How to measure the performance of Influencer Marketing?
Today, there is no doubt: collaborating with influencers is a necessity for brands. Implementing influencer marketing strategies enables them to reach a segmented audience and thus gain credibility. However, to create a real link between your brand and these bloggers and other instagramers, it is not enough to add them to your mailing list and send them press releases all the time. On the contrary, not only is it important to build a lasting relationship (with the goal that the two sides get to know each other really well), but it also needs to measure the results of your influencer marketing initiatives.
Whether you work for a brand or for an agency, you probably have several influencers in your line of sight regarding your communication strategy, each with their own interests and ‘influencer power’.
This article emphasizes the key steps for measuring the performance of your influencer marketing campaign.
Measure the performance of your influencer strategy: 3 key indicators
1) Commitment as an indicator of notoriety
From a general point of view, commitment is defined as the interaction rate obtained by an individual via his publications on a social network, that is to say, the number of times his followers comment, click on "I like", share, record, etc. to a publication. This commitment rate is calculated as follows: the total number of interactions divided by the number of followers. It is also possible to average each publication by dividing the same number by the total number of publications.
It is imperative to take into account this KPI (key performance indicator) which has the role of quality indicator. An influencer may have thousands of followers, without generating interactions, which represents a sign of a lack of loyalty in the community. Collaborating with an influencer with a large number of followers, but a low engagement rate, may result in a missed campaign, as the impact of this opinion leader in his community is minimal.
It is clear that if the objective of your influence campaign is to generate sales, its success will be measured through the sales obtained. However, if your goal is to generate brand awareness, the engagement rate is a good indicator of the success of your campaign. In fact, calculating this rate manually requires a lot of time and can lead to many errors. Fortunately, there are a variety of tools and platforms that can help you automatically create reports that measure the performance of your influencer marketing campaigns.
2) The Media Impact Value to analyse the impact of your strategy
Currently, influencer marketing is a "must" and the share of media impact generated by these opinion leaders is growing day by day. However, each brand has its ideal "voice mix" (a combination of different "voices" made up of media, influencers, celebrities, partners and brand-specific communication channels) to produce the most optimal impact possible. Certain influencer marketing groups use the concept of ‘’voice’’ to designate all the actors in the sector speaking through different channels, which allows them to make a comparison of their performances. They can thus obtain a strategic vision of the direction that a brand should take based on the results obtained during its various campaigns.
This method also identifies the types of influencers (or combinations of different kinds of influencers) that are most relevant to your brand.
3) Links and URLs "tracked" to know the performance of each influencer
As we mentioned earlier, if the goal of your Influencer marketing campaign is to increase sales (or simply to drive more traffic to your website), it is imperative to use tracked URLs.