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Measuring Influencer ROI

And what to look at to reach your goals
By Pathfinders Advertising, February 15, 2022 // Marketing, Social Media

[About a 5 MIN read]

THE INCREDIBLE IMPORTANCE OF ROI

Influencer marketing can amplify your brand’s voice and return fantastic social media value — meaning your message is going to get in front of so many people that it meets or exceeds numbers you’d see when buying ads. Unlike most ads, influencer in-feed posts bring an authenticity that audiences notice and appreciate. The main reason you need to track metrics is so you can see how well your campaigns and posts performed. The metrics should guide your future decision-making, and help you get the most out of your strategy. Plus, metrics are one of the best ways to show proof of performance to your brand’s internal stakeholders, so it is well-understood that your influencer marketing strategy is a solid investment!

ROI PREP WORK

KPIs to track

A KPI (key performance indicators) measures the success of an influencer marketing campaign. KPIs will help you track your progress, measure the success rate in meeting your ultimate campaign goal, and help you learn exactly what you are gaining from this campaign.

Decide which KPIs matter to your brand

When activating an influencer, is it general brand amplification you’re after? Or are you asking the influencer to promote one of the brand’s channels to increase follower count or website traffic? Be sure to map out exactly what you want the outcome of this campaign to be in order to see a successful campaign. Then you can determine which specific KPIs align with the goal of your campaign.  Every KPI measures something different and it is important to know which one you need to focus on most in order to measure the success of your campaign based on your goals.

KPIs FOR BRAND AMPLIFICATION

Reach and impressions
  • Sometimes, we just want to be on an audience’s radar. By measuring how many times a campaign was viewed or how many people saw the campaign you will get a sense of the number of eyes that were on your product. The more eyes on the content, the more opportunities to reach new followers and potentially, new customers.
Overall engagement
  • By measuring the number of shares, likes, comments and click-throughs you are seeing how impactful the content is. Would you click through a post if you had no interest? Normally, not. By measuring how an audience is choosing to interact with a post you are seeing whether your campaign was effective towards your target audience.
Engagement rate

engagement rate calculation

  • Engagement is calculated in different ways depending on the platform, but to give you an idea, we will show you one of those ways. All of the post’s engagements combined and divided by the number of followers the influencer has multiplied by 100 will give you the engagement rate percentage. For instance, if an influencer makes a post for your brand and they get 100 likes, 100 shares, and 100 comments – the total engagement is 300. Now, say that influencer has 10,000 followers. The total number of engagements, or 300, is divided by the number of followers, or 10,000 which is 0.03. To get the final engagement rate percentage you will multiple 0.03 by 100, making the official engagement rate of the post 3%.

KPIs FOR FOLLOWER GROWTH

Number of new followers
  • This one is simple. If you’ve gained more followers because of a campaign, you have successfully put your brand or product on their radar. If their favorite influencer is choosing to promote something you are selling, it must be worth their time.

KPIs FOR LEADS AND SALES

Revenue and conversion rates
  • An easy way to track conversions is simple math! Track your sales before, during and after the campaign. If you’re looking for a more refined approach, you can set up affiliate links, promo codes, landing pages and link tracking for the campaign. Although we usually connect conversions with sales, it is really any time a potential customer completes an action that directly relates to your goal.

SOCIAL MEDIA VALUE

If you’re familiar with earned media value, then the idea of social media value will be familiar as well. Basically, SMV is going to assign a dollar amount to measure how much a post is worth in comparison to paid social advertising. Since having an influencer post for your brand gives you access to a new audience, it is comparable to paying to access lookalike audiences through a traditional paid ad.

QUALITATIVE METRICS

Nature of your partnership and relationship with an influencer 
  • As you progress through multiple partnerships with creators, you will experience a wide array of personalities and levels of professionalism
  • A good partnership is collaborative where direction and feedback is welcomed
  • Consider whether the content was submitted by the deadline and in the manner in which it was requested (getting the wrong format, for example, is a huge pain)
  • Was the creator willing to revise content if needed?
  • Will this be a repeat partnership?
Longevity of your content
  • Remember that when your marketing campaign ends, the content remains. Content that an influencer puts out can be repurposed in the long run through email marketing, targeted ads, and many other campaigns. If the content that is being posted is a strong fit for your aesthetic and brand it can be used to your benefit long after the campaign is over.

Ready to get started but having trouble determining your marketing campaign goal? Let’s connect! If you’re considering influencer marketing, we can evaluate your brand, find the best way to retrieve an effective ROI, and even guide you toward a strategy that will fit your needs. 

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