According to a report from the Business Standard, about 70 percent of Indians believe that influencer marketing has a significant impact on them.
Influencer marketing is a powerful way to grow your business in social media, and you would be wondering what metrics to use to measure your marketing campaign's effectiveness.
So, today in this blog, you will learn all the tips and tricks to measure your Influencer Marketing KPIs more effectively.
Let's get started!
What are Influencer Marketing KPIs?
Influencer marketing KPIs or key performance indicators are measurable metrics that allow many influencers to measure their success.
As an influencer, you can use social media to post content, promote products, and even engage with followers. It allows you to track KPIs like conversion rate, follower growth, and sales to understand how well they're doing and adjust their strategies. In addition, these metrics allow you to reveal whether an influencer is meeting their goals and how they can improve their marketing approach.
Why do You Need Influencer Marketing KPIs?
The world of influencer marketing is on the rise, so it is essential to have marketing metrics to measure the effectiveness of your campaigns. Having a set of KPIs and goals you want to achieve within a specific time is crucial, as many may fall into the hands of fake influencers.
The question of "why " might haunt you. However, we are here to clear that doubt! Moreover, your Influencer Marketing KPIs should be the metrics from your past campaigns, like any ROI measurements on any drives.
Let me tell you this: the KPIs are crucial for assessing the effectiveness of an influencer's efforts. It also provides measurable insights into the performance of your campaigns, showing whether the influencer is meeting the objectives and resonating with your targeted audiences.
Here, you can measure your KPIs, such as conversion rate, follower growth, and sales rate. It also allows you to learn which campaigns or strategies work for you and which don't.
Through these data from the metrics, you can make informed decisions, maximize your campaign's impact, and build a sustainable relationship with customers and collaborators.
8 Essential Influencer Marketing KPIs to Track Your Campaign Performance this 2024
Here are the top 8 metrics to monitor your Influencer Marketing KPIs across your social media platforms. All these measures allow you to get an idea about the campaigns as well as understand your user behavior and engagement in a better way, allowing you to improve your future campaigns.
1. Brand Awareness
One of the main reasons why companies invest in Influencer Marketing is to increase their brand awareness. So, it's evident that if you have a brand, the main goal of your investing is to boost your brand awareness to your potential customers.
In Influencer Marketing KPIs, you will be gauging this.
A grocery delivery service company wants to increase its brand recognition and awareness.
So, the question is, how did they do it?
Here, they implemented a trend-focused marketing approach to enhance brand recognition and awareness by involving 15 influencers.
It is all about how well your viewers or audience engages with your information or content.
The main KPIs here are
They hired two major influencers to create a trendy Get Ready With Me (GRWM) wedding video to increase their wedding season campaign. Also, they highlighted the different services the Urban Company offers, including nails, hair, and make-up.
When it comes to driving more sales, one of the essential factors of Influencer Marketing KPIs is measuring your conversion rate.
This can be hard to measure, so what you can do is, before the campaigns begin, share unique promo codes, affiliate links, and UTM links with your influencer partners.
So, for their FlipkartShoppingMela, they are with over 45 regional influencers to captivate customers in tier 2 and 3 cities.
4. Audience Growth
One main focus of tracking Influencer Marketing KPIs is tracking your audience's growth rate after your influencer post goes out.
Well, the CTR or click-through rate measures the amount of clicks received on a particular link.
The Influencer Marketing KPIs here measure how effectively your campaign drives traffic to your websites and potential clients to particular stages like sign-up or registration.
One of the ways to hook your reader or potential client is to put a strong CTA.
Are you seeing new members on your website?
Well, it means higher opportunities for conversion.
So, one of the most crucial things about tracking your Influencer Marketing KPIs is the traffic.
Are you noticing higher traffic but no conversion?
Let me tell you a secret here!
If you want to increase traffic, update your website and landing page.
7. Return On Investment
So, why do you gauge your Influencer Marketing KPIs?
Well, you do so to learn about the Return On Investment.
When tracking the KPIs here, you will measure how much you make from your campaigns. Your marketing campaign is on the right track if you make a higher amount.
Do you want to track your ROI?
You can do so by following this formula.
ROI = revenue / total spend x 100.
8. Brand Sentiment
Here, you will track how your customers feel about your brand through the comment sections or reactions towards your influencer marketing content.
So, keeping track of Influencer Marketing KPIs on brand sentiment lets you realize what strategies work for you and where to improve.
To wrap up, keeping a record of your influencer marketing KPIs will allow you to create better marketing campaigns. So, take advantage of the data you collect and optimize and update wherever you need to boost your traffic, conversion, and overall ROI.