What are the KPIs for Influencer Marketing
Running an influencer program campaign is more complex than you might have thought. Engagement metrics are not enough to establish the ROI of influencer marketing. It requires measuring the effectiveness of said campaign through essential key performance indicators (KPIs).
What are the KPIs for Influencer Marketing?
Here are the top 5 key performance indicators aka KPIs:
One of the most crucial marketing KPIs to measure.
I know that brand awareness, clickthrough rate, engagement rates, profile visits, and new social media followers are all delicious marketing KPIs to measure. But if we are frank, the campaign’s primary goal is to have the audience take the desired action. This is why conversion rates hit the top of the list. Depending on the campaign goals, the action could mean: buying a product, signing up for your mailing list, clicking on a link, following your social media page. The easiest way to track KPIs for your influencer is by setting up promo codes, campaign landing pages, affiliate links, UTM parameters. That way, you can follow the amount of traffic and number of conversions generated through a specific source. These tools also help track your customer journey.
Return on investment (ROI)
ROI is not at the top of the list because accurately tracking it is a significant challenge. But being an essential KPI, it lands in second place. There is no standard formula for measuring the ROI of an influencer marketing campaign. It all depends on the campaign variables. A report from “Influencer marketing hub” shows that only 65% of their respondents measure the return on investment from their influencer campaigns.
Earned media value
Tracking earned media value (EMV) is the next best thing you can do after measuring ROI. EMV can be measured through page views, daily unique visitors, likes, shares, and comments on social media posts. A report from “Influencer marketing hub” indicates that you can earn up to $18 in earned media value for every dollar spent on influencer marketing.
Engagements refer to how many audience interactions there are with the influencer’s posts. Precisely how many likes, comments, shares, views, and clicks a post generates. Evidently, if the engagements are high, the post is performing well. On the contrary, if the engagements are low, consider twitching the approach. You can calculate your affiliate marketing campaign’s cost per engagement (CPE) by dividing your total ad spend by the number of engagements on the influencers’ posts. The lower the CPE, the better.
We saved this as the last of the performance indicators list. Why? Because asides the fact that it helps track campaign effectiveness, it offers added value for future use. No matter what content the influencers produce for the collaboration, you can potentially reuse it for your ads, social platforms, or website. Content production can be tracked by measuring the quantity and quality of the content.
These five key performance indicators should facilitate your successful influencer campaign tracking. Blow them away!