Are you ready to harness the power and influencer or ambassador marketing, but not sure how to track the success of your campaign?
Or, perhaps you have started buffing out your influencer strategy but you're having difficulties tracking growth and seeing if you are generating a positive ROI.
That is where KPIs come into play. KPIs (key performance indicators) are metrics that help you track and calculate your campaign's successes and shortcomings.
KPIs that will help you evaluate your program's success go beyond vanity metrics (likes and followers). Properly implementing KPIs at the start of each influencer campaign will help you measure your reach, growth, and conversions.
So let's talk about influencer and ambassador marketing KPIs. Today, we will show you which KPIs your brand should track to measure both the success and areas of improvement of your influencer marketing strategy.
Increase In Brand Awareness
Influencers can help increase brand awareness exponentially, so it's important to track brand awareness metrics and KPIs each time you start a new campaign.
There are several KPIs you can track when kicking off your influencer or ambassador marketing strategy. Those KPIs include:
- Growth in following: A growth in the following indicates a positive increase in brand awareness
- Growth in content interaction: An increase in content interaction shows how engaged your new audience members are
- Number of impressions and total reach: How many times your content was displayed and how many accounts it reached
- Number of views on video content: How many views and interactions are you seeing from your video content
- Brand mention and hashtag usage: Who is mentioning your brand and how many more hashtag usages are there
When deciding to work with influencers, you will want to evaluate if they will help you achieve a positive ROI. To do that, you will want to review their followers, engagement, and reach, among other things. These metrics will help you decide if the partnership will be mutually beneficial.
Relevant KPIs and metrics to track when looking to form a partnership with an influencer or brand ambassador are:
- Number of followers an influencer has: Audience size indicates the potential reach your brand could see from working with that influencer
- Number of active followers: What percentage of their audience is actively engaged is an even better indicator for potential reach than follower count alone
- Average number of impressions and reach: What is the average number of accounts reached and impressions the influencer's content receives
If you want to check that an influencer's followers are real (and not bots), you can use follower analysis tools to check engagement and key metrics in order to decide if the influencer will be a good fit to work with.
Here are a few tools you can check out to gain insight about influencer engagement rate, followers, and reach:
Conversions Tracking and Lead Generation
Conversions can take many different forms, depending on the brand; sales, signing up for a newsletter, number of downloads, or new subscriptions.
So when tracking conversion metrics, look at your brand and see what types of conversions will be adding the most value to your brand through your influencer marketing campaign.
Conversion tracking KPIs are the most essential metrics in any influencer campaign, as these are the KPIs that directly impact revenue growth.
Tracking and setting realistic conversion goals for your influencer or brand ambassador campaign will be the reason your brand can scale up.
Influencers and ambassadors can help grow conversions and increase sales as long as you are arming them with the right tools.
You can turn your influencers into affiliates, and you can track their progress in improving your conversions by monitoring the usage of their:
- Referral codes
- Affiliate codes
- Promo codes
- UTM or affiliate link
Boost in Social Engagement
Working with influencers is a surefire way of seeing more engagement across your social media channels, and social engagement is a powerful metric to track for any brand.
We like to call it the slow burner KPI - maybe someone from the influencer's audience isn't quite ready to buy from you yet, but they followed you on socials to learn more about your brand.
And over the course of a few weeks or months, these new followers see your content and become more familiar with your brand, your ethos, and voice until eventually, they convert.
When we look at social engagement, we want to move past vanity metrics. While likes and followers are necessary to track, in 2021, it's more important to strive for rich engagement and community building.
So tracking these metrics on your social media channels will help you monitor the success of your influencer marketing campaign:
- Brand mentions/tagged
You will want to measure your engagement rate, which is a great indicator of how many of your followers are actually engaged with your content.
If you want to calculate your engagement rate, use this formula:
(Likes + Comments)/followers + 100 = engagement rate.
The industry standard across all industries is 1.60%.
Increased Website Traffic
Influencers can be crazy good website traffic boosters. Tracking website traffic KPIs will be a vital part of your influencer marketing campaign. So you will want to monitor how much increased traffic your website is receiving from working with influencers and brand ambassadors to assess the success of a campaign.
KPIs to track include:
- Visits from referrals
- Click-through rate
- Time on site
- Total pageviews
- Number of new users
- Increase in Google Searches
With any investment your business makes, you will want to measure to see you are gaining a positive return on your investment from your influencer and ambassador marketing campaigns.
Measuring your ROI will look different for each brand, but some of the best ways that work across the industry to see you are getting a positive ROI include:
- Are you hitting your goals
- Are you within your budget
- Is the influencer driving more traffic to your site?
Working with influencers can offer your brand a massive payoff. But to see that pay off, you will need to properly track KPIs from the start of each campaign.
Which KPIs will you track during your next influencer marketing campaign? Let us know the KPIs your brand tracks when working with influencers and brand ambassadors!
Ready to turn your customers into your team of thriving affiliates? If so, check out CrewFire's epic demo video to see how you can drive more referrals, word-of-mouth, and user-generated content for your Shopify store.
Get in touch w/ Alan (Founder/CEO - CrewFire):