28 October 2019
Measuring the success of your influencer marketing campaigns is essential. After all, if you don’t know how well your campaign performed, you can’t tell if it was worthwhile, what worked well, or how to improve results in the future.
While most businesses understand the importance of measuring success, a whole lot of organisations use the wrong metrics to do it. On this page, we’ll go over some of the metrics people use, what they’re really telling you, and which ones are most beneficial to track.
Engagement is one of the best indicators of success. Instead of looking at people who could potentially see your post and those who actually did, engagement measures interactions with the post. Engagements include reactions, likes, comments, clicks, shares, brand mentions, user generated content and more.
However, like the other metrics, engagement alone isn’t enough to paint a full picture. You’ll get more information if you coupled it with sentiment, or the tone of the comments and the conversations occurring around the brand.
Case in point, we all get paid ads from spammy-looking companies in our Facebook feeds. They often have hundreds of comments and reactions, which signals a high engagement rate. However, if you look at the comments being left and the reactions, they’re not positive. Chances are, you’ll see people calling the ad a scam or even poking fun at the brand. As a legit company working with influencers, you aren’t likely to face this problem, but it’s an extreme example of why sentiment matters when you’re looking at engagement. Even though they’re more qualitative than quantitative, as a combined metric, they’re a better indicator of success.
You can also work out your cost-per-engagement using your engagement metric. This will help you determine the ROI of your overall campaign. People often worry about the cost of bringing on influencers but when you compare what you’re paying for each like, share, or other form of engagement, it’s easy to see how cost-effective influencer marketing really is.
Image via Unsplash
Impressions refer to the number of times a post is viewed. For example, let’s say your business post shows up in your personal feed today. That’s one impression. The platform could, in theory, show the same post to you again tomorrow. That’s two impressions. Then, you decide to share the post and 50 of your friends see it. You now have 52 impressions.
There’s limited value in knowing the number of impressions by itself. Of course, you want this number to be high and you should try to improve it over time, but it’s more useful when you look at it in relation to other metrics, especially engagement.
Let’s say there’s a big disparity between your reach and impressions. You might start to wonder why that is. For example, if your actual reach is 5,000, but you get 20,000 impressions, you know that you’re posting really great stuff that people are sharing. You might start to wonder why your other 5,000 followers aren’t being reached and how to get them active again or you may consider leveraging paid posts to increase impressions beyond your followers and those they share with.
“There’s limited value in knowing the number of impressions by itself… it’s more useful when you look at it in relation to other metrics, especially engagement.“
Reach can be thought of in two distinct ways. At Vensy, we often use the term “reach” to denote the total number of followers any given influencer has. That way, it’s easier for you to identify how many people can potentially see a post that your influencer shares. If you’re setting up a campaign, your potential reach will be the sum total of all followers all the influencers you’re working with have.
Once a campaign has been run, the definition changes a bit, and instead, references all the followers who actually saw your post. That’s because platforms like Facebook don’t show everything posted to every follower. They use algorithms and show people the posts they’re most likely to be interested in. If not for those algorithms, you’d have to wade through hundreds of posts in order to find something you want to read.
The question then becomes, “How do sites decide when someone will be interested in a post”? Generally speaking, it comes down to whether that individual has recently visited the poster’s page or interacted with the poster’s content. However, there are some exceptions. For example, if a post is really popular, the algorithm will often adjust itself and start showing the post to people who have been away longer, simply because, if so many people are already interested in something, chances are high that even the fair-weather follower will want to see it too.
This in mind, an influencer may have 10,000 followers, or a total potential reach of 10,000, but when you run a campaign, you may only have a total reach of 5,000 if only half their fans are active.
Photo via Unsplash.
Audience growth is another indicator of success and it’s simple to track. Just check the number of followers your brand has on each platform prior to starting your influencer marketing campaign and again when the campaign ends.
It’s also a good idea to measure audience growth for a similar period before you start the campaign, so you can really see change trends. Some brands like to scope out the audience growth of their competitors as well to see how they stack up too.
Tracking conversions is beneficial if you have a specific action you want people to take. In most cases, it’s considered a conversion when someone clicks a link from the influencer marketing campaign and purchases a product or service. However, some brands are focused on getting clicks, leads, subscriptions, or even comments. In a previous blog, we mentioned Coke’s #RefreshtheFeed campaign. The brand was specifically measuring each time someone used the hashtag. Those were conversions too. If your influencer marketing campaign is sales-focused, by all means, monitor the sales, but don’t limit yourself to sales when there are so many different stops along sales journey.
Measure Your Influencer Marketing Success with Vensy
Vensy takes the guesswork out of running influencer marketing campaigns. We provide you with all the metrics you need to make intelligent decisions before starting a campaign. Our AI matches you with the ideal influencers and we offer robust reporting tools that measure success too. Our end-to-end solutions make it easier than ever to create campaigns built for performance and achieve top ROI. Check it out.
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