Most of us have been using the well known influencer marketing KPIs (reach, impressions, interactions, engagement, EMV…). While these KPIs are still in use and relevant, new and more accurate metrics are now available to track the ROI of your influencer marketing campaigns and activities.
1. True reach & brand affinity scoring
The number one KPI in influencer marketing and the one that usually shapes influencers’ fees is Reach. It shows the potential amount of unique visitors who will see the content posted at least once. But have you looked at “true reach”?
An influencer with 2 million followers could look great, but if the share of the audience you are trying to reach represents only 8% of that audience, should it still be an influencer of interest for your campaign? “True reach” is the exact share of the audience that you wish to reach; It can be identified by looking at a combination of criteria such as age, country, topic of interest or even fake followers, according to your objectives.
To quickly understand which profile should be considered or not, here is a mapping of a list of influencers with an affinity scoring to assess the reach, brand affinity and unique audience:
2. True brand engagement
The king of all KPIs is engagement; that dreamed authenticity that drives followers to engage with a brand. But how can you make sure influencers are really driving engagement with the brands they collaborate with? Being able to analyze and calculate the growth in terms of number of followers on a brand’s social media account is the best indicator to measure true engagement.
Today, we can check the growth of new followers on any social media account. But it is important to find out where they come from. Being able to see which influencers are driving new followers to your account is a solid KPI to measure true engagement generated by an influencer campaign.
How to track new followers coming from influencers:
3. Tracking conversion
Influencers are asked to create beautiful, authentic and engaging content for brands. But as influencers are growing activity and fees, it is important to set new standards and start tracking actual conversion. How to do this?
Ask influencers to add direct sales features to their content, such as swipe-up links, discount codes, coupons… in short, anything that will allow you to identify the click-through rate of your campaign and have the opportunity to measure the direct impact on sales!
Our technology Campaygn.com can connect APIs to track coupons or connect to affiliate platforms to automatically measure income generated by each influencer on brand eshops or social media selling platforms. This paves the way to influencer fees based on performance and not anymore on reach or engagement alone.
4. Calculate CPM and CPI for influencers
CPM (Cost Per Mille) is the cost per thousand impressions (or how many times a post is seen). It is the point of reference in digital advertising to track performance.
CPI (Cost Per Interaction): Interactions are defined as any action that a viewer/follower can take when viewing content (clicks, messages… likes).
Both of the indicators are great to compare the performance of a campaign vs the cost of each influencer and benchmark campaigns between each other or in time. Now this applies to influencer performance and can measure the ROI of each profile on one dashboard.
As influencer marketing is growing, we see an increase in the need of tools and techniques to identify influencers that truly deliver performance or to monitor their activity and optimize budgets and investments on that channel. Looking at influencer insights and asking for screenshots after posting is not enough anymore to be ready for the future of influencer marketing.