Setting Up For Influencer Marketing Success: How To Track ROI

Time has changed for traditional advertising. These days, modern forms of advertising are rapidly on the rise and redefining the market in real-time..

Influencer marketing is one of the most recent and highly-successful tactics used in contemporary advertising. While influencer marketing may seem more straightforward than traditional advertising, there are numerous details and considerations you must keep in mind if you want to run a successful influencer marketing campaign.

One of the primary obstacles marketers run into when running an influencer campaign is tracking the return on investment (ROI). This term is a performance measurement that evaluates many different investments and efficiency. Now that you are aware of ROI's prominence, let’s dive into the details of how to track return on investment for your influencer marketing campaign.

Set ROI Goals

One of the most common mistakes any business makes when running a marketing campaign is not having clearly defined goals. Don’t be one of those businesses. In order to run a successful influencer marketing campaign, you need to define your objectives very clearly.

Having a set of goals will help you to build your influencer marketing strategy, and provide you context on how to properly execute your objectives.

Identify Your Metrics Of Success

One of the keys to executing an effective marketing campaign is defining your metrics of success. There are various metrics of success, and identifying the most important ones will depend on the goal of your campaign (as mentioned above). These success metrics may include engagement, conversions, and impressions. Each of these metrics holds varying importance, depending on your campaign goals. So if you are looking to increase brand awareness, impressions may be your most important metric, whereas if your goal is to increase sales, conversions would be your key metric.

Analyze Influencer Performance

Every influencer is different. They each possess different talents, influence, and types of audience. One effective way to help track your ROI is to analyze the performance of each individual influencer you worked with.

Take a deep look into their likes, shares, impressions, engagement, and any other metrics that apply to your influencer marketing goals. This data can help you determine how much success an influencer had during your partnership, and spell out exactly how they moved the needle in each segment of your campaign goals.

Utilize An Influencer Marketing Platform

As we mentioned earlier, before you even begin to run your influencer campaign, you need to search for prospective influencers. And unless you have a social media expert on hand within your organization, you are likely going to need some help in researching and vetting possible candidates. One of the tools that can help you with this task is a powerful and reliable influencer marketing platform, like Influsoft.

You need a platform where you can track your influencers, analyze performance, and store your data. Influsoft does this and so much more. Check it out for yourself!

Comparison Analysis

In order to know how an influencer stacks up against their peers, you must compare or measure your influencers. For example, you can take one influencer and compare it to a group of influencers, or compare it to another influencer, to learn more about how each individual connects with their audience, the type of engagement they receive, and how receptive their followers are to their opinions and suggestions. Selecting the right influencer for your campaign goals is crucial to your success - and imperative to maximizing your brand’s ROI.