What are the best metrics you can use for evaluating influencer marketing?
Good question.
Before you evaluate influencer marketing, ensure influencers you collaborate with drive brand value. Take your time when evaluating them to ensure they generate genuine interactions with your brand. Doing this can also prevent some challenges experienced when measuring ROI.
Some crucial metrics to measure once you roll out your influencer campaign include:
Conversions
Track sales before, during, and after the campaign by setting up UTM parameters, affiliate links, landing pages, or promo codes. These help you track where customers who converted came from throughout the campaign.
Traffic to your site
Find out how many people visited the site because of the campaign. You can still use promo codes and UTM parameters for this metric. You can then tell how many new visitors you got, referral sources, time spent on site, and number of page views.
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Track impressions on influencer content, including blog posts, social media posts, videos, and others. You can then understand how many people got to know about your brand and whether you had any effect on current customers.
Audience growth
This metric helps you find out how many new followers you gained due to the campaign. Compare this growth to the numbers before the campaign started.
Engagement
Engagement tells you whether you are relevant to the audience targeted, how well they receive your brand, and whether they are loyal. Some actions that denote engagement include likes, brand mentions, shares, clicks, comments, views, and reactions.