You’ve found influencers, created a campaign, deployed your tactical moves – now it’s time to gauge your success
“Successful social media marketing is not built on impressions. It’s built on relationships.” – Kim Garst
Social media and influencer marketing are the most powerful tools at our disposal today to help grow and develop a brand’s identity. The process begins with finding the right people to work with your products or services.
Then, you’ll want to create a compensation and deliverables plan to ensure you and the influencers are on the same page. Next allow the influencers to do what they do best…blogging, video segments, articles, etc.
Lastly, you’ll want to measure the success of your influencer campaign to ensure you’re netting a proper return on investment. To accurately measure the results from your campaigns, ensure you do the following:
#1: Determine Total Investment
If you don’t know how much you’ve actually invested in the influencer marketing campaign, you’ll have a hard time gauging your true return on investment. And, your costs might be quite complex – so keep in mind that you’ll want to lump in any costs of sending free samples to influencers, any software you’ve purchased to help manage the influencer marketing process, and any hours allocated to the campaign that would not have been incurred if the campaign wasn’t in play.
#2: Gauge Sentiment
A lot of marketing experts feel this is the most difficult metric to gauge because it doesn’t always deliver a quantitative measurement that can be analyzed at a glance. To determine audience sentiment in relation to both the influencer and the overall influencer campaign, you’ll want to use a tailor-made software program to evaluate the results.
This software can gauge how individual influencers interface with your target audience, including how they communicate; how they react to feedback; how they create interest in your product or service; and how they drive results. Better software programs will drill this down to the individual person – including how the influencer has personally helped your brand. You should be able to see who is helping and who isn’t.
#3: Reach and Reactions
Influencers are often gauged by the number of followers they have. And while an individual with a million fans is more likely to create interest in your brand than one who is just starting out, there is more to it than the sheer numbers would suggest.
Reach isn’t necessarily all about the numbers, though – so use your systems to track how many individuals are interfacing with your particular influencer during each campaign. They may have a massive following, but the audience engagement might be low. Conversely, they may only have a few thousand fans, but they’re a group of highly-engaged audience members who are quickly converting into fans of yours.
You may be able to secure the influencer with the lower overall reach for less money than the one with a huge following. Yet, the conversion ratios may deliver the same amount of new business at the end of the day. Use your software to gauge not just reach – but reactions, too.
#4: Brand Impact
The whole point of the influencer marketing campaign is to grow your business and increase customer awareness of your brand in the most efficient manner. To gauge brand impact, monitor how the campaign affected the amount of traffic to your website or social media pages, the number of times your brand was mentioned online, and any new followers on social media/new subscribers received.
If you’re seeing a lot of movement in the marketplace after your campaign, but no real traffic effect to your site, you may want to analyze and optimize the campaign going forward.
#5: Sales and Revenue
We’ve just said it: the goal is to grow the business, and that normally manifests itself into a bigger book of business and increased sales. You should be able to dissect your campaign results quickly and easily. Pinpoint if any new sales can be directly tied to the influencer campaign.
In fact, a good software program will show which influencer drove in which sales – helping you to more easily choose who to keep on and who to discontinue working with. If your product isn’t something that is viewed, purchased, and enjoyed in a short amount of time – i.e., it has a fairly long purchasing cycle, don’t assume a lack of sales equates to a failed campaign.
It may take some time to turn prospects into customers. In this case, it makes more sense to use the campaign to generate leads and catalog them to ensure future business.
Your influencer marketing campaign, when managed appropriately, should drive a significant return on investment over your defined timeframe. Influencer marketing campaigns are one of the most effective ways to drive improved awareness and focus on virtually any business. And, by fully analyzing the results after completion of the campaign, you’ll know exactly how to steer your next campaigns to maximize the results.