Influencer marketing leverages individuals outside of a company or brand’s marketing division to approach the larger audience. Influencers can range from prominent political figures and celebrities, to mommy bloggers or simply anyone that has a large online following. For this blog, we will focus on the best metrics to evaluate the marketing efforts of Influencers who are recognized thought leaders utilizing social media to promote products or services to their audiences.
Social media Influencers typically rely on the readily available social engagement metrics such as likes, shares, pins, tweets, etc. to evaluate the overall success of a campaigns performance. However, digital marketing success goes beyond a simple like or tweet and encompasses metrics such as click-through rates (CTR), cost per lead (CPL) conversion rate or closed-won rate.
It is imperative for companies that utilize social media Influencers to accurately track the performance of digital campaigns to include both the social engagement metrics (likes, pins, tweets) in parallel with digital marketing metrics (CTR, CPL). How do companies accomplish this when they have marketing efforts across multiple channels and utilizing different traffic sources? Implementing the proper tracking technology infrastructure, to pull in all metrics and convert them into real-time reports, is the solution needed in order to continuously optimize the performance of cross-channel digital marketing campaigns. Let’s look at an example of this below:
What happens when a brand only measures the Influencer’s social media metrics to determine whether they are successfully impacting revenue and brand awareness? If the brand only measures an Influencer’s Facebook post success by calculating the number of likes received or social shares, they can determine a rough estimate of how many people viewed the post, however, they are missing the actionable data. Did that post drive any users to the website to view the product or service that was mentioned in the post? Did that post drive a user to fill out a demo request form or call a sales representative? This is the data that truly determines how impelling the social media post was at influencing individuals to take an action. Additionally, this information provides relevant information for the brand to establish and measure their goals against and provides the Influencer with clear objectives for their social media campaign.
For companies that leverage Influencer marketing through social media in addition to other digital channels, predetermining correlations between metrics across all channels is key to understanding campaign success.