Following our Guide to Analyzing Follower Growth, which taught you to better understand influencer growth patterns, what sudden spikes and dips in follower numbers indicate, and how to identify fake followers, we bring you our brief Guide to Measuring Effectiveness of an Influencer Marketing Campaign. As with the previous guide, we will be using a combination of Popular Chips‘s suite of tools to generate graphs and statistics to aid us.
Influencer marketing has been on the rise over the past few years and brands have done their best in trying to figure out how to measure the Return on Investment (ROI) from working with these digital celebrities. Over time, it appears that engagement has become the new measure of effectiveness.
So what are some ways we can measure engagement?
Audience Reached and Response
The simplest way to measure engagement is through calculating the number of people who have seen your post.
In this example, we have created a mock campaign using Popular Chips’s analytics platform, based on a real influencer marketing campaign.
Here, we are given access to the most important metric straight away–the audience reached (boxed in red) by a combination of all of the 26 posts in the campaign that we selected. Of course, the larger the number of people who have access to the posts you paid for, the better, since it means that your advertisement has the potential to reach a larger audience.
This is followed by the number of likes, views and comments (boxed in blue) garnered on these posts–all of which is crucial information in helping us understand the nature of the engagement. Did many of those who saw the post like it? Did they have many things to say about it? If there were video posts, how many people actually watched the video?
Next, we look two slightly different metrics: a graph, that breaks down the audience reached on each day over time and a chart (boxed in orange), which gives us a weekly breakdown of the same data. This allows us to see if the campaign was evenly spread out over a given period of time. If the audiences of your influencers overlap, an even spread over the campaign period ensures that your target audience sees your advertisement over a longer period of time.
Likes for Campaign Post vs Average Likes
As indicated in the previous section, a key indicator of the success of a campaign is the number of likes and views garnered by the posts that you have paid for. While the total number of likes and views is important in judging the overall sentiment and interest the audience had in the campaign, perhaps even more crucial is a comparison between the likes and views received for the sponsored posts as compared to the typical number of likes and views that the influencer gets for each of their posts.
From the graph above, we can tell the videos posted by the influencers for the campaign were of greater interest to their audiences than the usual videos posted by said influencers. At the same time, we can also tell that the audience, on average, liked the sponsored posts more than they liked their influencers’ regular posts.
This information can also be expressed in percentage views as shown above. A positive result for ‘KPI Likes’ indicates that the campaign achieved an overall positive sentiment, while a positive result for ‘KPI Views (of Videos)’ indicates an overall interest in the product featured.
Percentage of Likes vs Overall Likes
Another aspect to look at in a campaign is the efficacy of your influencer in comparison to the other influencers which you have hired.
From the pie chart above, we can tell that the largest number of likes in this campaign comes from Influencer A, while Influencers B to E received approximately the same number of likes for the posts they made. This allows your brand to get an idea of which influencers it is whose audiences are expressing the largest overall positive sentiment with reference to your campaign.
Of course, this information has to be analyzed in perspective, given that an influencer with a larger following is likely to have a larger number of ‘likes’ associated with their name.
Cost per Engagement
Influencers with a large following are likely also to charge more for their services. As a brand, how can you decide if hiring them was worth your money? One way in which to do this is the cost per engagement.
Using Popular Chips’s analytics tool, we have created a sample comparison, with the original photographs removed. Assuming that each of these posts cost your brand USD $600, Popular Chips’s tool very conveniently calculates the amount of money you have spent for each like, view or comment (CPE). The lower the CPE, the more effective your influencer was for your campaign.
Finally, a value for the influencer is then also generated, which gives you an idea of how much you should be willing to pay the influencer for a post if you were to work with them a second time.
If you were confused about how to calculate the effectiveness of your influencer marketing campaign before, we hope that this post has helped you better understand how to do so. To sum it all up, take note of important metrics such as the audience reached, the level of engagement and the cost per engagement to get a better idea of how your campaign has fared.