Are you devoting a major portion of your time and effort to build and execute the campaign, leaving out an important aspect in this process? Measuring the success of the campaign. But, wouldn't that be unjust? If we don't measure the success of the campaign, we will never understand what worked and what did not. Measuring is also significant to understand the impact you were able to create with your campaign.
Let's take a look at a few metrics that you must track:
Engagement Rate
Engagement rate is the first thing that most of us measure after a campaign because it's the most visible - the likes, comments, and shares. If you want to really gauge how well your campaign is working, make sure to not just count the number of engagements but also dive into the comments to see what the audience is saying about your brand and the shares to see how liked and shareable your content is.
Click-Through Rate (CTR)
CTR, or click-through rate, helps you track how many people are clicking through to your website or landing page from the links shared by your influencer across their socials. Your campaign might reach one million people, but if the CTR is low, chances are it wasn't as effective.
Conversion Rate
Monitor how many people are taking action on your website - making a purchase or registering for something - after clicking through from your influencer content. This will indicate how effective the collaboration is in terms of conversions.
Return on Investment (ROI)
It is important to analyze the overall return on investment for your campaigns to know whether they are working out for you or not. ROI from an influencer marketing campaign can vary depending on various factors such as the industry, the product or service that is being promoted, the influencer's following, engagement rate, and of course the campaign's goals. Hence, consider these factors to have an estimated ROI instead of going with a general number.
Influencer collaborations are not a game of two weeks - where once a video goes viral, the brand will see a spike in popularity or sales. The majority of brands generally see the impact of their influencer marketing campaigns within 1-6 months after launch. Measuring your campaign will also help you to understand where to align a particular influencer. For instance, if one influencer performs outstandingly in terms of engagement but does not get a high CTR, you can align the influencer in a campaign with the goal of community building rather than a campaign with the goal of sales.
These are our suggested metrics that you can analyze to measure the success of your influencer marketing campaigns. Feeling overwhelmed? Do not worry, we got you! At Ment Internet Works, we guide you in tracking the right metrics, tweaking your strategies to increase the ROI, and making the best out of influencer marketing. Reach out to us and let's create something exciting together!