Achieving market success is the key. Influencer marketing is a cost-effective method for brands to reach their target audience organically. Influencer marketing has seen significant evolution over the years. This tool can build brand awareness and push consumers through the funnel.
According to some of the best Tik Tok Influencer marketing companies, this type of marketing can change perceptions, build trust and convert. But measuring the impact of influencer marketing is still a significant challenge for marketers.
How to measure your Influencer Marketing ROI
It can seem daunting to measure the success of influencer marketing campaigns, but it doesn\’t have to be. According to PYDA, the Best Tik tok marketing agency in Canada, It can actually be broken down into simple steps.
First, align your influencer marketing goals
Although it may sound easy, setting your goals is crucial before launching your next influencer marketing campaign. What are your goals? Awareness, impressions, engagement, conversions? We\’ll be covering several metrics that you can track, but which one is most relevant to your campaign? The more specific your goals are, the better you can track.
It is crucial to keep in mind that your brand\’s objectives and goals from the beginning will determine the KPIs you should measure in the future, as well as the types of influencers with which you should partner to maximize your ROI. Partnering with celebrities to reach a niche audience is not the best way to spend your marketing dollars. It will also negatively impact your overall ROI.
To track your success, establish the KPIs you need
Now it\’s time for you to establish your KPIs. This stage is where your primary goal should be to identify metrics that will measure the effectiveness of your campaign. This involves identifying the metrics that will be used to track these objectives.
What KPIs are you able to track?
You can use a variety of \”deeper\” KPIs to measure influencer campaign success. These can include, but are not limited to:
- Engagement (likes, comments, shares, reactions, etc.)
- Conversion rates + Sales (custom links and promotional codes)
- Reach/Impressions
- Purchase Intent
- Clicks/Traffic
It is important to remember that different KPIs can be used for other goals. There is no one-size-fits-all approach. It is crucial to look at the numbers you are delivering when measuring ROI.
To measure your influencer marketing performance, use both your goals as well as your KPIs.
It\’s now time to use your initial goals as well as your KPIs to evaluate your campaign performance. It\’s easy to track traffic to your website (Google Analytics) or to track sales (tracking codes/ links), but it can be challenging to assign a cost or value to engagement. Marketers use a cost-per-action formula to evaluate their return.
CPAs (cost per action) are a way to measure the success of your campaign.
- Cost per 1000 impressions (CPM)
- Cost per engagement (CPE)
- Conversion rate (CR).
- The average price of the sale (ACOS).
- Return on Ad Spend (ROAS).
- Net new traffic to website at a cost
You will need benchmarks to determine the value of your campaign\’s engagement. It would be better to keep in mind that social media is a significant channel for influencer distribution. Each platform has an average cost for each action (cost per share, like, retweet and follower).
These benchmarks can also vary depending on the industry or size of the Influencer following. Use these average costs to calculate your campaign\’s total completed actions.
You have now created your campaign. Now, what can you do?
It is crucial to analyze your campaign both during and after it has ended in order to optimize future results. Questions you must ask your post-campaign analysis:
- Was my goal/objective achieved?
- What worked and what didn\’t?
- What can I do to improve my future performance?
It is crucial to ask the right questions to measure your success and avoid wasting time, money, or resources. These questions can be asked at any stage of the campaign. You should monitor both your content and your influencers throughout each stage of promotion to ensure that you can adjust your strategy if needed.PYDA, one of the best Tikok service companies in Canada reviews influencer content performance at all stages, from content creation to live to post to final results. This allows us to maintain relationships with top performers and replace those who are less successful. This allows for effective spending on influencers as well as paid media. We are constantly reviewing metrics and evaluating success.
