Likes, comments, engagement rates, growth rates, website traffic… do you sometimes feel lost in the maze of influencer marketing metrics, unable to find a path to your desired goal? Influencer marketing is growing up so quickly that marketers often struggle to set a course through this rapidly changing field.
In this blog post, you’ll learn which influencer marketing metrics you need be measuring in order to reach the desired outcome for your campaign or brand. Certain metrics are associated with different outcomes, so by focusing on the desired outcome, you’ll be able to create a map out of the influencer marketing metrics maze.
Outcome-Driven Influencer Marketing Metrics
According to Statista, the leading goals of influencer marketing are: improving brand advocacy, managing reputation, expanding brand awareness, reaching a new target audience and driving sales conversions. So let’s break it down. Which influencer marketing metrics are most important to each outcome?
1. Create Awareness & Attract a New Audience
If your goal is creating awareness or drawing a new target audience, it is crucial to measure and analyze the following metrics.
Impressions indicate how often a piece of content has been viewed. These numbers are usually easy to track. Instagram business, for instance, provides this metric. For video content or Instagram stories, you can also track your views with a regular Instagram account. Since you won’t have access to your influencers’ accounts, make sure you make receiving the necessary screenshots and Instagram story metrics for a campaign part of the agreement with an influencer.
Unfortunately, it can be hard to draw precise conclusions based on this metric alone. A piece of content can have more than one impression per user. And just because someone is exposed to your content doesn’t mean the person actually perceives it. Most of us don’t focus that closely while scrolling through Instagram, so we may only consciously register a portion of what crosses our screens.
Follower growth rate
The follower growth rate describes how many new followers an account gains over time. The metric is a percentage that is calculated by comparing the number of new followers to the number of existing followers. For Instagram business accounts, the growth rate is available on the site.
To measure whether you are able to attract a new target audience, you may want to dig deeper into your audience demographics, like gender, age, and location of followers. This detailed information is highly valuable to understanding who your followers are and how they change.
This is usually measured in visits. Google Analytics provides helpful insights like the overall pageviews, number of users, number of new users and the time a user spends on a specific site. Instagram business also provides valuable analysis of the number of clicks on the link in your business account bio.
During your influencer marketing campaign, you should track whether these numbers increase and how they change. Referral traffic is an especially valuable metric for working with influencers since it tracks visitors who come to your website from sites other than the major search engines– for instance, by link clicks on social networks.
2. Increase the Brand’s Engagement
If your desired outcome is increasing overall brand engagement, you’ll need to measure the relevant engagement rates. These include typical influencer marketing metrics such as likes and comments. According to Business Insider, most marketers mainly measure their campaign success by analyzing their engagement over any other influencer marketing metric.
3. Drive Conversions
If your desired outcome is to drive conversions and you want to measure how your sales are affected by influencers, you can draw attributions best by implementing codes and links in your campaign.
The great advantage of using affiliate links in your influencer marketing process is that you’ll be able to track which clicks result in conversion since the link is a specific URL that contains the influencer’s username.
These are similar to affiliate links. If you provide the influencers of your campaign with personalized links, you’ll be able to identify how many purchases were made using a specific discount code.
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Like both tactics mentioned above, campaign URLs allow you to collect information about the overall efficacy of campaigns or different campaign partners. This might be helpful if your campaign launches on different social media sites and you want to know which of them is attracting the customers who generate the most revenue.
Tracking your monthly revenue on a regular basis can help you identify trends. Depending on your campaign, you won’t be able to track what influencer performed best, but by reviewing on a monthly or annual basis, you can determine what strategies or events result in the highest revenue and best outcome.
4. Improve the Brand’s Image
Of all the outcomes we’ve discussed, improving your brand’s image is the most difficult to measure. The only measurable influencer marketing metric for this outcome is mentions.
But even though you can track the number of mentions, it’s up to you to understand the attitudes and emotions of your audience. Who talks about you? Are the mentions positive or negative? Are the people mentioning your account influential and relevant?
Identifying the most important metrics for your brand can be a long and demanding process. It can be difficult to figure out what metrics will tell you how close you are to your desired outcome. Measuring the right influencer marketing metrics — the outputs of your campaigns and partnerships — to analyze different outcomes is necessary in order to understand which outputs lead to the best results. When you understand the relationship between these outputs and various outcomes, it is easier to chart a path forward.