You put together an awesome strategy, the influencers you chose were highly-vetted, fantastic to work with, and filled their contractual obligations, and the program went off without a hitch. But how do you know you’re maximizing your influencer marketing ROI? How do you know if your efforts were truly successful?
There are tons of performance metrics you can look at. But, here are three objectives that we consider key indicators of success when assessing influencer partnerships:
1. Content Quality and Longevity
We all know content is king and is the basis for a successful influencer partnership. Without quality content, you have nothing! With influencer-generated content, you not only get content that comes across as genuine and authentic to your audiences, but you get to save on all of the time and money it would have cost to create that level of content yourself. Plus, quality content can be repurposed across various channels for the next year or so!
2. Engagement, Engagement, Engagement
So you posted quality influencer content, but did anyone pay attention? And how much did it cost to get them to pay attention? What’s the cost per engagement (CPE)? Engagement measures just that and is one of the most (if not the most) sought after objectives across the social media universe. To effectively measure engagement, you must first look at total engagements for the individual posts. This includes clicks, likes, comments, shares, etc. Then you must look at engagement rates to compare your engagement to industry benchmarks. For example on LinkedIn, the average engagement rate is 0.05%, while on Facebook the average engagement rate is 0.09%. Well, how far above or below the industry benchmark did your influencer’s engagement rates come in? At Social Tribe, we always aim for way above average to ensure a high influencer marketing ROI.
Once your program has ended, it’s important as a brand to reflect on what kind of impact it had on not only your target audiences but on your industry as a whole. You can measure this by looking at:
- Share of Voice (SOV): A measure of how much of the market your brand owns compared to competitors.
- Share of Influence (SOI): This determines the impact that the Influencer Program or Influencer Campaigns (exclusively) has on brand performance.
- Brand Vitality Score (BVT): This metric measures the visibility, impact, and trust influencer content mentioning your brand earns.
The above metrics can be difficult and time consuming to gather manually. Luckily, our agency uses a top-notch Influencer Relationship Management (IRM) tool, Traackr, that calculates it all instantly. #TraackrPartner
You will still want to take a look at overall reach too. Your influencers may have thousands of followers, but how many users did your content actually reach vs. your internal reach goals? And how much did it cost to reach them? Comparing metrics such as Cost per Thousand views (CPM) vs. industry averages can answer that for you.
Fun fact: did you know that micro-influencers have higher engagement rates than macro-influencers? On average, influencers with 3k – 5k followers generate 5% engagement rates while influencers with over 100k followers generate around 2% engagement rates. This is great news for brands on a budget!
If your team is looking to take your influencer marketing program to the next level, we’d love to hear about it. Connect with us today.