How to Measure Influencer Marketing
Influencer marketing is defined as “a form of social media marketing involving endorsements and product placement from influencers, people and organizations who have a purported expert level of knowledge or social influence in their field.”
In the below article we will explore the types of influencers, benefits for your organisation and more importantly, how to measure influencer marketing.
Remember that influencer marketing needs to be incorporated into your broader digital marketing approach. It can be used as a tool to enhance your brand awareness and position your business as a thought leader.
Types of Influencers
- Macro- influencers – are usually active social media icons or celebrities. They have a large following and come at a cost. Your message outreach is vast.
- Micro-Influencers – typically have a smaller, but more engaged following (some less than +1000). Micro-influencers are fast becoming more popular than macro as their content feels more authentic and as such their followers are more engaged.
Benefits of influencer marketing
Influencer marketing can help build your brand and reach new audiences. Here are a few other benefits to include influencers in your next campaign.
- Improve brand awareness
- Increase post visibility and your reach
- Builds trust in an authentic way and credibility
- Allows you to engage with potential customers
- Drives consumer purchasing decisions
- Carefully identified influencers can expand your reach to engage with Millennial & Gen Z Consumers
How to measure influencer marketing
The most common question marketers get asked about advertising is, how do you measure ROI? But, before we can discuss Influencer Marketing ROI we have to determine which influencers have the most potential.
1. Reach & Engagement
Reach and engagement unpacks the numbers to consider when looking for an influencer:
- How big is their following?
- Is active engagement of the audience high?
- Does their content get many likes or shares?
- What potential traffic can they generate to your website?
Another good option for determining if an influencer is a good fit is a referral or affiliate programme. Referrals may help your business observe the potential of influencers by giving each influencer a referral code to track the orders directly attributed to them. Soon you can start identifying which influencers are providing valuable reach and engagement. You can then use this data to make an informed decision to select an influencer for promotional campaigns.
When you have selected an influencer, you can start measuring attributes of your campaign such as:
- Number of new followers to your company;
- New subscribers to your newsletter or database;
- Number of app downloads; or
- Number in attendance for an event.
2. Return On Investment (ROI)
The following should be considered when you are looking to measure ROI:
- Number of sales and the revenue generated;
- Cost per lead or follower;
- Total profits per influencer; and
- Number of repeat customers.
How much do you pay for an influencer?
Influencers can have different fee structures. These can range from cost per click (CPC), cost per engagement (CPE), or cost-per-acquisition. Or a retainer for a certain number of posts and set your minimum requirements for measurements (i.e. the number of likes per post).
Adclick Africa can help launch your influencer campaign by sourcing relevant influencers in your industry and target audience. Choose from a range of digital marketing services like scriptwriting, storyboards, creative direction and templates to help you achieve your marketing goals.