Influencer marketing has grown massively over the last couple of years, allowing brands to reach new audiences and increase awareness.
Because of this, the cost of influencer marketing has increased dramatically in the past few years. Recent research has found that if a user has three to seven million followers on Instagram they can charge around £50,000 for a single post.
This along with a good strategy means that a more considered approach to measurement is required to really make the most out of influencer marketing. Below are a few of the things to consider when measuring the success of influencer campaigns.
Engagement has been viewed as the number one goal for influencer marketing for some time now, but this metric isn’t as trustworthy as it was once perceived. Technology such as Instapods have been found to be able to fake engagement, making the metric very unreliable.
Along with this, a recent study by Markerly found that the size of an audience does not necessarily correspond to more engagement. In fact, it was found that those with fewer than 1,000 follows had a higher rate of engagement than those with over 1,000 or 10,000.
This means that brands need to be more analytical and considerate when it comes to engagement. Instead of focusing on metrics that would have been used in the past such as clicks or likes, it’s a good idea to take a broader view of the depth of engagement, such as with equity.
A good example of a brand that takes a more meaningful approach to its influencer strategy is Glossier. They chose real-life customers to use as influencers, rather than high-profile personalities. This is a brilliant strategy as it allows people to see that the brand places greater value on things like long-term advocacy rather than short-term engagement.
Goals and KPI’s
It can be easy when looking into influencers to go for the talent with a perceived high profile rather than any other factors, such as authenticity or alignment with values. But this isn’t the right thing to do. Instead, even before liaising with selected influencers, it’s important to outline what the outcome of a future campaign should be.
There is still no current standardised framework in place for measuring ROI within the industry. The focus is now more on brand awareness and loyalty rather than conversions and sales. To combat this, setting out specific KPI’s from the get-go and ensuring that everyone involved has a clear understanding of what they are trying to achieve and why is a good idea.
As influencers are used more, brands are hoping to see an increase in the long-term benefits of their most valued collaborations. Rakuten Marketing found in a recent study that 47% of marketers would pay more for an influencer if they could see the impact they were having across the consumer purchasing journey.
Instagram now allows marketers to do this, offering shoppable posts for businesses where brands can make specific items featured in influencer posts directly available to buy through Shopify. This, in turn, provides marketers with a clearer picture of user behaviour after seeing an influencer post.
With this, sales can be compared on a campaign-by-campaign basis, meaning marketers have a greater insight into how much impact marketers are having on an audience.