There is no doubt that influencer marketing has been one of the most successful advertising methods in the last few years. From small businesses to well-known enterprises, collaborating with content creators is a successful option for many organizations. Instagram seems to be the best channel to start with, and with a couple of steps, you can have your account ready.
Moreover, the data analytics that your companies rely upon for marketing should extend into that which you do through influencers. In order to hold your team accountable to successful investments and to credibly find new avenues for marketing development, collecting and analyzing these statistics prior to, during, and after collaboration will ensure you are pursuing successful campaigns.
When creating your influencer marketing campaign, you need to properly decide what metrics you should look for in regards to the influencer in order to ensure the best choices are made while also selecting metrics to know if your campaign was successful or not.
Before you set the metrics: Select the goals
Before you jump to discover and analyze influencers, your brand should select the different objectives you want to obtain as a result of the campaign. Some examples could be:
- Brand awareness
- Reaching a new audience demographic
- Increasing sales on specific product or in general
These goals should drive your decision-making when picking analytical metrics for the different stages of your campaign. From that point, there should be two types of metrics that any brand or company should be aware of: Influencer performance-driven metrics and campaign-driven metrics.
Influencer performance-driven metrics
These metrics are indicators of how successful or not influencers are on social media. Some of them vary depending on the type of channel that you are launching with your campaign. It is important that these metrics are updated and that they take the last pictures or videos of the influencer into account.
It doesn’t make sense to collaborate with an influencer who has an audience that is not interested in what they post. If you invest in an influencer with low engagement, your promoted posts won’t be profitable. Engagement rate is calculated with the likes and comments of the posts divided by the number of followers.
You need to compare the engagement rate of the influencer with the number of followers they have. Many times, what is considered a good engagement, \might be low for the number of followers that the influencer has. To have a real overview of their engagement, calculate this rate over the last 10-12 posts. If you calculate this with just one post, you might not get a good estimation since this changes frequently.
To calculate this, you can do it manually or select an influencer marketing software that will calculate this and other metrics, and which is updated frequently.
Follower growth rate
This indicator describes the growth of their follower base overtime. The metric is a percentage of the new followers versus the old ones which allows you to see if they are increasing or not lately. If there is a steady increase, it means that the influencer is growing his or her followers organically, because their audience is interested in the content they share.
However, if you see many spikes, it might mean a couple of things: The influencer does several giveaways that the participation of them includes following their account, or that the influencer has bought fake followers. If the person has many followers, the engagement that they have is not showing true engagement of the audience, since they only are following the content creator for a chance to win the prize or they have fake followers who may not interact with their account at all. However, if you see an influencer with followers who are interacting, but you are still suspicious of their validity, continue reading because there are more factors to consider.
Finding out about followers’ authenticity before working with an influencer is crucial. Paying or sending a product to an influencer that has mostly fake followers, will turn it into no profits at all. Your brand won’t be shown to the correct audience, and in order to avoid that mistake, find out about the percentage of fake vs real followers your favorite influencer has.
There are several insights which can give you an idea of if an influencer has a real audience. Their comments are coming from real accounts that also have genuine followers, a consistency between the number of likes and comments in their pictures, etc. However, if you are still not sure about this, you can check an influencer marketing platform that calculates this metric for you.
Cost per post
If you are worried about the amount of budget that you might spend on the campaign, this metric interests you. Depending on the type of campaign or the influencer, you might need to pay extra fees according to their social status.
In order to know this, you could contact the influencer with your proposal and ask for their media kit. The media kit is a work resumé, where they explain different campaigns and results that they have obtained, the way they work, and the fees involved in their collaborations. If you don’t want to contact them to know this data, you can use an influencer marketing tool that will provide you with this information.
Another interesting factor to know if the influencer is a good fit, is to discover the brand mentions or collaborations they have been doing lately. If you check the brand mentions, you can know the interests they have and if they mention your competitors. This also can be applied to the promotions that they do and you can see the number of likes and comments they got per post.
You can use a tool to discover this or if you want to do it directly from the social media channel such as Instagram. Brand mentions can be seen if you click on the post and see the tags they have added as well as in the tag section of their profile.
Knowing the audience of the possible influencers that you might end up working with is essential in order to see if the campaign will be targeted at the right people. For example, it is not enough that the influencer comes from a specific country., If the influencer’s audience comes from another country and your product can’t be shipped there, the influencer’s location itself is not necessarily helpful to you.
Important audience’s metrics to know are: audience location, age, interests or languages. To analyze this, you can check their media kit or use an audience’s analysis tool that will lay out a report with this information.
Campaign performance driven indicators
As you are figuring out the metrics that are necessary to choose the correct partner, you need to set up different analytics to measure the success of the campaign. These metrics can decide if the campaign should be repeated with that influencer and if your product was shown to the correct audience.
Knowing the ROI of the campaign is an answer that every brand wants to know even before the campaign starts. This results depends on the objective of the campaign: increase visibility, brand awareness, traffic or sales.
How many people are bringing up your handle or social media? If you have a business account on Instagram, you should receive notifications when your brand is being mentioned and have a metric that determines the number during a specific time. If this number increased during the campaign, it means your brand is increasing its visibility.
This determines the number of times the post was shown on the social media channel. If you are working with an influencer, they can provide this information to you because they have access to these metrics. If the campaign had several posts, analyze the impressions of each post and examine the ones that have better results.
Traffic and pageviews
You can analyze this data if you have a Google Analytics account. If the campaign’s objectives are driving traffic and sales, you can set up different utms or codes. With this, you will know which posts or links have been the ones that generated most sales. If the campaign is done via Instagram stories, the influencer can add a swipe up link with a utm code that is easy to track.
This is to understand the interest that your leads have to your company. Sometimes these audience clicks come directly from the influencer’s profile, but they can also visit your website directly from your social media profile. If you get an increase of this second option, it means that those clicks are coming from that specific campaign. With the influencer’s posts, analyze which ones are driving more clicks to your website.
As the word says, this is an important metric if your objective is to increase your brand visibility. If the content is interesting, the influencer’s audience will share it in their own personal channels. This is a metric that the influencer needs to share with you after the campaign is finished.
This is a very useful metric to determine the campaign results. This is the cost per thousand of impressions, so you will need to apply: Cost * 1000 / impressions. If the campaign was done via Instagram stories and posts, add both impressions to calculate the total CPM of the campaign. It is an easy to understand metric, but it is difficult to know the exact results in advance, especially if it is the first time that you do a campaign with your selected influencer.
Another metric to calculate after the campaign finishes is the cost per interaction. Interactions are the number of likes and comments from the posts that the influencer has shared of the campaign. To calculate the CPI you will need to calculate the following: Cost * 1000 / interactions. As CPM, this metric can’t be determined in advance.
In order to have good results in the influencer marketing campaigns that you are planning on launching, goals need to be clear for analyzing results. Once those goals are specified, measure the influencer’s performance metrics as well as the campaigns metrics.
Influencer marketing can be a successful solution for your brand to reach out to a new audience or increase traffic or brand awareness. Spend the amount of time necessary for the appropriate planning to run a campaign that can drive the results you are waiting for.