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Influencer Marketing Campaigns
Influencer Marketing Campaigns
How to measure influencer marketing campaign ROI...learn more
Influencer marketing and campaign ROI metrics
As social media marketing grow and evolve, it has triggered a lot of changes in how brands and in general marketers, advertise their products and services online.
The consumers have more power and influence than ever before: instead of looking at companies, as they did in the past, they now look at other consumers for their purchasing decision and at their favorite personalities with massive followings on Facebook, Instagram, Snapchat, Pinterest, Youtube. While this makes it a bit challenging for brands to advertise, it’s also a trend that presents a lot of opportunity, called “influencer marketing”. “Influencer marketing places the focus on specific key individuals (or types of individual) rather than a target market as a whole. It opens up a new channel for brands to connect with consumers more directly, more organically, and at scale. By creating branded content with social media influencers, brands can amplify their message while seducing their target audience”.[1] However, influencer marketing is still new. Many marketers are still hesitant, they are uncertain what it is exactly, how to put it into practice and how it can benefit their company. In fact, a critical question still remains: how do you measure the ROI of a solid influencer marketing program? The purpose of this article is to outline several different techniques for collecting influencer marketing campaign data and how to use it to drive more sales. The rise of Influencer Marketing Influencer marketing is one strategy that not only magnifies a brand’s message, but it’s an approach that delivers ROI. Some trends are converging to make influencer marketing an increasingly important part of any company marketing program:
According to a poll of marketing professionals conducted by Tomoson, businesses are making $6.50 for every $1 spent on influencer marketing[4]. The poll also found that marketers rate influencer marketing as their fastest-growing online customer-acquisition channel, outpacing organic search and email marketing. The key is to build relationships between brand and influencers over time and to ultimately convert them into brand advocates. With that said, short-term campaigns are still relevant, however, rather than being the be-all-end-all of influencer marketing, today campaigns are seen as strategic touch-points for further developing relationships with key influencers. When it comes to measurement, which are the data to analyze and report to measure success for both short-term campaigns as well as overall long-term influencer program? Below the data you need to collect to evaluate an influencer marketing campaign: Impressions & Engagements Impressions measure the number of times an influencer’s post is viewed. How much are consumers talking? Where are those conversations taking place? How many people are involved? What brands are they talking about? What brands are they talking about? Are these conversations mostly positive or negative? How often are recommendations being made? The amount of impressions identifies the effectiveness of branding campaigns. This method is especially helpful when gathering data regarding the effectiveness of multiple influencers on a campaign. As it stands, impressions are the customary way of purchasing advertising inventory at scale. The old way of gauging the success of a post or campaign solely based on likes is out and measuring the amount of engagement is in. Engagement means taking a look at the shares, comments and likes as a whole. It provides deeper insights into how users are interacting and feeling about a post. Brand Mentions One way to increase the chances of a post going viral is to put it in the hands of a social influencer. Their reach, influence and recommendations to their influencer network is what will drive mentions, and hopefully sales too. Authenticity is the most important aspect of influencer marketing, and the only way to achieve authenticity is by owning relationships and building out an owned influencer network with brand mentions that are done frequently, and not once by a third party sending opportunities out to an email list. Conversions Savvy analytical marketers are quickly realizing the power of influencer marketing to drive sales, signups and app installs. They’re not just going on a hunch, there’s data to back up this potential power. In a recent study, McKinsey found that consumer-to-consumer word of mouth generates more than twice the sales of other forms of paid advertising. Below are three ways conversions can be tracked during an influencer marketing campaign.
[1] 10 Reasons Why Influencer Marketing is the Next Big Thing. (2015, July 14). Available at: http://www.adweek.com/socialtimes/10-reasonswhy-influencer-marketing-is-the-next-big-thing/623407. [2] www.cluetrain.com [3] “A new way to measure word-of-mouth marketing”, McKinsey&Company, (April 2010). [4] http://blog.tomoson.com/influencer-marketing-study/
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