Everyone make connections in this industry who believes in giving and take relationship. You develop your relations with others and nurture each one carefully with trust until it results in a big win because the industry is becoming undoubtedly connection-driven.
Influencer marketing is an effective marketing strategy for running any campaign online. Is this not great news for all the marketers out there? It’s not, because even after having tangible benefits of influencer marketing such as follower engagement, driving the traffic, and creating more relevant and authentic content, it would be a tough task for all to determine the success of an influencer marketing campaign.
There are different ways to measure ROI on influencer marketing campaign depends largely on set business goals. Some marketers prefer to make sales as their only business goal or some don’t. Here are the 4 ways to measure ROI of goal-oriented influencer marketing campaign
Goal 1 – Brand’s Visibility
If the primary goal of marketer is the visibility of the brand and associated products especially at the time of promoting a new product or introducing it or rebranding the image of the existing product. To measure ROI in this case, the number of new potential customers will be considered who become aware of your brand’s product through the growth-oriented marketing campaign run by your influencers on different social media platforms known as a Facebook influencer, Instagram influencer, Tech Influencers, etc.
Goal 2 – Audience Engagement
The most important part of every marketing campaign is to engage the targeted audience and aware them about your new product. It acts as a good indicator of how you're consumers connect to your brand, not just about the product. The cost-per-engagement (CPE), measured in terms of dollars or rupees spent per ‘Like’, ‘comment’, ‘share’ or interaction which is considered as a valuable metric to measure long term return on investment.
Engagement can include likes or comments on posts, video views, shares on Facebook, etc. Influencers run your marketing campaign on their social media pages through videos, hashtags or posts which help you to engage your audience through their maximum number of followers and reach.
Goal 3 – Content Engagement
Another benefit of influencer marketing is content that marketers often overlook. It will also give you the additional benefit of a third party endorsement. This feature of content makes it a powerful ROI tool, both in terms of saving by creating in-house content and increase the reach too that is being generated by the influencer collaboration. Content and social media marketing are just like cake and cherries because they both compliment each other.
Goal 4 – Revenue Generation
After every expense, what people usually think and ask to you that what you have received in return? This is the same in the case of an influencer marketing campaign that how much you earned than spent?
ROI is the ultimate KPI of any online or offline campaigns. Brands will be spending dollars as he is expecting some revenue from the campaign. There are different ways to run and measure influencer campaigns.
Here are the 4 ways to measure ROI in a influencer marketing campaign.
1. Affiliate Links
The simplest way to track your ROI is by combining the influencer marketing campaign with affiliate marketing. A unique affiliate link for an influencer helps to track online sales through their social media channels and blog posts. As we all know one fact that Instagram, Like Pinterest, is not very much link friendly so getting the targeted audience on a ride from Instagram influencer’s page to your website where you can hopefully convert them is a difficult task. So the best place to place an affiliate link is on Influencer’s profile as people will likely visit their page if they love what they are offering to them.
2. Promo codes
It helps you to track the influence of your influencer marketing campaign through influencers on your customers beyond immediate sales. Sometimes, few consumers will not make a purchase immediately even after being influenced by influencer’s posts to make a purchase. Promo codes help to track ‘down the line’ purchases triggered by influencer marketing.
3. Google Analytics
It is another powerful tool for tracking your online sales. It will help you to watch which one of your customers visited your brand’s website after clicking on the influencer’s post or social channel.
4. Branded Landing pages
Creating a branded page for your influencer and then incentivising the user for taking actions on your page can help is tracking the ROI from each influencer running the campaign.
It is very clear that the ROI from the influencer marketing campaign will largely depend on the goals setup by brands initially. Once influencer get a clear picture of what they are after, it will become an easy task to track ROI.