The struggle to measure influencer marketing ROI
In a recent survey of marketers by Econsultancy, 65% said they faced a challenge measuring influencer marketing within their organization.
Fair enough. Except we think influencer marketing is fairly easy to prove out. In fact, we’ve captured and reported everything from equivalent media value to actual sales lift from Carusele campaigns.
While there are many ways to prove out the business value of influencer marketing, which option is right for you will depend heavily on where your products are sold, how frequently customers buy, and the level of data you have control over in terms of tracking and reporting.
Below we've highlighted over twenty-five ways you can measure influencer marketing ROI, but you can also download the full white paper for additional information.
Level 1: The Basics
If you're just getting started with influencer marketing, then the metrics below are a great place to get started and help set the baseline for your own influencer marketing benchmarks. They’re easy to gather using your social media monitoring tool of choice but will require the influencer to provide you with links to every piece of social content they create throughout the campaign.
- Potential Impressions
- Channel Growth
- Pieces of Content
- Total Potential Reach
- Number of Influencers
Level 2: Campaign Insights
For those of you who already have a foundation for your influencer marketing strategy, the next step is pulling business insights and feedback by analyzing the performance of individual content and individual influencers in each campaign. These insights can help not only inform future campaigns but also provide valuable information on the creative and content angles that resonate with your target audience. Level 2 insights can include:
- Content Performance Insights
- Influencer Performance Scoring
- Engaged Audiences
- Increase in Online Share of Voice
- Equivalent Media Value
- Content Value
- Audience Attention
Level 3: Partial Attribution/Purchase Indicators
Brands who want to prove the value of influencer marketing relative to sales contribution can benefit from including these business metrics in their influencer programs. Just remember, these components will need to be set up prior to the start of your influencer marketing campaigns in order for them to work. In fact, the campaign setup should be structured to drive these results. Level 3 metrics include:
- Promotion Code Redemption
- Direct Web Traffic
- Lift in Online Mentions
- Branded Keyword Search Volume Lift
- Correlated Sales Lift
- Other Correlation Analysis
- Conversion Tracking
- Goal Conversion Correlation
- Ad Recall Lift Rate
- Affiliate Sales
Level 4: Influencer Performance Studies
While level 3 metrics show some of the impacts on business (for example, the tracked sales may only be a subset of all the sales influenced), there are several ways to show a more holistic view of how your influencer marketing campaigns directly attributed to sales lift and driving people into stores. And while many of these Level 4 performance studies do require a heavy investment, they can certainly be worth the results.
- Sales Lift Study
- Foot Traffic Study
- Media Mix Modeling
Don't be overwhelmed by these metrics. Make sure you download the full white paper to ensure you have a full understanding of each option and the chance to see how they're applied to real examples from Carusele's influencer marketing campaigns.