How to Measure Influencer Campaign ROI
Getting to ROI for influencer programs is not as elusive as the industry seems to believe.
In a recent survey of marketers by Econsultancy, 65% said they faced a challenge measuring influencer marketing within their organization.
Fair enough. Except we think influencer marketing is fairly easy to prove out. In fact, we’ve captured and reported everything from equivalent media value to actual sales lift from Carusele campaigns.
While there are many ways to prove out the business value of influencer marketing, which option is right for you will depend heavily on where your products are sold, how frequently customers buy, and the level of data you have control over in terms of tracking and reporting.
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Basic Influencer Campaign KPIs
If you’re just getting started with influencer marketing, then the metrics below are a great place to get help set the baseline for your own influencer marketing benchmarks.
They’re easy to gather using your social media monitoring tool of choice.
- Potential Impressions
- Channel Growth
- Pieces of Content
- Engagements
- Clicks
- Total Potential Reach
- Number of Influencers
WATCH OUT: While measuring influencer impressions continues to be a standard KPI, not all impressions are created equal. Some approaches vastly overstate the true reach of an influencer campaign, while others undervalue the campaign’s potential.
Read this: How Do Influencer Companies Count Impressions?
Read this: Moving Past Max Potential Impressions for Influencer Programs
Gathering Insights From Influencer
For those of you who already have a foundation for your influencer marketing strategy, the next step is pulling business insights and feedback by analyzing the performance of individual content and individual influencers in each campaign. Insights from your influencer campaigns should include:
- Content Performance Insights
- Influencer Performance Insights
- Audience Reach Analysis
- Affect on Online Share of Voice
- Equivalent Media Value
- Value of Influencer Content
- Audience Attention on Influencer Programs
Carusele programs provide three types of enhanced insights on most full-service campaigns.
We also offer Enhanced Insights reporting for agency and in-house, brand-executed programs.
Measuring Attribution for Influencer Campaigns
Brands who want to prove the value of influencer marketing relative to sales contribution can benefit from including these business metrics in their influencer programs. Just remember, these components will need to be set up prior to the start of your influencer marketing campaigns in order for them to work. In fact, your influencer campaign should be specifically optimized to drive results, such as sales.
- Promotion Code Redemption
- Direct Web Traffic
- Lift in Online Mentions
- Branded Keyword Search Volume Lift
- Correlated Sales Lift
- Other Correlation Analysis
- Conversion Tracking
- Goal Conversion Correlation
- Ad Recall Lift Rate
- Affiliate Sales
