Integrating influencer marketing into your overall marketing campaign is a powerful way to increase reach and boost sales. The strategy proves effective for companies looking to build brand awareness and increase conversion, which is why 93% of marketers use the tactic. But, to make custom content work for you and bring your business success, you need to be able to measure results using influencer marketing statistics.
You must have a way to see how the approach meets certain goals. Which, of course, means you need to first set marketing goals you want to realize through your influencers.
As you measure the success of your influencer marketing campaign, keep in mind that you should stick with the tactic, even if you’re not seeing the results you hoped for. With a few tweaks and adjustments to a strategy that doesn’t seem to be working, you can perfect influencer marketing as it applies to your unique needs at any given time. Constant evaluation and re-evaluation of specific marketing goals, and analysis of your influencer marketing campaign’s specifics, will let you know if you’re on the right path or if you’d be best changing course.
Every marketer today needs to approach influencer marketing with eyes set on studying real data and quantifying actual results. Not simply tossing anything at any influencer in hopes of gaining more sales. Scalable success through influencer marketing must include laser-precision focus on ROI, and a continuous quest to understand what is and isn’t working.
Set Influencer Marketing Goals First
Setting clear goals is the first step in measuring influencer marketing statistics. What do you hope to achieve through your campaign? Is there a specific action you want your influencers to encourage target buyers to take? You must be clear about these goals with the influencers you work with. Make sure they are bought into your goals.
You must identify specific goals and have KPIs in place to measure if those goals have been met. Keep in mind that users rarely take more than 1 action step per post or piece of content. If you don’t set any goals or you’re too general in your goals, your tactic won’t perform or it will under perform.
A few examples of goals that you might set for each component of your influencer marketing campaign include:
- Build brand awareness
- Increase engagement/followers on social media
- Generate leads/sales
Measure Influencer Marketing Statistics to Track Your Success
Depending on the goals you’ve set for your influencer marketing campaign, there will be various appropriate ways to track your success. Some strategies that provide useful for many components and companies are:
Google Analytics lets you review your referral traffic, and it allows to view the source of your lead and sales conversions. You can monitor which influencers drive content to your website and to which pages. Create tracking links with specific tags for each of the promotions your influencers share with their followers. Google Analytics lets you set up goals within the platform, so you can see if your conversions are meeting those goals.
You should also be clear with your influencers at the onset that you’d like them to provide you with influencer marketing statistics from their Google Analytics account, such as blog post page views, unique visitors, and more.
Come up with custom coupon codes for each of your influencers, for specific promotions. You might create a discount code with the influencer’s name in order to boost engagement. Analyze the codes to see which influencers are directing buyers where you want, and review how many of their followers were encouraged to take the targeted action.
Cost Per Engagement (CPE)
Measuring cost per engagement (CPE) is a powerful way to determine the success of an influencer marketing campaign, but it can be tricky to put into practice. CPE metrics are great because they let you take a look at the real dollar amount tied to each “like” your influencer gets, as well as every retweet, comment and click to URL. Using analytics software that tracks CPE is the best way to tie influencer tactics to campaign success without loads of effort.
You normally won’t want to run just one marketing tactic at a time. But, isolating your marketing efforts to focus on a single strategy temporarily can give you insight into the success of your plan or lack thereof. It’s not 100% foolproof, since many factors are uncontrollable [such as latency]. However, you’ll be able to better understand buyer behavior and other variables if they’re singled out.
Influencer Marketing Statistics to Validate Your Investment
Even if your results from various analytics show you’re not immediately meeting goals, don’t give up on influencer marketing altogether. Statistics compiled recently prove that influencers boost overall marketing efforts and they reduce ad spend for a marketer as a whole.
Some influencer marketing statistics to think about as you plan and continue to improve your influencer marketing campaign include:
- Influencer marketing as a strategy generates 11 times the ROI of any traditional digital marketing tactic
- Your competition is focused on influencer marketing, nearly 75% of them, reaching into likely all industries
- Ad-blocker usage is up by around 30% and influencer marketing gives you a way to get around that challenge
Galileo Tech Media provides start-to-finish influencer marketing campaign services. Our team is available to help you conceptualize the campaign and your goals, select just the right influencer, and measure campaign success. To put a precise influencer marketing campaign into place, contact Galileo Tech Media.