Essential KPI's for Your Influencer Marketing Campaign
Influencer marketing is becoming a powerful tool for brands to reach their target audience and promote almost anything. Artificial intelligence has made it easier to identify and work with the correct influencer. In addition, utilizing influencers is no longer exclusive to Instagram, YouTube, and Facebook are now utilizing them.
However, as a marketer, how can you determine whether the influencer or strategy is effective?
KPIs, or key performance indicators, are necessary for performance measurement, just like with any other digital marketing medium. Six crucial KPIs to monitor for your influencer marketing campaigns are covered in this blog.
1. Traffic
Traffic is an important metric for any digital marketing campaign as it shows how many people are actually seeing your content!
Traffic will give you a good idea of the campaign’s reach, but also because it can tell you a lot about its overall success.
Metrics that you can track for traffic are:
New visitors
Total sessions
Referral sources
Total page views
Time on site
2. Engagement
Engagement is an important KPI because it provides a more in-depth view of how your campaign was received. While traffic and reach will tell you how many people saw your content, audience and engagement will tell you how well it was received.
Engagement is crucial because it’s a good indicator of how the campaign is resonating amongst your audience, how relevant you are, and how loyal your customers will be.
3. Conversions
As marketers, we are aware that the main objectives of any campaign are to increase sales and growth, which is where your conversion rate KPI is useful.
Tracking sales before, during, and after the campaign and comparing any changes in sales that occurred while the campaign was running is a simple method of tracking conversions produced by the influencer marketing campaign.
Set up landing pages, affiliate links, UTM parameters, promo codes, and link tracking for the campaign for a more advanced strategy. This will assist you in monitoring the sources of traffic from clients who converted during the campaign.
4. Brand Awareness & Brand Sentiment
One of the main benefits of influencers is they have access to an audience that can increase the visibility of your brand. This is an important first step when you want to boost brand awareness and build new relationships.
Brand awareness and sentiment are top-of-the-funnel KPIs that will assist you in examining how your brand is regarded, if at all! Even if the influencers' followings may be smaller, they should be people who are interested in what you have to offer, which makes them incredibly helpful for smaller firms or those in niche markets.
Brand sentiment can assist you in collaborating with influencers that share your values in this era of authenticity, when consumers are looking for businesses that are open and sincere. By doing this, you may build rapport and trust with your audience.
To measure brand awareness, track how many people you reached with your campaign, how many new prospects became aware of your brand, and how well the campaign reinforced your brand with existing prospects.
You can do this by tracking impression data on your posts, such as blog posts, social posts, videos, and other content you create specifically for the campaign. You can use social media analytics for this and GA4.
5. Audience Growth rate
Audience growth is similar to reach and awareness, but there’s a crucial difference: just because somebody was impacted by the campaign doesn’t mean that person engaged with the content. .
To track audience growth, use social media site analytics to monitor followers and see how many new ones you gain during the campaign, Then compare the growth to pre-campaign numbers.
You can do the same thing with your email lists by comparing the number of prospects who sign up during the campaign compared to before.
6. Return on Investment (ROI)
Return on Investment (ROI) is one of the most important KPIs for any marketing campaign as it focuses on profitability - a metric that not only proves the success of a campaign but gives you leverage to run another one!
The goal is to get a positive ROI which basically means your revenue must exceed your expenditure i.e. the cost of your influencer and any other associated expenses.
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