Influencer Marketing Metrics You Need to Know
Currently, one of the most successful forms of marketing has been influencer marketing. In the last few years, influencer marketing has impacted all kinds of businesses, small and big. The collaboration that takes place between famous content creators and enterprises is an ideal option for many organizations.
Instagram, Facebook, Twitch, and YouTube are all great places where you can utilize influencer marketing. If you own a company or run a business starting influencer marketing isn’t as difficult as one might think.
Any data analytics that your company may rely upon for marketing can be extended through influencer marketing. Influencer marketing can help you increase your reach by quite a bit but knowing which parts are helping you gain the extra growth becomes essential to guide you through your spending. For example, when you are willing to commit to an influencer marketing plan, it’s crucial that you can analyze statistics both before and after the collaboration. As you are starting your campaign, you need to know which metrics to focus on and examine how the influencer ensures the best choices are taken.
Have Goals in Mind
The first step is to figure out the various objectives that you want to hit. Before you go and screen out the influencers that may or may not fit your business plan, fix on a result that you hope to achieve, some popular objectives people usually go for are these:
- Brand Awareness
- Brand Image
- Increase in sells
- Reaching a New Audience
- Reaching a New Demographic
Once you have specified your goals and know what you want as an outcome of this campaign, choose an influencer to help you achieve these. These are the aspects that should guide your decisions.
Performance Driven Metrics of Influencer
This is when you are screening different influencers. This allows you to find how successful an influencer is and how much effect they have on their viewers. Some of these metrics vary based on different criteria. These criteria include and are not limited to things like channel type, content type, and others. You must be basing all these metrics on the latest performance of the influencer and not the old ones.
Growth Rate of Total Followers
This pointer will help you indicate whether an influencer has good growth or not. This metric can show you the number of followers an influencer may get compared to their old-growth rate. If you see an upturned curve, it implies that the influencer is still growing and has organic growth, especially if it is steady. It also means that the influencer has followers invested in him/her or the content provided by the influencer.
If you end up seeing a huge spike in follower numbers, then it might be because of a couple of different factors. It can be one or a combination of multiple factors. If the influencer recently had a giveaway, then the participation would usually require people to follow their channel or content, which increases follower numbers.
It can also mean that the influencer has bought fake likes and followers. However, some creators end up producing very engaging content, and some content may end up doing very good giving them organic reach and followers.
There is an easy method to figure out whether an influencer has bought followers, done a giveaway, or actually provided quality content that became the reason behind the spike—check their engagement ratio with their followers and likes. If an influencer has a good engagement ratio and interactions, it usually means that everything is good. However, there are other factors ahead that will help you better understand if an influencer is increasing their followers organically or not.
Influencer Marketing Metrics: Engagement
Collaborating with an influencer who has low engagement rates will basically do you no good. What good will it do for your product if their audience doesn’t like influencers posting content? The engagement rate is usually calculated by the number of likes and comments in a post divided by the total number of followers. With different platforms, the ratio measurement may change.
You will often find that using just a couple of posts to figure out the engagement is a mistake. You need to have at least 10-15 posts and average their engagement rates to find a proper value. Also, you want to make sure you are not using posts and content that are old. Different software and agencies help you analyze these metrics. Sites like BuzzGuru helps not only with engagement rates but a plethora of different influencer marketing analytics.
Finding out whether an influencer’s followers are authentic or not is important as you do not want to send out free products to influencers who have fake followers and get no engagement. Your product needs to be shown to the correct audience to turn it into profits. As we mentioned earlier, several metrics allow you to see whether the followers are authentic or fake.
Cost Per Post
Depending on the influencer, you might have to pay them extra or add some form of payment. To know whether you need to pay the influencer, how much to pay them and if they are a fit for you, contact the influencer and prove your proposal. Next, ask them for a media kit which is essentially a work resume that explains campaigns and results they might have obtained previously. Although a media kit might not always be the best thing to ask for, many of them may not have it, but if they do have one, it’s a plus point. If you do not want to contact an influencer for these details directly, try using an influencer marketing tool.
Clicks help you determine the interest that several of your leads have in your company. These audiences would sometimes come from places directly related to the influencers and their profiles. However, they can also come from places other than the influencers, and it is important to determine whether they came from the influencer or not. Using an influencer marketing tool would help you to figure out click metrics easily.
Influencer Marketing Metrics: Conclusion
Other than the ones mentioned above, other metrics might help a business better utilize influencer marketing. These are share rates, traffic, page views, and impressions. Most influencer marketing tools will have most of these options provided, so you should be covered for the most part.