Influencer Marketing KPIs: What you should Observe

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You might wonder. Why should KPIs be set for influencer marketing? KPIs (Key Performance Indicators) for influencer marketing are measurable goals that can be tracked and measured. In a dynamic marketing landscape like today’s era of digital disruption, it’s becoming increasingly important to design your short- and long-term KPIs.

It may appear difficult to assess the impact of your influencer integrations on the attainment of your company objectives. But it’s not impossible if you have the appropriate measures!

You should keep track of your influencer marketing data so you can see what’s working and what isn’t. You’ll never know where to invest your marketing dollars if your media plan is profitable but you don’t know where the revenue is coming from.

While influencer marketing is clearly on the increase, it’s critical to build out a rigorous measuring strategy before beginning your own influencer marketing campaign or community. With fake followers costing marketers an estimated $1 billion, the days of giving influencers money for vanity metrics are long gone.

Setting goal-oriented KPIs is, therefore, more critical than ever. Make sure you have the appropriate tools to track an influencer before you choose one.

What Makes An Influencer Marketing Campaign Successful?

Every marketing team is responsible for increasing leads and revenue as well as minimizing client acquisition costs. Some of the most significant achievements, though, are more subtle.

For example, your supervisor is aware of the ROI of a campaign that resulted in large sales almost immediately. Other achievements, such as increased follower counts or website traffic, might not inspire the same amount of excitement from your supervisor. You understand that tracking the customer journey means recognizing little wins that have a direct or indirect impact on the brand’s bottom line.

Set influencer campaign KPIs and attach crucial metrics to those KPIs to properly track the customer journey with your influencer marketing program.

This strategy will help you stick to the S.M.A.R.T. (specific, measurable, achievable, relevant, and time-based) goal-setting principle.”

Tracking Performance with Influencer Marketing KPIs

Your influencer marketing campaign is coming to a close, but how will you know whether it was a success? Choosing KPIs (key performance indicators) for influencer marketing that is aligned with your objectives will assist you in measuring the positive impact of your campaign and calculating your overall ROI.

You should look beyond vanity metrics and study conversions and purchases to thoroughly assess the performance of your campaign.

We’ve put together a list of key performance indicators (KPIs) that you may use when planning your next influencer marketing campaign.

1) Brand Awareness

One of the key reasons brands work with influencers is to raise brand awareness. Before you can expect clients or sales, you need to get your name out there, and one of the greatest ways to do so is through an influencer marketing programme. If brand recognition is the primary goal of your influencer marketing approach, the following KPIs should be monitored.

While it may appear to be a simple statistic, brand awareness is an important KPI to consider when doing influencer marketing. Tracking the reach and impressions of influencer posts is a standard approach to gauging brand awareness.

Reach- The number of people who have seen your influencer’s post. 

Impressions- The number of times your audience has seen your post is known as impressions.

Audience growth- The increased follower count since the beginning of the campaign.

2) Engagement Rates

One of the most critical KPIs to track to determine the success of your influencer marketing strategy is engagement. The number of likes and comments on your campaign post or story/video views on Instagram is used to determine engagement.

The quantity of interaction your material receives is a clear indicator of its success. However, engagement rate should not be mistaken for content reach. The rate of interaction with your material is known as the engagement rate.

Active engagement reflects the audience’s interest in your content. Your potential clients will be more ready to interact with you if it resonates with them.

To estimate your influencer engagement rates, keep track of the following metrics:

Clicks: Clicks are a means to figure out how interested your audience is.

Likes: One of the most basic influencer marketing metrics for quantifying the buzz generated by your influencer content.

Shares: You should track shares as one of your influencer marketing KPIs. The more people share your material on social media, the more inclined they are to share your products as well.

Brand Mentions: Measuring this allows you to see where your content is being discussed and promoted.

Use of campaign hashtags: Hashtags are a terrific way to start a conversation, connect with others who share your interests, attract traffic to your website or blog, and so on.

Comments: The amount and nature of comments might indicate whether or not your audience enjoys your work.

3) Conversions

Most marketers consider conversions when evaluating influencer marketing success. Although tracking sales that occurred during the influencer marketing campaign is a simple approach to tracking conversions, conversions aren’t always about sales, and there are other conversion rates you can keep track of.

You want potential customers to convert into leads and then buyers once they arrive on your website. Conversions happen when the target audience of your marketing campaign takes the intended action. This can include things like signing up for a newsletter, downloading an ebook, clicking a link, or doing whatever else you want your prospects to do.

Remember that low conversions do not always imply that influencer integration is ineffective. Take a step back and consider the KPIs for referral traffic and interaction. If the numbers look good, you can safely assume that an influencer directed traffic to your website.

For example, there could be a problem on a landline page:

  • The message on the site isn’t in line with the promotional message;
  • The page doesn’t convince visitors to take further actions and to convert;
  • Some technical issues such as low website load spread arise.

4) Referral Traffic

The number of visitors who visit your page after clicking on a certain link is known as referral traffic. CTR and referral traffic are similar in that they can be tracked using custom links or UTM parameters.

E-commerce firms typically launch influencer marketing campaigns to persuade followers to shop with a special discount code or landing page. The number of times an item was purchased using the unique code or page might be used to measure referral traffic in this scenario.

You can look at more than just the amount of visitors when examining referral traffic. You can receive a more in-depth view of your website audience with Google Analytics:

  • The number of new visitors;
  • The average time spent on a website;
  • Entrance and exit pages.

5) Sales And Revenue

We’ve already looked at conversion rates, so the next measure we’ll look at is sales. If that is the campaign’s goal, it is the simplest basic yet most important sign to look at.

There are a variety of strategies to increase sales when using influencers, including affiliate links, promo offers, discount codes, and more.

Trackable links, unique codes, and UTM parameters can all be used to track the purchases generated by your influencers.

This way, you’ll know just how much each of your influencers is affecting your sales.

You need to track the impact of influencer efforts on sales and income as your prospects move down your funnel. When it comes to customer acquisition, track downloads, subscriptions, and sign-ups. You may then determine your cost per acquisition from there.

6) Return On Investment (ROI)

You found a reliable influencer, collaborated on great material, and then shared it. If your primary goal is to increase sales, your return on investment (ROI) is an important influencer marketing KPI for you.

The ROI calculation for each campaign may fluctuate depending on the brand’s goal. You must first set your goals in order to know what numbers you are searching for before you can calculate the ROI. This will allow you to assess the campaign’s overall success.

A positive return on investment indicates that you should execute another influencer campaign. However, a negative ROI does not mean you should give up. Instead, try to figure out what went wrong and where you can enhance your funnel.

Is Your Influencer Marketing Program a Success? 

Examine your objectives for collaborating with influencers once everything is finished. Were you able to meet your KPI goals?

It’s critical to return to your initial objectives in order to focus on the relevant KPIs. Don’t make the mistake of starting with too many targets KPIs. To achieve the optimum results, a programme should be laser-focused.

Consider the amount you spent versus the amount you earned. Compare the outcomes to those of other marketing initiatives conducted through various platforms. This will tell you whether or not your campaign was successful.

Remember to repurpose material as an organic post on your social media or website to continue evaluating the success of your influencer interaction.

Tools You Can Use To Track KPIs

1) HypeAuditor

HypeAuditor can help you find influencers who are right for your campaign. You may also use their brand mentions filter to identify people who have worked with your competitors or use keywords to find people who are interested in a specific area.

The tool also allows you to track the success of marketing campaigns. You have access to campaign performance reports and insights, which you can use to improve your efforts.

Their HypeAuditor Account Tracking provides useful information on audience shifts. Follower growth, engagement changes, content performance, and more can all be tracked.

2) BuzzStream

Another great marketing tool is BuzzStream, which helps you to find influencers and perform efficient outreach efforts.

BuzzStream allows you to collaborate with your team. Take advantage of the convenience of a centralized database where you can exchange notes and work with your team in one location.

This tool assists you in analyzing your campaigns to determine what works and what doesn’t. Get detailed information about your campaigns and team’s performance.

3) Hootsuite

Hootsuite’s Custom search streams will monitor whatever social platform you choose, so you can see what’s going on at a glance, making it arguably the easiest social monitoring tool on this list to use. Focusing on relevant themes, trends, and social profiles by using keywords, hashtags, locations, and specific people.

Set performance standards and track progress over time with a 360-degree view of your accomplishments across all social networks from a single location.

Conclusion

Awesome! Now you can measure the effectiveness of your influencer marketing campaigns. We’re not done yet; there’s a lot more to learn about influencer marketing, and we’ve divided it up into sections to make it easier for you. The following phase would be to learn Influencer Marketing for SMEs .

Influencer marketing can significantly increase brand awareness. Because it strikes a connection with the most important audience. However, the only way to know if this is happening is to track the correct metrics.

You could be tracking a variety of influencer marketing KPIs. However, the objectives of each company, industry and marketer for their influencer marketing campaign may differ. You must determine which of these applies to you the most.

Brands may have a better knowledge of how effectively their influencer marketing initiatives are functioning and make the required modifications to guarantee that they are achieving the desired results by studying and measuring these KPIs for influencer marketing.

This post is also available in: English

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