When you begin an influencer marketing campaign, you must figure out what metrics to track. Part of goal setting includes identifying the tracking metrics, so it won’t be as hard as you think to accomplish as long as you take the time to set up your goals and objectives properly.
Here are the top metrics to keep track of depending on your influencer marketing goals:
Audience Growth
How has the influencer grown its platform over time? If you want to ensure that they are consistent in their efforts, you only need to check the metrics to find out. You can easily check by looking at their stats which they should provide to you, or you can use a third-party system to help like Socialblade.com but realize that these are only estimates.
KPIs to track for audience growth include:
- Number of subscribers – How many subscribers are they getting each day, and how long did it take?
- Social media followers – How many people follow them on other social networks, and how long did it take them to get to the level they are?
Brand Awareness and Reputation
While you aim to create more brand awareness for your brand and improve your reputation, you must ensure that the influencers you choose also have the same goal so you don’t accidentally select someone who doesn’t represent you properly.
KPIs to track to determine awareness and reputation:
- Page views – How many viewers are going to find you on that platform potentially? You can find out by how many average pageviews the influencer is getting to find out how it might work out for you.
- Impressions – Even if they don’t click, the information still shows and is called an impression. So the more people who view, even if they don’t click, the more awareness you’ll build.
- Social media followers – How many followers does the influencer have now, and how many do you have now. Again, knowing how this grows during the campaign will help you see if it’s working or not.
- Brand mentions – You can set up an alert with Google or use a third-party app like Hootsuite.com or Brandwatch.com to track who mentions your brand web-wide.
Engagement Rate
Tools and Tips to Help You Automate Engagement
One of the things that really help build your business online is engagement. So if you choose influencers who are good with engagement, it’ll boost your own engagement. Once the customer clicks through the influencer’s mention, they’re going to expect the same sort of engagement and personality from you.
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KPIs to track to ensure your engagement is what you want it to be:
- Likes – Getting likes on your posts is one way to notice engagement and increase your reach. Ask your audience to like your posts to help.
- Shares – When your audience really likes what you’re posting, they’ll do more than like. They’ll also share. Sharing will expand your brand in a multitude of ways that can’t be duplicated any other way. People trust their friends, and if a friend shares, it’s much more powerful.
- Comments – This is a better form of engagement than the other two in many ways because useful comments increase reach and help you get to know your audience better.
Website and Social Media Traffic
You can’t get any type of engagement or sales without traffic. So one of your main goals and objectives is always going to be traffic generation. Of course, when you get more traffic, you make more money, but of course, you want the right traffic.
KPIs to track to ensure you are building your influence via traffic generation methods:
- New users – How many new people visit that site, influencer, page, or product each day?
- Session time – How long they are sticking around is also a good indication of whether they’re consuming the content or not. You want your pages to be “sticky” and keep them as long as possible.
- Total number of sessions – How many times has that same person come back to your information?
- Pageviews – How many pages views have you delivered for that campaign, product, or advertisement?
- Click-through Rate (CTR) – This is how many times someone has actually not only viewed the page or info but clicked and followed your CTAs. If you get 100 page views and ten clicks, that’s a 10 percent clickthrough rate.
- Cost per click (CPC) – Likewise, knowing how much it costs you to get those clicks will also inform how much you can afford to pay for advertising and influencer marketing. If you’re making $100 a click on average, you can reasonably spend 33 bucks to get that click.
Sales
Of course, all that work you are doing, the hiring and working with influencers and offering amazing value, is ultimately to make sales. So, therefore, of course, you must track sales. You don’t even have a business until you make sales.
KPIs to track to ensure you’re making a profit from your sales:
- Sales conversion rate – How many clicks and views does it take for you, on average, to make a sale? Knowing that helps you determine how many touchpoints you need to create.
- Number of sales – Finally, tracking how many sales you’re making during any period you want to follow can help determine the cause of those sales so you can repeat it.
Lead Generation
Did you know that most people will not buy anything from you by going to your website and clicking to buy unless you’re pretty famous, like Amazon or Etsy? But if you take that traffic, you receive it and turn it into a lead. Then, you can boost your conversion rate exponentially. After all, once a customer is on your e-mail list, you can now promote them and communicate with them anytime you want to.
KPIs to track to ensure your lead generation is working:
- Signups – How many people have signed up for the freebie or low-cost offer you have promoted to them?
- E-mail Subscribers – How many people subscribed to your newsletter due to the promotion you created?
Finally, track your return on investment or ROI for every KPI listed above. No matter your goal, you should always keep track of your ROI to ensure you are not spending more than the value you receive from the influencer contract. Again, it’s easy to determine by simply doing the math. You can keep track in a simple spreadsheet or use the platforms you have with their native tracking ability.