The feed is flooded with Instagram influencers, but how do you know who are the best advocates for your brand? And more importantly, how can you tell whose popularity will generate the biggest ROI? Here are five key metrics to consider before you embark on your next influencer campaign.
Vanity Metrics And Predicting ROI
Vanity metrics are costing the not so savvy brands both time and money. Having a high follower count doesn’t always mean a campaign will have guaranteed success, yet it is still this magic number which often sways businesses when choosing an influencer to collaborate with.
Instead, companies should be looking at their engagement rates. Users tell the algorithms what content they want to see by what they choose to click, like or comment on and in turn, this generates a feed filled with content which is based on their individual preferences. If an influencer doesn’t have the pull that they claim to, the campaign will inevitably fail as content from users who buy followers will not show up in the feeds of bought followers, subsequently resulting in a much smaller reach.
Any successful campaign is run on transparency and of course, a measurable return. So it is time to cut down on overpaying the macro influencers if they aren’t getting you the right results. But sourcing the right advocate can often be a time consuming process. Using an influencer network could speed it all up for you. They often have thousands of micro influencers with steady engagement rates on the books. So using one will not only make the selection process much easier, but will also simplify the communication, approval and payment processes too. You will be able to set clear expectations and manage turnaround much better resulting in more positive results.
One of the best ways to determine attribution of payments for conversions to specific influencers is to use affiliate tracking. Using these links, you can track entire customer journeys from awareness to conversion, gathering data on click rates, order value and revenue. Offering the opportunity to reward content affiliates based on their performance and pay them on a commission only basis, you are able to. avoid the huge flat-rate fee a macro influencer would usually require for the same work.
To gauge whether a campaign is successful or not, you should first establish clear measurable, deliverable objectives relevant to your brand. Influencer attributed direct sales revenue should not be the sole indicator of every campaign’s success. Your campaign may have resulted in a huge increase in follower growth for example, but you may be offering a high value product which you wouldn’t expect an instant conversion increase for. So here, a lack of attributed revenue would not mean a failure, as the campaign was still successful in growing your brand awareness. Influencer collaborations can offer various multidimensional benefits from content creation, to an increase in website traffic and your goals may differ from one campaign to the next. Ensure that you are constantly testing and analysing for the best results.
Reach, Impact And Engagement
If you are running a campaign to improve brand awareness, reach is a crucial KPI. When assessing reach you should look at both potential and actual reach. Potential is the number of connections the influencer has, whereas actual reach shows the number of impressions they achieve and the volume of referral traffic that they drive. Measuring an influencer’s real influence goes beyond impressions and reach however. If you’re interested in increasing web traffic or email sign ups for example, an influencer with a smaller reach but greater impact could work better. Impact and engagement reveals how effective influencer is at driving customer behaviour as impact measures how many times the influencer’s post is liked, shared or sparks responses.