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Learn more about the Influencer Marketing Tracking needed to track your influencer marketing campaign!
Influencer marketing is a great way to get your message in front of the right audience. However, to do that successfully and make the most out of your influencer marketing campaign, it’s important to, first of all, understand how to track influencer marketing effectively.
Influencer marketing is a proven strategy for generating leads and increasing sales. It provides an excellent opportunity to tap into the engaged audience of your choosing. The right influencers can increase your reach while generating new creative assets in return! However, it is often challenging for marketers to track the exact return on investment for influencer marketing campaigns.
Unlike traditional ad platforms such as TV commercials or billboards, this form of marketing needs a little bit more strategic planning and analysis to reach its maximum potential.
If you are new to the Influencer marketing game, there’s no better way than to learn what makes it tick! This guide will discuss seven key metrics that will help you with your influencer marketing tracking and determining your ROI (return on investment).
What is Influencer Marketing?
Influencer marketing is a type of collaborative effort in which an online influencer helps to market one product or service by posting photos and videos on social media channels. Influencer marketing can take many different forms, from a brand collaborating with an online influencer to improve their products or services, right down to working on enhancing their brand recognition.
Influencers are everywhere. They can be anyone, anywhere! The thing that makes them influential is their large followings on the web and social media platforms within any industry. Some will have hundreds of thousands or even millions of followers, but many more seem like ordinary people, yet they still manage to gain recognition for being experts in their field by building up reputations over time.
Influencers have built up trust among their followers, and their product recommendations serve as social proof for potential customers who might be interested in what you sell!
How Effective is Influencer Marketing?
Influencers are the new celebrities of social media. As more people turn to virtual content instead, influencer marketing has become an invaluable tool for brands looking at using this platform as part of their advertising strategy – especially with so many different types out there! Unlike traditional commercials or TV ads that can feel dry after a while, largely because they lack emotional attachment, influencer marketing creates a more engaging experience.
Influencer marketing is an excellent way for companies to reach specific target audiences with their message. Influencers are able to bring in new customers by appealing to both broad and niche groups, which makes them an invaluable tool when it comes down to making ads more effective!
The more than 70% of marketers who find that influencer marketing puts their brand in front of the best-qualified customers can’t be wrong. Hyper-targeted and wide-reaching campaigns will expose brands to valuable online consumers who are just waiting for them!
7 Influencer Marketing Tracking Metrics
The metrics you need to track will depend on your specific business goals and how much time is available for monitoring them. But there are some key performance indicators that every influencer campaign should be measured against. Below, we will present seven key metrics that will help you measure your performance and improve your influencer marketing tracking.
1. Engagement
One of the most important metrics to analyze when looking at influencers is engagement. Social media algorithms use this factor as one way for posts and accounts in general to reach more people, so it’s more crucial that the influencers you want to collaborate with have high engagement numbers.
However, when companies choose influencers, they often end up comparing them based on their raw numbers only. This can be misleading because engagement rates vary depending upon the size of an influencer’s audience. It’s more helpful to look at how much interaction they get relative to the size of their following since this will give you a more accurate representation of how successful your collaboration can be.
2. Reach and Impressions
Reach is one way to measure how successful an influencer marketing campaign has been. It refers to the total number of people who saw your posts or videos! On the other hand, impressions show how often your content was displayed in general.
Through influencer marketing, you not only have access to an engaged audience, but the reach and impressions they create with each post can also be much more significant than traditional ads.
3. Return on investment (ROI)
Influencer marketing can be an expensive and time-consuming endeavor. To make sure that you’re getting your money’s worth, it pays to keep track of ROI – the measure by which you’ll know if our campaigns are successful or not! The return on investment (ROI) means how much profit was generated from the influencer campaign divided by its cost.
4. Cost per acquisition (CPA)
The acquisition cost per customer is often seen as an important measure in influencer marketing. This number helps you determine how much it would take to get another customer and can be used in your campaign strategy to make it more efficient!
Influencers can be paid based on their CPA rates. Spending more money with those who generate higher conversion and reducing the payment amount for lower-converting influencer accounts could help you achieve greater returns from your marketing budget!
5. Brand awareness
Influencer marketing is a great way to generate sales, but it also has the added bonus of increasing your brand awareness and can be a great way to get your brand in front of potential customers and influencers. One good measure for this particular metric would be comparing before-and-after statistics.
The more often people search for your product or brand name during certain months of the year versus others can indicate how much success this type of advertising has had with generating sales and reaching potential customers. One of the best ways to measure this would be through google trends data, where you can see what terms have been more trending during searches by looking at the corresponding numbers from different time periods.
6. Sales
If you would like to maximize your influencer campaign’s success, it is substantial to use individual links for each influencer. You can use these to track interactions and estimate customer lifetime value to determine how many new and returning customers you reached.
7. Traffic
Whether the user has landed on your site for the first time or is returning after some time away, you can engage them with brand-building content to ensure they convert later.
Which Are The Best Influencer Marketing Tracking Software
Upfluence
Influencers are an essential part of any marketing campaign. Upfluence has indexed nearly 3 million influencer profiles and updates them in real-time, so you can find the best ones for your brand with its software able to analyze content reach as well engagement levels across all social media channels!
Klear
Klear has been able to become one of the most reputable influencer marketing tools with its data-driven approach. The company initially focused on Twitter influencers but now also analyzes those from Facebook, Instagram, YouTube, and TikTok.
The software will help you discover influencers who can create compelling content tailored specifically to audiences interested in specific topics or industries. You can even use Klear to analyze and monitor your competitors.
Creator.co
Creator.co is not only focused on helping brands distribute their content but also focuses on its creation. The platform mainly caters to small and medium-sized businesses and helps bring them together with the most suitable creators.
Wrap up
Influencer marketing is a great way to get your brand in front of an engaged audience who will help you build awareness and create buyer-driven demand. However, it’s not just about getting cool products into people’s hands- You also need to be able to demonstrate how your campaign contributed to generating revenue!
Determining which metrics matter most to a brand is the first step. With this determination made, you can use automation tools for influencer marketing analytics that will provide data on where posts are performing well and how often they appear compared to other brands or content creators. With this knowledge and tools in hand, you’ll be able to create the influencer marketing campaign that best suits your brand.
Karina Gandola was born and raised outside the city of Charleston, in the beautiful mountain state of West Virginia. Karina loves writing about the influencer marketing space and an area she is passionate about. She considers her faith and family to be most important to her. If she isn’t spending time with her friends and family, you can almost always find her around her sweet yellow Labrador retriever, Poshna.
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