Influencer marketing: how to measure the ROI of your campaigns?

If you run campaigns of influencer marketing, you probably want to know the ROI (return on investment) generated by your efforts.

But which metrics should you define? How can you concretely measure the impact of your influencer marketing?

The answer is in this article!

What is influencer marketing?

For those unfamiliar, influencer marketing is a targeted advertising method that involves developing special relationships with influencers and, through them, with their audiences. Influencer marketing can range from sending free products to content creators in the hope they will feature them, to more formal agreements where influencers are paid per post.

Influencer marketing should not be confused with celebrity endorsements, where a personality is contractually hired to represent a brand in campaigns. With influencer marketing, influencers generally operate independently and create their own content, based on a brand's advertising specifications. The result is an authentic advertising model that connects you with consumers in a more natural way.

From the start, determine your end goal

Before launching an influencer campaign, you must determine the result you want to achieve. Defining an end goal allows you to determine how you will measure it.

Here are the most common objectives and the metrics needed to measure them:

1. Increase brand visibility

Do you want to increase your visibility?

There are two ways to measure brand awareness after an influencer campaign:

2. Generate leads

Is your goal toacquire leads ?

Count the number of sign-ups to your offer or quote requests received during the campaign. You will know the number of prospects acquired thanks to your influencer marketing.

3. Generate direct sales

Discount codes can help you track sales from your campaign.

To better understand each influencer's results, consider assigning them a unique code.

4. Achieve higher brand recognition

This goal takes your brand awareness a step further and corresponds to a measurable increase in your presence on social media or on your website.

Key metrics to know include:

Set up the measurement elements

Once you've identified your ultimate goal, make sure you have measurement tools in place during your campaign.

It is really your objective that will determine the key performance indicators (KPIs) you need to measure to ensure your campaign's success. For example, if your goal is to boost brand awareness you'll look for indicators such as the number of impressions on a post, whereas if you're aiming for more direct sales your indicator might be tracking your sales.

That's why your objective is essential when measuring the ROI of your influencer marketing. But let's take a closer look:

For direct sales

If you sell products online and want to measure the ROI of your influencer marketing, give influencers a unique code to share with their community. This code will entitle them to a percentage discount on their purchases.

For greater effectiveness, offer at least a 15 to 20% discount.

The influencer should themselves know how to use the product or service in question. Let them know you'll give them a discount code before the campaign launches. They can then propose an appropriate rate and write their message accordingly.

To track impressions and views

To get maximum exposure, ask influencers to share their review of your product on their blog (if they have one), as well as on their social networks.

Let them know that afterwards you want to know the number of views and the engagement rate on their articles and/or social posts.

To measure conversions

If you are trying to generate leads through your influencer marketing campaign, make sure you have attractive content to share, as well as a form to collect leads.

Also, be transparent with the influencers you collaborate with; inform them of your campaign objectives. They can skillfully craft a message that guides their audience to help you achieve your goal.

Review your expenses

ROI includes "investment." The idea is to know whether your investment benefited you. You must have a budget to allocate to your influencer marketing and determine whether the results obtained meet your expectations.

There is no universal standard or single figure to measure the return on investment of an influencer marketing campaign and decide whether it is good or bad. It is up to you to judge and define, for example by comparing it to other forms of marketing, whether it seems worthwhile.

But it is sometimes difficult to judge influencer marketing with absolute precision, because a campaign being officially "finished" does not mean the content suddenly stops having impact or impressions.

Influencer marketing content can continue to live long after a campaign.

Conclusion

For your influencer marketing strategy to work, you must be honest with your partners and ensure they understand your objectives. Not only will they trust you, but they will also help you in your efforts.

You will now have all the metrics needed to measure the ROI of your campaign, identify the most fruitful collaborations and improve your results in your next operation. If you need support in your approach, find the right freelancer on Codeur.com !