How to Know if Your Influencer Campaigns Are Hitting Their Goals
Influencer marketing is projected to be a $4.99 billion industry in 2022, a 27.8% increase from last year, and is expected to continue growing.1 As the original novelty of the tactic begins to wear off, marketers are taking a closer look at performance to reevaluate if influencer marketing is the best tactic to invest in. If you need to know how to measure the success of your influencer campaigns, keep reading!
We are constantly looking into new measurement options for campaign performance. We provide a variety of options that can be combined to present a big-picture look at how the campaign performed. The measurement tactics you choose for your campaign may vary based on campaign goals.
“A lot of Influencer Marketing campaigns focus on brand awareness,” said Shelby Mustain, Senior Influencer Marketing Account Manager, “which measures engagement with content, sentiment analysis of the comments, and earned media value. For campaigns looking to drive more action, we recommend utilizing pixels, UTMs, and discount codes.”
Brand Awareness Measurement Tactics
Several measurement tactics are most beneficial to campaigns looking to drive brand awareness. They measure how many people have seen or interacted with the ad, whether the ad is receiving positive or negative feedback, and other valuable insights.
“For brand awareness campaigns, we measure a variety of points to get a holistic view of the performance,” said Brad Stewart, Director of Influencer Marketing. “Each of them helps to understand different aspects of the awareness campaign, but when viewed together to provide more powerful insight.”
Engagements on social media include any likes, comments, or shares of a creator’s post or piece of content. While the overall number of engagements is likely to increase in relation to an influencer’s follower count, studies show that the engagement rate (engagements in relation to the number of impressions) is higher for nano and micro influencers.2
A higher engagement rate means a higher percentage of people who saw your ad liked or commented on it. Since these nano and micro influencers tend to have higher engagement rates, several smaller influencers may be more beneficial to your campaign than one macro influencer if your goal is post engagement.
A sentiment analysis provides an overall look at whether users are responding positively or negatively to an ad. After the campaign is over, our team reviews comments and reactions to the influencer content to create a detailed analysis. This allows brands to see the overall consumer sentiment as a quantifiable percentage.
This measurement tool can be helpful when planning future campaigns’ messaging and audience targeting. It is also beneficial for those who are more numbers and figures driven to see engagement as quantifiable data rather than pages of comments.
Earned Media Value
Earned Media Value (EMV) applies a monetary value to engagements on influencer marketing campaigns to show how much you would be spending on traditional media to achieve similar results. We use Ayzenberg Group’s Social Index to determine this value based on social platform and engagement type.
This allows you to see a simulated cost savings and ROI for your campaign. For example, if the Social Index values each Instagram like at $0.86, and your ad received 100 likes, that will add $86 to your earned media value. Comparing this number to the amount spent on the ads allows you to see the simulated ROI.
Action-Driving Measurement Tactics
When an advertiser’s primary goal is to drive action, like purchases or sign-ups, we have a unique set of strategies for measuring campaign success. “When driving action, promo code usage and conversions captured through pixels are great to understand ‘did we move the needle,“ said Stewart.
Promo codes are an easy way for clients to measure purchases from influencer marketing campaigns. Giving unique codes to each influencer will determine which influencers are driving the most purchases, providing insight into what kind of influencers you might want to partner with in the future.
Promo codes also encourage potential customers to purchase your product since they often offer a percentage off, making this not just an excellent measurement tactic but an effective advertising strategy as well.
UTMs & Analytics
When adding UTM codes to the click-through URL featured with a post, the campaign activity shows up in your Google Analytics, measuring website traffic, engagement, and on-site actions. This offers a wealth of customizable reports and the ability to easily compare your influencer marketing results against other organic and paid marketing channels.
UTM parameters can be customized based on the data you’d like to see in your Google Analytics account to track which ads and campaigns are drawing the most traffic.
If you plan to scale your influencer marketing efforts with paid amplification, adding a conversion pixel to your site will measure users making a purchase or performing another specified action after seeing or clicking on your ad. While UTMs only measure post-click data, pixels track both post-click and post-impression actions.
Placing pixels also allows you to create custom audiences of users who visit your site, make a purchase, or perform another specific on-site action. You can use this data with future campaigns to target people who are already interested in your brand and know your advertising dollars are being spent efficiently.
Final Thoughts on How to Measure Your Influencer Marketing Performance
Do any of the above measurement tactics pique your interest? We’d love to help you get started with your next influencer marketing campaign. Check out our one-sheeter for more information on measurement options, and reach out to email@example.com to get started!
- EMarketer, July 2022. “Influencer Marketing Spending”
- Statista, July 2022. “Engagement rates among Instagram influencers worldwide from 2018 to 2021, by number of followers”