Various influencer marketing KPIs (key performance indicators) serve as essential indicators of success, depending on the overall campaign strategy
In keeping up with the dynamically changing ad industry, marketers have come to realise the importance of analytics in determining the success of influencer marketing campaigns. Marrying data-rich analytics with strategy has helped brands recognise consumption patterns, influence the way they run the show, and help capitalise on new marketing activities. Measuring the effectiveness of influencer marketing comes down to understanding key performance indicators that determine the nature of success or failure. As influencer marketing grows, our understanding of data analytics also changes. Various influencer marketing KPIs (key performance indicators) serve as essential indicators of success, depending on the overall campaign strategy.
Conversions and social impressions
It’s a fact that businesses with an online presence grow faster. The digital convenience makes it easier for consumers to participate in the brands’ online activities. Having said that, brands should realise that conversions do not necessarily mean sales. It means better exposure. One of the best ways to track conversions during an influencer marketing campaign is by keeping an eye out for website traffic, such as sign-ups on newsletters, app installs, views, total reach, new users, total sessions, time on site, referral partners, social media share, and the best of it all, sales. Tracking website activities pre, during, and post an influencer marketing campaign can help track conversions.
One of the driving forces that make influencers ‘well known’ is their social media impressions. Predicting the success rate through impressions can be complex, but it gives brands an insight into the number of people they have reached through a campaign. In simple words, the more the reach, the better the exposure. If the goal of the campaign is to generate brand awareness, having higher social impressions says a lot about the campaign’s results. The challenge with impressions, however, is that it does not mean consumers have necessarily engaged with the content; it is just an indication of the total number of eyeballs that have landed on the content piece.
Since the analytics on impressions are generally private, brands will have to be dependent on influencers to get the information. Influencer marketing platforms streamline the process by allowing brands to manage the campaign end-to-end, hence ensuring transparency among both parties.
Engagements are generally classified as likes, reactions, shares, comments, tweets and reposts. They show the total number of people who have engaged with or taken an action on the content. An analysis of influencers’ engagement rates helps brands determine their ROI. Based on these, brands can predict the success or failure of their influencer marketing campaign. However, in terms of putting this into action, it becomes a challenge for brands. Partnering with influencer marketing platforms that have access to in-depth data of influencers then becomes highly effective. Choosing the right influencers who engage with the right target audience is a value addition to brands, and that’s where the data comes in handy.
Audience data is crucial to understand social media sentiments; to determine the reaction of the audience when they’re not online. The only way brands can move ahead is by disrupting the market through technology-driven tactics, and data analytics becomes a crucial part in doing so.
The author is COO, Alchemy Group & WORD