Creating an influencer marketing strategy that bolsters your brand’s image and connection with customers is a worthy venture. In fact, one of the big benefits of influencer marketing is that 69% of consumers say they trust influencers’ recommendations. However, it can be easy to get wrapped up in metrics that don’t move the needle or contribute to your influencer marketing strategy and goals.
When it comes to measuring the success of influencer marketing campaigns, be sure to avoid vanity metrics. Successful influencer marketing emphasizes KPIs that matter as they relate to your marketing goals.
So, which metrics are significant, and which can be discarded? Keep reading to learn more about effectively assessing influencer marketing metrics.
What is a vanity metric?
Vanity metrics are data sets that can be easily measured, but don’t give actionable insights or an indication of campaign performance. These can include total social media followers, total email subscribers, impressions, budget spent and others. These numbers can sometimes be inflated, or simply don’t add up to results. For example, an influencer can have a seemingly large number of followers, but engagement and subsequent click-throughs are low. While that follower number may look impressive, at the end of the day the influencer might not be able to deliver conversions for your influencer marketing strategy.
Here are some important influencer marketing metrics to track to ensure you’re hitting your influencer marketing KPIs:
Engagement metrics
Track the engagement levels on the influencer’s posts including likes, comments and shares. Higher engagement indicates that the audience is interacting with the content and therefore it is more likely that this account will be a strong addition to your influencer marketing strategy.
Website traffic
Part of your influencer marketing strategy should be to measure how much traffic they are driving to key pages. This is important because while likes and comments are excellent, the next step is to create a relationship with the customer beyond the influencer’s account.
Conversion rate
Of course we want conversions! That means our influencer marketing strategy is working. Measure the percentage of users who took the desired action (made a purchase, signed up for emails, or other) as a result of the influencer’s content. This directly ties back to the campaign’s objectives and gives solid proof of return on investment (ROI).
Return on investment (ROI)
Speaking of ROI, you can calculate the ROI by comparing the overall revenue generated from the campaign against the costs incurred, including influencer fees, production costs and other expenses. If it’s within the desired KPI range, then you know your influencer marketing strategy is delivering results.
More helpful tips for measuring the success of influencer marketing campaigns
Want to go a step further? Here are some more tips for making the most of your influencer marketing strategy:
- Install Urchin Tracking Module (UTM) parameters to track what wins come directly from influencer assets.
- While negotiating a contract, confirm the level of transparency the influencer is ready to provide, and find out if they are willing to share their own metrics that relate to your brand/campaigns.
- Utilize customized discount codes/offers such as “influencername2024″ to track sales.
- Understand the demographics of the influencer’s audience to ensure alignment with your target market. It’s not just about getting in front of a lot of people, it’s about reaching the right people.
Influencer metrics and KPIs that matter
Engaging in an influencer marketing strategy is a wonderful way to connect with your customers. It’s important to keep track of metrics that matter to ensure that your brand is seeing results and reaching marketing goals.
Want to start an influencer marketing campaign or make sure one you already have is giving you the ROI your brand needs? Reach out to Beyond Fifteen to learn how we can help with your influencer marketing strategy!