It doesn't take much more than a quick glance at Twitter, Facebook, or Instagram to see how saturated these networks have become.
Attention spans are shorter than ever. People have become so distracted by the endless amounts of content available. Most of them don't want to waste time on anything other than what is important and new.
Because of these trends, brands are finding new ways to get their message out by partnering with influencers and publishers.
The idea of influencer marketing
The future of marketing looks very exciting! More brands start teaming up with partners, influencers, and publishers to engage with the audience.
You can't afford to ignore influencer marketing anymore. It was ranked as the fastest-growing online customer acquisition method. It is even ahead of email and paid search.
More marketers are planning to increase their influencer marketing budgets over the next 12 months. Influencer marketing is a great way to attract new people. One study found that it can return up to $6 for every dollar spent.
Throughout the recent years, we have seen the rise of partnership culture in marketing. Brands are now teaming up with influencers and publishers to promote their products through content that they create. It is no wonder that influencer marketing became the fastest-growing online customer acquisition method.
How to track the success of influencer marketing campaigns?
Do you want to know how to track the success of influencer marketing campaigns?
There are so many factors that go into a campaign’s ROI (Return on Investment). You need metrics and analytics for your digital investment to be worth it. It can take months or even years before you see any tangible returns on your investments.
Having access to the metrics of your syndicated content can be difficult. Here are some simple steps to get started:
1. Have a clear goal
Always be clear about what you are trying to accomplish. That’s how you make sure that your influencer marketing campaign is successful. It is essential to have the right target audience. Keep in mind that goals and key performance indicators (KPIs) will vary widely across the board.
B2Bs will want to focus more heavily on their lead tracking than audience growth and impressions. The business to consumer (B2C) market is an excellent place for brands looking to connect with customers on different levels.
You have to make sure that everyone is aligned and committed. It is important for influencers and brands to have a clear shared idea of the desired outcome.
2. Grow awareness of the brand
The easiest way to measure influencer success is by seeing if your audience grows after the influencer posts a campaign. The more people see your brand, the better. When you notice an increase in web and follower traffic, it means that the campaigns are working.
3. Traffic is the most important metric
Google Analytics or a plugin like WordPress’ JetPack can show whether your audience is engaged and converting. Tracking traffic is only the beginning of your analytics journey.
Third-party traffic is the unknown factor in your marketing mix. It is difficult to measure, but it can have a significant impact on overall performance. Taking the time to measure exactly how much traffic is coming from a third party can help you optimize for better conversion rates.
UTM parameters allow you to target specific audiences with the goal of improving conversion rates. You have to create links with specific tags for partner promotions. Then it is easy to monitor the source of referrals from influencer marketing campaigns in Google Analytics.
4. Getting people to take action
Influencer marketing is all about motivating people to act. You can measure the cost of each engagement with CPE (cost per engagement). By using the CPE metric, you can understand how consumers are responding to your brand. More engagements, mean a higher level of success for your campaign.
Influencer engagement can be an effective way to measure the long-term ROI of your brand.
5. There are different types of engagement
You can measure the interest level of your target audience by measuring clicks, likes, and shares. Clicks are great for measuring interest in your content. It's important to have a good balance of clicks and shares.
If you have a great post, then likes are the perfect way to get people talking about it. People like sharing their favorite content with others and that can boost your ranking too.
When people share your content with their friends and family, they will also promote the products that you offer.
Conclusion: Without data, you never know what works
The data is your friend. Without it, you are left in the dark and unable to optimize future content effectively. To have a successful campaign, the first step is identifying influencers and building relationships with them. Influencers are often more willing to share insights and data when they have a good relationship with the brand. With influencers, you have built-in brand advocates that are always in your corner. Influencers don’t only bring new followers to your brand. They can also help build a community of engaged prospects for you.
