How to Measure and Optimize the ROI from Influencer Marketing
It has been observed during studies that consumers trust
recommendations made by a third party rather than the promises made by the
brand itself. In fact, most people trust the reviews and testimonials written
by a total stranger.
The logic behind this is simple and the psyche of most
consumers is such that they will not believe you if you say that you have the
best product or service. This is because such claims sound like bragging. But
is someone else comes and tells them that the products of so and so company are
excellent then the target consumers are more likely to believe it. This is
because the opinions and recommendations are more effective when the source
itself if not propounding them. This is where influencer marketing comes into
Influencer marketing involves approaching well-known people
who have a sway over their target audience. These individuals in turn should be
convinced to promote your product or service. This kind of marketing is ideal
because it not only generates awareness about your brand, but also increases
the traffic and sales on your website. This is because the followers of your
influencers trust them and they are more likely to listen to their
recommendations about your products or services.
You should understand that in influencer marketing the
quality of the followers of an influencer are more important than the quantity.
It is important to opt for influencers who are relevant to your target
audience. This means that it is necessary to choose influencers whose followers
are the target audience relevant to you. This will ensure that your influencer
marketing campaign will resonate better with them. The main thing that you
should do is to measure the return on investment in an influencer marketing
campaign. This will give you an idea about whether your campaign is a success
to Measure ROI
Set campaign goals – The first and most important thing to
do is set clear goals and objectives for your campaign. This will help you
choose the right influencer, types of content and distribution platforms. Some
of the common marketing goals for marketers are:
- Reach newt target audience
- Increase the brand awareness
- Improve the advocacy of the brand
- Increase sales
- Manage the reputation of your brand
These are broad goals and in order to experience an
effective and successful influencer
program you need to set clear and precise
goals. This will help you to track the ROI of your influencer campaign.
Define metrics to measure the campaign performance – in this
case you first of all need to be specific. For instance, if your goal is to
increase revenue then you should define by how much percentage you want to
increase the revenue.
- Set a timeline – in this method you should start getting
track of the increase in traffic on your website within 2 weeks.
- Set achievable goals – The influencer marketing program will
be a failure if you are unrealistic in your goals.
It is not necessary to pick a single metric to gauge whether
you have achieved the goal. For instance if your goal is to enhance brand
awareness then you should keep a count of impressions, clicks, follower growth,
brand mentions, increase in engagement with the brand etc.
You should have and develop clear goals for individual
influencers – it is necessary to know the impact of online influencers. Based on this analysis you should focus on the
influencers that work and cut resources spent on the ones that don’t. The goals
that you set for individual influencers should align with your campaign goals.
to Optimize ROI on Influencer Marketing
If you are wondering how to get the maximum benefit from the
influencer marketing campaign then it is advisable to conduct a lot of research
online. Articles and blogs like this one will give you an idea about the
influencer marketing ROI that you are able to generate.
look at a few strategies that will help you to maximize your influencer ROI.
- First of all identify and research your target audience –
This is the central and important part of your campaign. It is important to
select an influencer who has the reach and connection with your target
audience. This is bound to enhance the response to the influencer marketing campaign and most of your target audience will act to enhance your
revenue on a particular campaign.
- Find the perfect influencer – this is very important and
almost 68 % of marketers face difficulty in finding and identifying social media
influencers that are just perfect. Here you
also need to take in consideration the budget for your influencer marketing
campaign. You should actually sit down and analyze the qualities that you want
in your ideal influencer. This will narrow down your search and you will then
focus on the qualities like authenticity, engagement, activeness, expertise and
- Investigate the influencer feed – before you hire an
influencer it is important to understand the social media field of an
influencer before you take the decision to hire one. Here you need to ensure
that there is enough space in the feed of the influencer for your promotion. If
the feed is already overloaded with other ads and promotion then your message
may get lost among all this.
By examining the feed of the influencer you will get an idea
of the frequency with which they will post content. It will also help you to
calculate the engagement rate. This in turn will give you a better
understanding of the influence they hold socially.
Of course the main goal of any business is to increase brand
awareness which leads to increase in sales. Influencer marketing is the best
bet nowadays which can win the trust of your target audience and help you to
enhance your business. This field is relatively new and marketers will benefit
from searching online for the articles like this one for more information on
how to enhance the success of your influencer marketing campaign.