How to Measure the Success of Your Influencer Campaign
Influencer marketing is a $16.4 billion industry with an ever-growing roster of digital creators. Harnessing the power of these influencers is an important addition to any effective communication and marketing strategy. When executed well, an influencer campaign is a valuable tool to build brand awareness authentically. That said, defining the success of an influencer campaign can be the hardest ROI to quantify. We’re here with a guide to make sense of it all.
Develop Goals and KPIs for the Campaign
Before working with any influencers, it’s important to identify clear objectives and key performance indicators (KPIs) for an influencer campaign. Objectives provide direction and purpose to the campaign, acting as the guiding post for all strategic decisions. Start to nail down the objectives by identifying the main goals for the business – whether that’s increasing brand awareness, driving clicks to a website, expanding reach to a new market, building followers, or generating more user-generated content. Once the objectives are in place, it’s easier to determine the kind of digital creator to work with, which social platform to target, and the type of content for influencers to create. Setting specific and measurable goals will make it easier to assess the impact and effectiveness of the campaign, track progress, and evaluate its success in the end.
Set a Budget
Like all projects, setting a budget determines the scale and scope of the campaign. Influencer campaigns can range from unpaid collaborations for organic coverage to paid partnerships with contractual expectations for social posts and content development. Setting a budget ensures teams make informed decisions about the digital creators they collaborate with (i.e. nano-, micro-, or mega-influencers ranging from 1K-1M+ followers). You can read more about why working with micro-influencers is the key to authentic brand partnerships in our previous blog post, linked here.
Fitting KPIs According to Platform
Understanding each social media platform’s unique tracking metrics is integral to defining fitting KPIs for an influencer campaign. Each platform has unique metrics to reflect user engagement. For example, Instagram tracks Reel plays, Instagram story metrics, as well as reach and impressions. While TikTok evaluates views, likes, shares, and comments. Deciding the key metrics to evaluate according to the platform is essential to accurately follow campaign performance. It also creates a baseline list of metrics to gather from influencer partners.
Evaluating the Success of the Campaign
Once all influencers publish their posts, it’s time to gather and evaluate their results. There are three main steps to assess the success of a campaign. First, gather the total number of impressions and other agreed-upon KPIs for each post. Then compare the KPIs with the objectives set at the start of the campaign (i.e. gaining new followers, website click-throughs, building brand awareness, etc.). Lastly, cross-check the quality of the influencers’ content and audience comments. Evaluating the quality of content ensures that key messaging points for the brand and campaign come through and gathering audience feedback from post comments helps gauge the overall perception of the brand and campaign.
Want to learn more about strategizing a successful influencer campaign? Reach out to the Double Forte team for more information.