A consumer got inspired by an outfit of a renowned fashion brand all because of the unique content created by an influencer. On the other hand, an influencer got hardly 1000 views and no comments on her recent reel after collaborating with a food brand. This is where KPI’s come under observation to analyze audience’s behavior towards the content created by the influencers. Measuring Key Performance Indicators (KPIs) in influencer marketing becomes essential to evaluate a campaign’s impact. They ensure that the campaign aligns with business goals, whether they be increasing brand awareness, driving sales, or enhancing customer engagement.
Notably, KPIs play a pivotal role in calculating Return on Investment (ROI), shedding light on the financial effectiveness of influencer marketing efforts. Beyond financial metrics, KPIs empower data-driven decision-making and facilitate comprehensive reporting to key stakeholders. Now that the value of KPI’s is clear, let’s discuss some essential Key Performance Indicators every business must look into to measure the success of an Influencer Marketing Campaign.
KPIs are directly tied to campaign goals. For instance- A brand collaborates with a popular beauty influencer to create engaging content showcasing their new product line. Their specific campaign goal is to create buzz around the new product. Thus the influencer’s content is designed to introduce the new products to the influencer’s millennial audience, aligning with the brand’s goal of increasing awareness among this demographic.
Top KPI’s to look for while measuring success of influencer marketing campaigns
While a business has multiple campaign objectives to achieve, the major goal that drives a business towards success is sales and conversion. A brand becomes popular not just with its marketing strategies but also with how many leads it can generate in a period of time.
An easy way to monitor conversions from the influencer marketing campaign is to track sales prior to, during, and post-campaign, and analyze any fluctuations in sales that coincide with the campaign period. For a more advanced approach, giving promo codes to the influencers can be an easy strategy to track the sources of traffic for customers who converted during the campaign.
Tracking the number of new followers gained during or after a campaign provides a clear indication of its impact on expanding the influencer’s audience. Positive follower growth suggests that the influencer’s content and the associated campaign are compelling and attracting new followers to the brand.
Let’s say for instance while scrolling through your Instagram, you found an amazing dress. You clicked their page to get hands on an outfit that best matches your needs according to the occasion and your budget. Unfortunately, the hefty amounts didn’t let you move forward and you decided to step back by not making any action again.
On the flip side, you found your favorite and budget-friendly dress at another brand and decided to purchase and even follow their official IG page for future updates and needs. This is a real conversion! When a user decided to follow your page in a hope that he/she will find a product suiting their need. KPI here played its part by painting a real picture of the success. Remember, you aren’t just trying to reach as many people as possible: you’re also trying to convert them into and loyal customers and fans.
This factor is often labelled as CTR or Click-Through Rate. CTR measures the percentage of users who clicked on a link within the influencer’s content, indicating the effectiveness of the call-to-action. A higher CTR suggests that the audience is not only engaging with the content but also taking the desired next steps, such as visiting a website or making a purchase.
Reach and Engagement
Likes, comments, and shares are vital engagement metrics in influencer marketing. A good engagement is emblematic of how well your audience engages with your content. Likes indicate the popularity of the content, comments reflect direct interaction and feedback, while shares amplify the content’s reach.
Higher engagement rates suggest that the influencer’s content is going well with the audience and generating interest and conversation. Your count of loyal customers will depend on how well your engagement is. Reach on the other hand symbolizes how many users have come and viewed the influencers’ content.
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