If the objective of your brand is simply to promote brand awareness, especially for the launch of new products, you can measure the effectiveness of your campaigns by its reach. Since Instagram does not provide statistics of views on an image post, we will have to calculate reach based on total audience that could have potentially seen one of your sponsored posts, which is the total accumulated following of all of your influencers.
A big mistake would be to simply add all the influencers’ follower count together. This will be greatly inaccurate as there may be many common followers among the influencers the brand has hired. Also, with the increased prevalence of influencers buying fake followers, a significant percentage of the influencers’ followers are not actually being reached.
The reach method is not a recommended way to measure the Return On Investment (ROI) of a campaign as it relies on the assumption that the followers of the influencers hired have seen the sponsored posts.
The success of influencer marketing boils down to the engagement rate as well. Engagement is the actual interaction your content gets. There are different metrics to measure you influencer engagement rates, with likes, comments and shares being the most common indicator.
An accurate indicator to track your engagement would be to track your cost per engagement (CPE). This allows you to understand how much you are spending per engagement and gives you a rough gauge to identify if you are over-spending for the engagement you are receiving.
3. Product Sales
There are many ways to boost your sales through the use of influencer marketing. To track the sales that are coming from each particular influencer, you can use trackable links or unique promo codes. In this way, you will know the exact sales generated from each influencer.
With Influencer Marketing being widely used in many industries, it is essential to identify the various measures to evaluate the effectiveness of your campaigns.
Having said that, does your company use any of the metrics mentioned above? Otherwise, we will love to hear from you too!