Consumer-to-consumer word of mouth generates more than twice the sales of other forms of paid advertising. – McKinsey
Influencer marketing expands your brand visibility and trustworthy among your targeted customer. Apart from cost effective it also gives better ROI than any traditional advertisement. Most marketers have quickly realized the power of driving sales, product review, event marketing, app promotion.But how do you measure the ROI if you influencer marketing to align with your marketing goal?
There are very few tools available in the market that will help you to understand whether influencer marketing is really working for you or not. We have outlined few metrics that will help you to understand and measure the impact of influencer marketing for your brand.
- Reach and impression: Number of times your post is viewed when it is published by influencers. This is key metrics compared to any other as it shows effectiveness of a post as it shows to how many people your content is exposed. Also, look out for this metric while selecting any influencer for influencer marketing campaign.
- Engagement: The most important metric whether an influencer marketing campaign worked or not is engagement rate. Engagement metrics such as
- How many facebook likes, shares, clicks, retweets, comments
- How many new followers you get
- How many new subscribers you received
- How many customer bought your product,
- How many inquiries your sales team received
- How many clicks you received
3. ROI: The best way to measure return on investment for your influencer marketing campaign is to benchmark to some other online advertisement such as Google ad words, Facebook ads. For example if you spend $100 on google ad words and you are getting 1000 impression and 100 clicks but on the other hand if you spend the same amount in influencer marketing campaign and you are getting more impressions and click than google ad words than it is advisable to stick with influencer marketing campaign(unless and until you love to spend money on advertisement which doesn’t get you good ROI)
4.Resources: Another most important key metrics to measure for any content marketers is to how much resources such as Time, Manpower and money require to produce same original content that you will get it from an influencer. Calculate the money you spent on producing quality content, time to produce and measure it with the content that you are getting with influencer marketing if you think you are able to save enough time and money then it is a wise investment.
By connecting these metrics, you can measure influencer marketing campaign impact on your sales number. Though not all metric can be applicable to your marketing campaign but knowing all these will help you in setting your marketing campaign right and the result that you can look out for.
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