When it comes to marketing, strategies need to change to adapt to the needs of consumers. Marketing methods in the past may not be as effective for today’s generation. As a business owner or digital marketer, you have to check the trend to know what will work best for your business.
One of the most popular strategies nowadays is Influencer Marketing. Influencers are individuals or groups of people who can influence their followers into buying products or availing services that they promote or recommend. These can be celebrities, industry professionals, or creators who merely use an online video editor to create unique, entertaining, and highly engaging content. By collaborating with them and having them feature or review your products, you can easily build your brand’s credibility and sales.
However, just like any other marketing strategy, it may or may not work. Even if you are working with a top influencer, it won’t guarantee that the results you will see will be in your favor. It’s still important to track and measure the progress and effectiveness of your influencer campaign so you can make the necessary adjustments that will lead you to success. Here are the metrics you need to review to check if your influencer marketing strategy is working.
One fundamental metric you should monitor is the reach of your influencer campaign. The higher the reach, the higher your chances of making a sale. In a nutshell, this measures how many people were able to see your campaign.
What you can do is check how many followers your partner influencers have. Then check the impressions, which is the number of times your brand was featured or displayed to their audience. Then check the traffic to your site and how much it has increased since you collaborated with the influencer.
It can be quite tedious having to track this down and documenting the data into a spreadsheet but there are digital marketing tools that can monitor, document, and measure the campaign reach for you.
When choosing an influencer to work with, it’s important to collaborate with someone whose followers are your target audience. It could be someone in a similar or complementary industry or someone whose posts are in the same niche as yours. This way, you don’t just grow your audience, you also get to connect with people who could turn into potential customers.
Your influencer marketing strategy should help you grow your social media following. This will help you determine if an influencer is attracting the right audience for your business. Once the influencer catches the attention of your target audience, it’s now up to your brand to engage with them and to establish a more solid relationship with them.
One tool you may want to consider is Google Analytics. It has a Demographics and Interests Report feature that helps break down an influencer’s followers by their age, gender, behavior, interests, and more. The data will help you check if they indeed influence your target audience. If they did, then you can say that you have increased your audience successfully.
Working with the most popular influencers won’t guarantee that your campaign will make a huge impact on your target audience. One way you can check if people noticed your brand is by the number of likes, reactions, comments, shares, and subscribers your site gets. This means that the influencer was effective enough to make people click on your link and react to it.
There are many digital marketing tools, such as Hootsuite and BuzSumo, that can track and measure the performance of your campaign in real-time. Engagement is a better indicator of your campaign’s effectiveness than audience reach. It does not only measure the number of people who have seen your posts, but also how strongly they feel about your content that they just have to interact with it.
When you are at a point where you are sure now that you have collaborated with the right influencers, increased your reach and audience, and have started to engage with them, it’s time to measure how many of those are ready to make a purchase.
Converting your audience into leads is an exciting part of your influencer campaign. First, you have to review which channels are more effective when it comes to receiving leads. This way, you can work with your influencer in creating content that will direct them to other platforms. Google Analytics is also effective in measuring qualified leads.
Sales and profits
An effective influencer marketing campaign should be able to generate sales so your business can earn profit. If you are collaborating with an influencer, it’s important to use affiliate links, promo codes, and UTM parameters (URL tags). All these will help you track where your sales are coming from and if any are coming from your influencers.
If you want something quick and simple, providing an affiliate link for an influencer can help you track the sales they help generate. The great thing about affiliate marketing is that the influencer gets to earn a bit of commission whenever a follower is redirected to your site and makes a purchase.
Promo codes also help you track your sales. A lot of influencers use this because brands provide them with a code that’s specific to their name or channel. Not only will specific promo codes help you generate sales, but they will also help influencers promote themselves and measure how influential they are when followers actually use those codes to shop.
UTM parameters are tags that are added to your URL. You can generate such URLs through a digital marketing tool with a campaign URL builder feature. You can assign a unique UTM parameter for each of your influencers. This way, it would be easier for you to track how much sales each one is generating for your business.
An influencer marketing campaign can help boost your business if done right. You have to choose influencers wisely, taking note of their niche, following, and reach. You then have to invite the influencer to collaborate and prepare everything they will need to direct their followers to your site. If you don’t know which influencers to approach, observe your target audience and find out who they follow and trust.
The results are important but it’s equally important to measure if your strategy is working. This way, you could easily adjust or change your strategy early in the process, helping guarantee a more successful campaign and ROI.