Influencer marketing is a new way of marketing on social media that is based on collaboration with influencers. At a time when many people use the internet and are active on different platforms, it is growing in popularity among businesses. Moreover, with the right choice of influencers, it is about authentically building your brand. But how can you monitor and measure the effectiveness of working with influencers? We’ll look at some important metrics in today’s article.
Article content
- Do you have quality content?
- How many users click through to you?
- “Aha!” How many users will say that? Calculate your Reach
- How many visitors will do what you want them to do?
- The basic calculation of every entrepreneur: return of investment
- Don’t forget to use specialized marketing platforms
- What challenges await you?
Do you have quality content? Engagement rate will help you find out
Just because an account has more followers doesn’t mean it has quality content. In fact, it often has many followers who don’t engage in any way. This means that you are creating content that doesn’t appeal enough to its followers. Engagement rate helps you to judge the quality of your content regardless of the number of followers. It will show you how well an influencer’s content is performing regardless of its followers. The formula for calculating it is as follows:
Total number of interactions/total number of followers*100
A like, share or comment counts as an interaction.
How many users click through to you? Click through rate
You may already know this metric from PPC ads. Click through rate is a metric that helps you capture how often your followers click on your content. This can be an ad link to your website in an bio and a post. The formula for calculating this is as follows:
Number of clicks (interactions)/Total impressions (impression)*100
“Aha!” How many users will say that? Calculate your Reach
As the title suggests, you can use the reach calculation to see how many new users you’ve reached with your post. This is an important metric because it will help you see how effectively you are spreading brand and product awareness. A well-set influencer marketing strategy is also very beneficial for this .
It is important to note that there is a difference between reach and impression, because impression measures the total number of hits, including repeat hits. You don’t need to calculate reach, because you can find it on every social network. For example, on Facebook and Instagram under the category “insights”. When managing marketing campaigns, influencers share their reach figures with us so we can plan the next steps in building your brand.
How many visitors will do what you want them to do? Conversions (Converse) will help you find out
Another metric you know from PPC. Use conversion (Converse) to see how often people take the actions you ask them to take. This could be a click to “pay”, “sign up for a newsletter” or “download an e-book”.
You can calculate the percentage of your conversions as follows:
Total conversions/Total visitors *100
The basic calculation of every entrepreneur: return of investment
This metric is very important to see if your social media marketing is paying off. But first, determine what you want to measure ROI on. Here are two examples of measurements:
Number of clicks on advertising/Advertising costs*100
Outreach/ Cost of generating contributions
If you don’t see positive numbers in the long term when calculating ROI, this is a signal to change your strategy. By regularly recording ROI, you can see what strategies are working in the long term.
Don’t forget to use specialized marketing platforms
When working with influencers, you’re bound to come across tools like SocialBlade or Hypeauditor. The former is a tool you can use to find relevant influencers, verify their reach, and see how their audience is growing.
Hypeauditor could be likened to enhanced insights on Instagram. It offers you the possibility to completely analyze your profile in terms of follower credibility, its reach or also the recommended price per post.
We still have our own databases of influencers who are interested in working with brands. This allows us to select the most relevant influencers for any business.
In the example below you can see how the analysis in SocialBlade looks like for our client:
Source: SocialBlade
What challenges await you? Get ready to battle the algorithm, comments and time
Above, we’ve outlined how to measure the effectiveness of working with an influencer. But we must not forget that social media marketing has its pitfalls. You will struggle the most with the social networking algorithm because it is unpredictable. So often you’ll have to boost a post with paid advertising to get it noticed.
You also need to remember that creating social content and working with influencers and setting up a complete campaign is very time consuming. For this, we recommend finding a marketing agency that specializes in influencer marketing.
As a last mention, comedians play a big role on social media. You will surely find that a dissatisfied customer writes an unconstructive criticism of your product or service. However, you and your influencer will have to respond with all decency.
We hope this article has given you a basic understanding of how to measure collaboration with influencers. If you’re interested in influencer marketing, check out our case studies and information for businesses or get in touch with us directly. We look forward to working with you.
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