In this article, we thought we would start by digging into a rather commonly-asked toic. How to measure the results from Influencer marketing. And which KPIs (Key Performance Indicators) you can, should or should take into account when it comes to influencers and influencer marketing campaigns.
Let’s first explain the basics – what is a KPI, and why are they needed?
A KPI is, as you are probably familiar with, a so-called Key Performance Indicator and is a metric to measure the results of various campaigns. A KPI is thus a goal of a campaign by influencers that should in some way be measurable and easy to follow up at the end of the campaign.
When it comes to KPIs in influencer marketing, some are very obvious – and others are less talked about. I was therefore thinking of trying to go through as many KPIs as possible for you who are e-retailers and who are interested in starting work with influencers, or for you who are experienced in the field but would like to see you after several KPIs.
One of the most common KPIs when it comes to influencer marketing is sales and earnings in kronor and the penny. Although it is not the basis of influencer marketing and the ability to let influential people influence and inform their target audience, it is still a very important key figure. Measuring sales as a CPI when working with influencers is most easily done by:
Create unique landing pages where influencers can send traffic.
Activate an individual and unique discount code that the influencer markets in their channels.
Creates unique link parameters (UTM parameters) in the links shared by the influencer.
To measure the traffic coming in through influencers, given that you are an e-merchant, it is highly recommended to use Google Analytics if ecommerce is not conducted in a portal that has all information directly in the platform.
Commitment and reach
Engagement and the reach of the influencer is undoubtedly one of the most prominent ways of calculating and measuring the effect of influencer marketing. It is partly possible to use an influencer’s commitment as a key figure for pricing a collaboration with the influencer – but also to see the result of the collaboration itself.
In influencer marketing, the rule of thumb is that the influencer’s involvement (likes and comments) is shared with the number of followers. In addition, one should take into account the total scope of the collaboration in the form of how many people have seen the post.
In order to access this type of information, the recommendation is that you either agree to access this information afterwards – or manage your campaigns through an influencer network that focuses on sharing this type of information, which we at Interlaced do, among other things. .
As I mentioned before, sales are a key part of influencer marketing – but so is traffic. The readers / followers of the profiles that publish posts and content for you and your e-commerce, do they follow the links and visit your e-commerce? What happens to the visitors then?
Do they get enough information from the influencer to be able to make a purchase decision directly, or are we too early in the buying press? All of these parameters can be measured by tracking the traffic generated by collaborations with influencers. As is well known here, Google Analytics is also a very insightful measurement tool for keeping track of traffic as a kPI when collaborating with influencers, whether the traffic is sent from a blog, a YouTube channel or through Instagram Stories or biography.
Growth at home
How many visitors and sales your e-commerce gets is a CPI. How much followers / readers engage in the content that is created is a KPI. How much your e-commerce grows in your own channels is another CPI.
Have collaborations with influencers generated more followers on your Facebook page or your Instagram account? Measure it as a parameter. If part of the purpose of an influencer campaign – that is, a CPI – is to grow in your own channels, then it is old-fashioned that competitions or other types of incentive-creating measures can help your own channels grow with a relevant follower base.
If a follower, reader or subscriber subscribes to following your e-commerce’s own social media accounts, then it is likely a person who has found genuine interest in your e-commerce products or brand. Interact with the follower (s) and after a campaign with one or more influencers create a clear CTA (Call to Action) for these if conversion is in focus.
Link strength and results of links
This is talked about quite a bit in the influencer marketing world, and it’s understandable somewhere. But brushing off a link from a relevant blog to your e-commerce is something to take into account is not the right path. Are links to your e-commerce site of interest? Then blogs are excellent to collaborate with.
By allowing bloggers to create interesting content about your e-commerce and the products that you stock, you can naturally get votes for e-commerce – at the same time that other KPIs mentioned in this post are included. When you, as an e-retailer, use link value as a KPI in your collaborations with influencers and bloggers, you can even, through most networks, control which landing pages and anchor texts the blogger should use in his post – all to ensure that you can best measure the results before and after the collaboration has taken place.