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As you deep dive into the world of Influencer Marketing, navigate through the ‘how’s’ of launching the trendiest campaign, working with thousands of influencers. It can all turn out to be a vain attempt if you’re not getting the targeted results. Influencer marketing can be characterized as the fasted growing form of advertising. Read how you can use the right metrics to ensure your campaign is giving your brand the best results :
1. Reach: This includes the number of unique accounts that came across your came across your campaign posts or videos. This is one of the key metrics to identify if your campaign is performing exceptionally well. To calculate your reach, you can take into account the following key performance indicators :
i) Influencer Follower count – This may not be a reliable indicator as some of the posts are only shown to 10-15% of the influencer’s followers. However, once you launch your campaign, it is quite possible to view the actual number of people reached in the influencer’s analytics.
ii) Traffic: This is one of the most important and reliable metrics to use, as it can show the approximate number of traffic you received on your website from the influencer’s post.
2. Impressions: This implies the number of times your campaign content was displayed on feed, explore or thumbnails. Viewers may or may not have interacted with the content. Here’s how you can view your campaign impressions from the influencer’s post insights :
i) From Explore: Your potential viewers from the explore section or the home section
ii) From Hashtags: Targeted hashtags that reached a certain number of people
3. Engagement: One of the best measuring tools, this is a clear indicator of your campaign performance, taking into account the number of likes, comments, shares and views, brand mentions and so on. These interactions imply that your audience feels a strong connection with your brand to make a purchasing decision. Great engagement can help your content get prioritized by the social media’s algorithm.
Apart from the above, a benchmark engagement rate can be used to compare performances measuring the success of the overall campaign.
To calculate the Instagram engagement rate for a post, divide the total number of likes and comments by your follower count, and then multiply by 100 to give you a percentage.
Engagement rate = (Likes + Comment)/ Followers x 100
4. Click-through Rate: The click-through rate (or CTR) is a metric that measures the number of clicks a link receives per number of impressions. Tracking your CTRs is extremely important. A low CTR can indicate low engagement or campaign performance, while a high CTR could indicate right targeting and a successful campaign. However, it is important to remember that CTR also depends on the social media platform being used.
clicks ÷ impressions = CTR. For example, if you had 5 clicks and 100 impressions, then your CTR would be 5%.
5. Cost-effectiveness: This is a very useful metric to determine the campaign results. This is the cost per thousand impressions,
CPM = cost/impressions x 1000
It is an easy-to-understand metric, but it is difficult to know the exact results in advance, especially if it is the first time that you do a campaign with your selected influencer.
6. Sales: If your campaign’s objective is to generate sales, it is essential to set up proper UTM parameters and links to track user actions, creating a funnel for the user journey till he lands on the website or makes a purchase. If you’re relying on influencer marketing, the right way to go about it would be to provide the influencers with a unique tracking link or trackable promo codes.
It’s essential and useful to come up with the right strategy and evaluation process for how your campaign is performing in real-time while the campaign is ongoing, we at The Good Creator co have introduced tools and platforms like campaign manager to analyze campaign performance
Influencer marketing is taking over the marketing world with its consistent growth, With the right strategy, expert planning and execution along with the right influencers, your brand can reach millions with just one click. Get in touch with us to launch your next viral campaign.
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