conversations on social media is to track mentions and hashtags through a social media listening tool. See what people are saying by tracking the different conversations around your brand. This also allows for a qualitative analysis of the online engagement that your marketing campaign by analysing if the conversations are positive or negative.
Setup UTM parameters
If you want to track conversion success rate, then UTM parameters are the way to go. UTM parameters are simply tags that exist within a URL – when your link is clicked, the tag is recorded in your Google Analytics and tracked. For a campaign engaging multiple influencers, you can prescribe a tailored link to each of your influencers to see which one leads to the most website conversions.
Use Promo Codes
Do you want to know whether your influencer marketing campaign is leading to sales? Track the profitability from each influencer by creating specific promo codes for each influencer. The use of personalized codes can pinpoint exactly where your sales are coming from, allowing you to then calculate the ROI of each influencer!
These tools are a great way to evaluate whether your influencer marketing campaign is successful. Furthermore, they allow you to do a post-campaign analysis of what kind of influencer works best for your company.
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