How to Upskill Your Marketing & Sales Teams12/04/2023
Finding the Right Balance: Leadership Vs. Management19/04/2023
Influencer Marketing, in recent years, is a critical component of many brands for their marketing strategies. Social media and the growing influence of content creators, help companies to connect with their target audiences. However, the new marketing channels come with new data to report. Influencer marketing reporting isn’t as neat and tidy as any other data collection method. These challenges are lengthening the learning curve for marketers, but it’s one they must complete in order for influencer marketing to reach its full potential, and influencers are expected to play an increasing role in branding marketing.
According to recent data research:
- The industry is worth an estimated 13.8 billion dollars as of 2021.
- 17% of companies have allocated over half of their budgets to influencers.
- 89% of marketers say influencers are at least as effective as other channels.
Mastering the process of influencer marketing reporting is your one-way ticket to bragging rights and the ability to demonstrate real value in your efforts. Below we will have a look at how you can proceed with your influencer marketing reporting in the right way.
Track Campaign-Related Content
In order to fully measure the impact of your influencer content, you need an easy to keep your campaign content altogether. In this way, you can dial directly into the performance of each content.
You can do that for example via:
Affiliate links are designed to contain referral codes, user IDs, and any other details that are specific to each influencer. The influencer can include this link in their content, for example in an ad, video, Instagram bio, TikTok bio, or in any other social media post. When a user clicks on the affiliate link and completes the desired action, the influencer will automatically receive a commission from the company. For instance, if your campaigns are geared to generate immediate sales, a trackable affiliate link can give you an easy way to gauge influencer success.
- Assign each influencer their own affiliate link.
- Count up the number of conversions for each unique link.
- See who is pulling their weight in the campaign.
Discount codes are similar to affiliate links, you can generate unique discount codes for your influencers to use in their content. These promo codes make it easy for marketers to track campaign performance. See which codes are driving the most conversions to see your influencers’ effectiveness. Also, promo codes can help you separate sales that come from influencers and sales that come from other marketing channels.
The 3rd example is via UTM parameters. UTM tags are simple codes that you can attach to a custom URL. They’re useful in tracking influencer marketing performance. Additionally, UTM allows you to see how many people clicked on the link, where they’re coming from, and what type of device they’re using. This information helps you see which marketing channels are working and which aren’t working.
Influencer Marketing Platforms
A few platforms like Traackr and Upfluence can help you manage all of your influencer marketing analytics and content from a single source. These platforms aggregate content from all of your selected influencers and social media networks, including Instagram Stories, hashtags, brand mentions, and keywords. In this way, you can easily track the performance of individual influencers and pieces of content as well as your campaign as a whole.
Set Specific Objectives for Each Campaign
It is necessary t set campaign goals for each one of your influencer marketing campaigns in order to decide what success looks like. Influencer campaigns can help you with short-term sales, audience growth, brand sentiment, new product launches, and even vetting new product ideas. Once you set a goal for your upcoming campaign, you can easily connect the dots between your current position and where you want to be. If you achieve your goals, consider your influencer campaign successful.
Align Metrics to Funnel Stages and Content Types
Influencer marketing can satisfy a range of objectives, each one falling into different stages of the sales funnel. For example, you might run influencer campaigns to raise brand awareness, generate sales, or collect signups for your email newsletter. Each of these objectives and sales funnel stages has its own sets of metrics that make sense for a certain goal.
Supplementary metrics and KPIs to consider:
Influencer audience size can help you put your outcomes into context. Many brands are choosing micro-influencers (those with under 100K followers) because the relationships are more intimate and authentic.
Anytime you run a marketing campaign, there’s the expectation that your website traffic will increase. In this stage, you need to check your Google Analytics to see if there’s an uptick in the number of your website visitors.
Here your scope is to earn media value. What do we mean by media value; Media value refers to the monetary value of all the exposure you receive as a result of your campaign. If you think about it, the process will go like this; the influencer will create user-generated content for your brand to share on their social media channels. Some of their followers will share it with their own audience. Some of those will share it with their audience, and so on. That’s a lot of brand exposure from just one campaign, and it all stems from the influencer. This is one of the most important KPIs when comparing the cost of the campaign to its total value.
Last but not least is the conversion rates. Conversion rates show you how many people acted on your offer compared to the total number of people who viewed the content. Conversions can be lots of things, including e-commerce sales, sign-ups, downloads, or opt-ins. With the right metrics for the right campaign, you can easily track whether that campaign your campaign was successful.
Overall, learning how to demonstrate your influencer ROI begins with setting up robust reporting processes for every campaign. You first need to understand the details you want to capture, and then create a way to collect, organize, and analyze them.
Find more information here: http://bit.ly/2BPQn38
For more information contact us at: [email protected]