Developing your influencer marketing strategy
Influencer marketing strategy: Focusing on influencer marketing instagram and its specific influencer marketing examples… Even as influencer marketing enters the mainstream, and more businesses see it as an essential part of their marketing strategy, marketers now have a new challenge ahead of them.
Like any other marketing activity, significant money and resources go into the execution of an influencer program. So it shouldn’t come as a surprise that marketers are now closely looking at the performance of their influencer marketing campaigns to make sure that the money spent was well worth the effort.
Have Clear Campaign Goals and Map your Goals
Before you set out to determine the effectiveness of your influencer marketing campaign, you must first ascertain the business goals and key objectives of the campaign. Brands use influencer marketing campaigns for a variety of reasons such as raising brand awareness, prospecting to drive potential customers to a website, driving sales, etc.
Once you are clear about your campaign goals, you can narrow down to the relevant metrics and data that can help you track, measure, and analyze the success of the campaign.
There are a whole lot of metrics and data available to help you gauge the success of your influencer marketing campaigns. But there is no point keeping track of all the metrics, as not all of them will be relevant to your campaign goal. This is especially true when supporting your campaign with paid media, there are trade-offs between reach, engagement, and conversion.
Put simply, you need to use the right metrics when it comes to monitoring your campaign performance.
1. Audience Reach
Reach indicates the number of people who see your influencer’s content. The major reason for brands to take to influencer marketing is the incredible reach offered by various social networking platforms. So reach becomes an important indicator to measure the success of the campaign.
Influencer reach can be measured by tracking:
- number of followers of an influencer and estimated reach percent or
- Viewing the actual number of people reached in the influencer’s business manager
It is important to remember that it is not very easy to quantify the benefits of reach. And if an influencer has a million followers, remember that 15-30% of those folks are actually going to see any given post. Then there is also a possibility of followers being fake or inactive accounts.
In this scenario, impressions, which are the number of times users have seen an influencer’s post, are a better indicator than the number of followers to calculate the actual reach of an influencer.
Engagement is often considered to be a better indication of campaign performance in comparison to reach. The various engagement metrics indicate how an audience is interacting and consuming the influencers’ content for your brand.
Engagement can be measured by tracking metrics such as likes and reactions, comments, shares, and brand mentions. The engagement rate is an important metric to measure the level of engagement received by an influencer on their posts. It indicates the performance of the influencer’s content.
You can use influencer marketing examples to benchmark engagement rate. To compare the performance of various influencers on influencer marketing instagram. Or also, measure the success of your overall influencer marketing instagram.
3. Leads and Sales Conversions through Referral Traffic
Referral traffic stats let you know which influencer content is driving traffic to your website or specific landing page. It provides meaningful, actionable insights into which campaigns are resonating with their audiences and across influencer marketing instagram
Google Analytics is a great tool to find out where your website traffic is coming from. You can also use it to track metrics including who is visiting your site, demographics, and etc.
For more information, you can check out this blog post on using Google Analytics to measure content marketing performance which applies to influencer marketing as well.