Build On Prior Experience
Whether you’re new to digital marketing or have developed a successful affiliate program, you’ve taken the right steps in joining the Fresh Press Media Marketplace. Even with experience, this new market can have some hidden obstacles. The good news is, you can use the valuable experience you have with your affiliate background to expand towards influencer marketing. Whatever your level of experience is, follow these 5 metrics to evaluate influence and know which influencers to invest in long-term.
Set The Right Expectations
The biggest hurdle to overcome is making sure you have the right expectations for your campaign. You may think your last campaign failed, or even that influencer marketing isn’t a good fit for your brand. This isn’t necessarily the case, depending on how you measure the success of your campaign. Even if it is the case, keeping an eye on other avenues of engagement can help you develop a flourishing campaign in the future. Advertisers commonly want their influencer campaigns to operate in the same manner as their affiliate campaigns — meaning they want great content to boost value and awareness for the brand while only paying for conversions. This can hinder their ability to connect with high-quality influencers who will be the best advocates for their brand.
Sales Don’t Tell The Whole Story
While direct sales can indeed occur (and can even be combined with commissions in the Marketplace through your existing affiliate program) there are other potential rewards as well. As we discussed previously, direct sales aren’t the only benefit to influencer marketing — there are many more things on the path to a sale that should be quantified as well. Look at the big picture and see what types of actions eventually resulted in a purchase. In an influencer campaign specifically, you need to know whether there was any engagement or interest as a result of content produced by an influencer, even if it didn’t result in a sale (yet).
What Else Should I Measure?
What are the best things to measure in an influencer campaign in addition to revenue? Here are some helpful ideas of things to track:
- This is the total possible number of times the influencer’s posts could be seen in their audience’s feed. (Learn how to calculate potential impressions.)
- Examine the number of shares, likes or comments on social media posts. This type of activity is a powerful way to create exposure for your brand. (Read more about social engagement.)
Usage of a specific hashtag
- Assign a hashtag for influencers to use. Develop a catchy hashtag related to your product, but not necessarily your brand name. #SkincareSunday is much more likely to catch on than something like #BrandXSkincare, for instance.
- Email marketing is still a powerful tool. An increase in newsletter signups could be a result of exposure from influencer posts. (Consider asking influencers to encourage their audience to sign up for your newsletter.)
Increased traffic to website
- Track your website traffic through the duration of your influencer campaign and see if it begins to climb. You may find the amount of growth is directly proportional to the amount you invest in your influencer campaign.
Use The Data To Evaluate Influencers
After evaluating your campaign with these metrics in mind, you may find your campaign was more beneficial than you thought. Tracking these measurements also helps pinpoint specific influencers who reach your target audience, and which ones are not as helpful. You can then invest more in the influencers who are actually… well… influential.