Set KPIs for an influencer marketing campaign
1. Benchmark brand awareness before you launch your campaign, capturing audience size and representation across platforms, as well as social mentions and sentiment.
Track audience growth, noting trends and spikes, as well as changes in mention frequency or sentiment. Social listening tools, such as Brandwatch, can assist. Pay special attention to measuring growth within your target audiences, using demographics reporting provided by various platforms. Check for growth cross-platform. For example, the number of new subscribers to your blog and newsletter.
2. Use analytics tools to track user engagement with your campaign and content.
Spikes in activity can indicate new prospects becoming aware of your brand or reinforcement of pre-existing prospects. This information will inform your strategies going forward. Count the number of likes, reactions, shares, comments, clicks, votes, pins, video views, and brand mentions on your social media platforms.
3. Track the number of user-generated posts by assigning unique hashtags for individual campaigns.
Use phrases that are short, memorable, and unique to your brand or campaign. For example, #GEProducts. Monitor the number of user-generated posts that were created with your hashtag. Review the impression data to see how many people viewed it.
4. Track the referral traffic to your website using Google Analytics or another installed site metrics software.
Influencers on which platform(s) get the most website traffic, sign-ups, or conversions?
5. Compare the number of new visitors, referral sources, total page views, and time on your website before, during, and after the influencer campaign.
6. Calculate your potential conversions by identifying the number of times a visitor completes a desired action.
Desired actions include: Signing up for a newsletter. Downloading an ebook. Clicking on a link or requesting information. Making a purchase.
7. Track the traffic sources of prospects that converted.
Create affiliate links, landing pages, promo codes, link tracking, or UTM parameters for each influencer. Break down your analytics data using that tracking information to see accurate results per collaboration.
8. Determine your return on investment, counting both attributed or influenced conversions.
Pay attention to sales lift not attributed to other sources, in proximity to your influencer marketing campaign. Compare the total cost of your investment to the total sales or growth that occurred during the campaign to discover your ROI.