Influencer marketing has become one of the hottest marketing techniques today. Brands now know that working with influencers is a great way to reach out to a large audience. Specifically, with earning $5.78 for every dollar spent – companies are factoring them into their budgets as they seek influencer relationships that meet their own specific needs better than a mass advertising campaign.
But, working with influencers is not as simple as sending out an email and getting a viral video. The entire process is a lot more complicated, and you need to handle it with care. Although the industry is growing, it is still plagued with problems. These problems include influencer drop-outs, lack of transparency, and incomplete analytics.
That’s why it’s important to track your influencer marketing campaigns. In this blog post, we’ll look at tips on how you can go about tracking your influencer marketing campaigns with ease.
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Tracking influencer marketing campaigns
Return on investment (ROI):
The biggest challenge with influencer marketing is quite difficult to track its ROI. Most influencer marketing campaigns don’t have a call to action. However, there are ways to track the ROI of a campaign.
One way is by using the Kred score. The Kred score is a way of measuring the influence of a particular user. With this, you can calculate the amount of value that you get from an influencer. The higher the Kred score of a specific influencer, the more influence they have on their followers. This means that you should always look for influencers with high Kred scores. This will ensure that the ROI of your influencer marketing campaign is high.
While you must measure certain traffic and click-through rates of your campaign, you should also always attribute sales due to the collaboration to the event. This will help you determine your work’s actual ROI and decide if future projects or partnerships are likely to be profitable endeavours.
Post insights
If you want to measure metrics like engagement, brand awareness, and content generated from your social media marketing efforts, you can check the social media analytics. Every social media network has built-in analytics tools you can use for this. You need to open up each of your accounts and head over to their respective analytics sections.
Analysing an influencer’s social media posts is the first step toward successful collaboration. Influencers will only post about your project if it inspires them. Influencer marketing is not just about engagement but also about relevance. You can discover how many likes, comments, and shares the posts are getting to determine their quality and estimate their reach potential.
The best way to measure the success of your campaign is by asking the influencers to send you their impressions and stats. Things like impressions, clicks, CTR (click-through rate), CPC (cost per click),likes and so on can be vital indicators of what works better with the audience you’re aiming at and can help you get a better idea of how your target market responds to certain strategies.
Promo codes for sales measurement
Another way to track your sales is to provide promo codes for your product to influencers in the media. This can help you keep tabs on where customers are coming from. If you use POS (Point Of Sale) systems that support promo codes, you can track the sales yourself.
You can use voucher generating sites such as Voucherify, known for its influencer marketing campaigns. Influencers reach out to their audience by making their voucher codes available. On the other hand, Voucherify helps track users’ actions with the vouchers. It also generates promo codes for you.
Social Mentions
Another important metric to track is the number of brands mentions the company receives before and after the campaign. For example, with a tool like Mention, you can correlate influencer posts with an increase in brand mentions. With this data, you may evaluate what different kinds of content have the highest return rate.
Affiliate link
This method gives influencers a trackable affiliate link or unique promo codes. You should be able to access the social media analytics of an influencer to measure the engagement from sponsored posts which means that you’ll always know exactly what kind of return you’re going to get from the amount of money you spend on a specific influencer.
UTM parameters method
UTM parameters are short pieces of code added to links. They can be used with social posts, emails, unique tracking phone numbers, and promotional codes for e-commerce. At the very least, you can use Google Analytics to correlate website visits and purchase revenue generated from your affiliate partners’ promotion with your influencer outreach program.
Final thoughts
Influencer marketing has quickly become one of the most popular ways to market a brand, but you must provide your ROI if you want to stand out in this crowded space.
Easyinsights can help you track influencer campaign metrics. The platform allows you to easily monitor individual influencer marketing campaigns and track their results and metrics and key performance indicators (KPIs) to optimise your future campaigns. Book a demo and talk to our product expert to know more.
