The Most Important Metrics to Track in Influencer Marketing
“Not everything that can be counted counts, and not everything that counts can be counted.” – Albert Einstein
It’s been proven; influencer marketing works. If you already have an influencer strategy in place, you may have experienced this first hand. But experience and understanding are two different things.
So how can you definitively tell if your blueprint is a successful one? Through metrics analyzation.
While email marketing and PPC campaigns are relatively easy to measure, influencer marketing presents a whole slew of metrics that can be tracked, and each one has its own narrative to share. The problem, however, is that, as Mr. Einstein has pointed out, not all metrics really matter when you get down to the core of a campaign. Marketers therefore need to learn the most fundamental data sets to track in order to turn mere figures into stories that depict how impactful a campaign truly was.
If you need a bit of guidance in understanding the most important metrics to track during your influencer campaign, read below for the 4 most important data points to follow.
Metric #1: Brand Mentions
No mystery here – these are exactly as they sound; mentions of your brand across social media. During an influencer campaign it is vital to have your ear to the ground and know exactly how the conversation about your brand is going and how big it is getting; brand mentions will help you accomplish this. There is a whole sea of digital tools such as Social Mention, Mention, Hootsuite, and a variety of others that can help you monitor this information. If you are receiving a satisfactory amount mentions, you are likely fairing pretty well in the next category as well.
Metric #2: Engagement
Engagement, much like brand mentions, is a simple concept; it is any action that a consumer takes to interact with a piece of content. This boils down to likes, comments, shares, views, and similar actions. This is what helps to shape the conversation and is a crucial indicator to a campaign’s success as this means that people are taking time to notice the marketing push and resonate with its message. Most influencer marketing campaigns ask for direct engagement from an audience, so if these numbers are ample, you are on the right track.
Metric #3: Traffic
Traffic, much like engagement, can be considered a vanity metric. In regards to influencer marketing, however, traffic can be the overall goal of the campaign. Traffic is simply how many unique visitors a predetermined destination is receiving; this can be a website or a physical store. Granted that your engagement numbers are stellar, there is a good chance that your traffic will follow suit. You can establish exactly where your traffic is coming from by checking in with Google Analytics.
The entire goal of producing content for people to engage with is to drive them to take a certain action; most times that would be to visit a storefront and buy. Which leads us to our next, and arguably most important metric:
Metric #4: Conversions
Web traffic is great, but if your site has an extreme bounce rate and is failing to convert, something is obviously amiss. Conversions are, in the majority of cases, the most critical and sought after metric to boost. MarketingSherpa defines conversions as, “The point at which a recipient of a marketing message performs a desired action.” This could be an eBook download, an email signup, a sale, or a slew of other actions.
In order to effectively monitor conversions, you can generate unique tracking links for various pieces of content shared with influencers. This will allow you to oversee where the conversions are stemming from in order to evaluate how well each campaign element performs.
Additionally, in Google Analytics you can assign dollar amounts to each type of conversion to help you understand the ROI of a campaign. But conversions are not the end-all-be-all metric.
The only metric that will truly define if your campaign was successful or not depends on the goal your company has set. These metrics will pertain to most targets defined in an influencer campaign, but if the goal does fall outside of these parameters, follow the metrics that will definitively tell you if you are hitting the mark or not. Then, and only then, will you know if there is real cause to celebrate.
Need help assembling and monitoring a campaign that will reach the goals your company needs to achieve? Let us know and we can help craft an influencer campaign that is a tour de force in your industry.