1. Determine campaign reachIf your goal is to increase reach through influencer marketing, there are a few metrics that show you how far your message has traveled. These metrics include:
ImpressionsYou should check the number of impressions that the influencer’s post has generated as this will give you an idea of how many times your brand’s post was seen by people.
FollowersYou should see how many followers the influencer has. Based on this, you’ll have a rough idea of how many people might see your sponsored post, although you do have to check how many of those followers are, in fact, authentic as numbers aren’t always everything.
TrafficFor this, you need to track the number of visitors that came to your website through the influencer’s link. This is only valid in cases where the influencer has included a link to your website in the sponsored post. You can track this data using a spreadsheet and find out how much buzz the influencer’s post has generated.
2. Determine Campaign EngagementYou shouldn’t just measure success based on the number of engagements alone, even if your campaign goal was to drive engagement. You even need to find out the cost per engagement to get a better idea of your ROI. The engagements on the posts are indicative of how interested people are in your brand and its products. You should keep track of the following metrics to measure the engagement:
LikesYou should check how many likes the influencer’s post gets. This will give you an idea of how many people have interacted with the post. More likes can even boost the ranking of your content on social media channels.
ClicksThe clicks will give you an idea of how many people showed an interest in the post.
SharesShares also reveal how many people found your content interesting. The shares show the number of people that are recommending your influencer’s content to their close circles.
CommentsThe higher the number of comments on the post, the better the engagement. Comments show that the audience has shown high interest in the content. You can track these metrics and put them in an excel sheet to give you an idea of the total number of engagements on the posts. To find the cost per engagement, you can simply divide the total cost by the total engagements.
3. Determine the revenue generatedIf your goal is to generate sales from influencer marketing, you need to find out how many sales have been generated, which will give you an idea of your ROI. There are a few ways to discover this, including:
Affiliate linksYou can generate affiliate links and send them to your influencers. When people will click on these links and make a purchase, you’ll be able to track them. Usually, the influencers receive a commission for every sale that they generate. These links will also give you an idea of the number of clicks that were made on each link. You’ll even know the average value of your sales and the total number of sales. Based on this, you can find the success of your campaign and also the performance of each influencer.
Google AnalyticsGoogle Analytics can also help you track online sales. You can set up an “Event” and see which customers visited your website via the influencers’ posts. This will help you find the ROI of your influencer marketing campaign in terms of sales.
Promo codesPromo codes have a dual purpose. Obviously, the first being they give special discounts to your customers. However, the second purpose is even more important. You can use them to track the purchases that resulted from influencer marketing. Find out the number of customers who made a purchase using the codes and then calculate your ROI using this information.