Setting clear goals and KPIs for your influencer marketing is essential from many aspects – not least to be able to measure clear ROI on your efforts. Here are three main ways to measure influencer marketing and be able to see results on your investment – if you do right from the start that is!
1. Real-time results
Being able to see direct results is one of the greatest features of working with influencers. For those of you who have a product or service that the consumer can easily access via the web, buy in an online store or register on your site, for example, you can easily see real-time conversions.
A study conducted by Forbes shows that influencer marketing also has a great positive effect on sales in the physical store – but for obvious reasons it may take a few weeks to see results. If you collaborate with more influencers and have the opportunity, choose to concentrate the publication of all the campaign’s posts into one day.
It will more likely contribute to a larger peak in sales than if you were to spread the posts over a couple of weeks. In addition to being a clear way to measure influencer marketing, it also helps you deduce the impact of your campaign.
2. Long-term results
Whether you want to increase sales or create greater brand awareness, it is your initial attitude that will be crucial. In the long term, through well-done influencer marketing, you will be able to gain more market share, and increase awareness of your brand.
To see the results of your investment over time, for example, you can do research on brand awareness and analyze how any new target groups have received your marketing, and what they feel today.
If you are going to establish yourself in a new market, or have a brand new product or service, the recipients will need to be reminded several times before joining their heads at the next purchase. Therefore, both long-term and continuity are important to be able to see results and measure influencer marketing.
3. Results on other efforts
Influencer marketing has also shown good results for other advertising efforts or media purchases.
For example, you can see that the costs of Google AdWords go down thanks to influencer marketing, and several companies set SEO as the sole CPI when they want to determine the outcome of their collaboration with influencers, precisely to increase the impact of their keyword optimization. This is another way to determine ROI on your influencer marketing – to get better impact and value from your other marketing efforts.