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To begin with, what is influence, and how is influence determined? Influence is the capacity to affect the character, development, or behaviour of someone or something or the effect itself. Influence is determined based on three criteria:
Reach: This is the size of the audience of the influencer.
Relevance: The aspect in which an influencer thrives the most such as category, topic, etc.
Resonance: Also known as engagement. Resonance is the result of reach and relevance combined.
When it comes to deciding whether the influencer marketing campaign was successful or not, you must consider your business goals. A successful influencer marketing campaign helps a brand to set goals in every marketing channel (chosen by the business). Typically the goals of influencer marketing are :
Brand awareness
Community building
Research and development
Boosting brand credibility
Driving sales and leads
Based on these objectives, one can begin to measure and analyze the success of an influencer campaign.
The first is Brand awareness. If your goal was to publicize your brand, the KPIs are associated with the Reach, and to measure the reach, the following are considered:
Influencer Followers: The influencer follower count indicates the approx. Count of times your brand message is shown to your target audiences. So, if your sponsored post received 2,000 impressions, it had been seen 2,000 times. Note that influencers not only have human followers but also get bots and brands as followers. Hence, you cannot fully rely on the influencer’s follower count to measure the campaign’s success. This is why other metrics are considered.
Traffic Data: When it comes to measuring the reach of a campaign, traffic data comes up as the most trustworthy metric. Traffic data indicates the accurate traffic volume from the influencer’s account to your business website. Measure the traffic data, and you can easily track how many people have been influenced by your brand message.
All the other objectives are associated with relevance and resonance. To measure the relevance and resonance, the following are considered:
Engagement: Measuring the influencer marketing campaign’s reach is not enough. You must track the engagement rate of your target audiences with your sponsored post. It is measured through the following metrics:
Clicks: Once you know the number of clicks your sponsored post has received, you can easily figure out how many of the target audiences have reached your post.
Likes: Measuring the number of likes on your sponsored post is also imperative. Thus, you can get to know the number of people that have shown interest in your post.
Shares: The number of shares indicates how many people have found your post insightful or valuable. In other words, people that have shared your post are interested in your products or services. You would need to nurture those leads to convert them into paying customers. Moreover, the shares also imply that people are interacting with the content of the influencer and recommending the post to their networks. That means you can expect your brand awareness to have moved up after the campaign.
Comments: Comments are the most powerful tool to measure the engagement of your sponsored post. The more comments your post gets, the more people are highly interested in your business. It would help if you also considered the reactions and brand mentions for your post to track your campaign’s success. When it comes to Instagram, you need to check the count of the saved posts. Have you collaborated with an Instagram influencer? Then, it would be best if you got insights into your sponsored post from the influencer. Sending you the post insights is a cakewalk for the influencer. He/she would get to the post insights and take a screenshot of it to send to you. Have you collaborated with a blogger? Then, the above strategy would also apply to this case. The number of likes, shares, comments, and reactions on your sponsored post would help you track the overall campaign’s performance. Thus, you can get to know whether or not and how much your post has influenced your target audiences.
How to Calculate the Cost per Engagement (CPE)
This is calculated by dividing your total advertisement investment by the count of user engagements. For example, you have invested $5 000 for your influencer marketing campaign. And the influencer has gotten 2,000 comments, 20,000 likes, and 2,000 shares for your post. So, the total count of engagements is 24,000. So, the CPE of your campaign would be $5000/24,000 = $0.21.
Track Your Target Audience Growth
This is even more important if you focus on community building. To ensure the high performance of campaigns, you must ensure your post should reach the correct target audiences. Leverage the power of the Google Analytics Demographics report. Thus, you can get to know if the influencer is putting enough effort into spreading your brand post. If your target is GenZs and your Google Analytics Demographics report shows millennials as the maximum web visitors, then the influencer marketing campaign needs changes.
Otherwise, your influencer marketing campaign won’t bring many benefits to you.
Measure Conversion Rates
This is very important if the objective is to drive sales and leads. To measure this:
The number of sales of your products
The count of email subscribers
The number of free trial sign-ups
Get a Landing Page Developed for Your Influencer Marketing Campaign
A specific landing page for a marketing campaign can render more insights into the campaign’s performance. Once you get a landing page developed, you need to send its link to the influencer. Wait for some days and then start measuring the success of the campaign. So, if you receive conversions on your landing page, you can rest assured about its source (definitely from your influencer marketing campaign).
There are so many other processes to measure and analyze influencer campaigns. These Processes can seem like a lot of time and effort that you cannot take up on your own, it is almost like round clockwork. This is why you need a brand like us, Fame Africa, to help you. We offer a platform where you can collaborate with influencers seamlessly and track your campaigns effectively without hassles. Just come, connect and collaborate with ease!