In essence, influencer marketing is social media marketing that takes advantage of endorsements and product mentions from individuals who have an established social media following and are considered experts within their niche.
However, effective measurement of influencer campaigns has been a challenge for marketers from the beginning of the influencer-marketer partnership. While the potential outcomes of these activities are well known, their success is well known, but it can be hard to estimate their costs and returns. Several factors contribute to this problem, including a lack of reliable measurement data and alignment between campaign goals and specific measurement strategies.
In a recent survey by Inmar and Industry Dive, 44% of marketers stated that they could not quantify influencer ROI due to a lack of data, and 53% wished that they had more information about an influencer audience’s shopping preferences. A staggering 60% of marketers would increase their influencer marketing budgets by 10% or more if they could prove ROI through data linking activations to retail sales. By 2022, social commerce as a whole will be a $15B opportunity, growing from an $8B business in 2019. We need to get serious about addressing the underlying problem of overusing the gap-fill approach.
Thankfully, you can solve the measurement mystery by integrating the RIGHT data with SPECIFIC measurement strategies.
Influencer measurement toolbox can help marketers understand the effectiveness of their campaigns by using a variety of tactics. There is no better way to measure ROI accuracy and data accessibility than to choose the solution that fits your needs and is compatible with your data requirements.
- Direct Sales Attribution
Track individual customers through the purchasing process who responded to influencer content.
- Retail Sales Lift Analysis
Review and analyzing the POS data and creating test & control groups to find sales lift.
- Promotional Effectiveness
Analyze an influencer’s influence to persuade people to redeem offers through their channels.
- Foot Traffic Analysis
Evaluate the effect of influencer content on foot traffic in stores using mobile geofencing.
- Brand Sentiment Analysis
Analyze how influencer content impacts the perception of a brand on consumers.
Choosing the right approach will depend on the desired outcome. No matter which method you choose, here are three practical tips for your next influencer campaign.
- Tip 1: Campaign objectives should align with measurement strategies from the start. Having an understanding of your strategy will assist in determining the types of data required for accurate measurement.
- Tip 2: Be careful not to let incomplete data limit the development of your measurement strategy. As you develop a more comprehensive plan, you can stitch some things together. Learn how to understand customer journeys and assemble the story, even if all the data points are unavailable simultaneously.
- Tip 3: Find a partner whose expertise will allow you to fill in the gaps in your measurement strategy. With influencer marketing platforms such as Inmar Intelligence, you can accurately measure the success of your influencer campaigns and see whether they result in sales or brand awareness.