How do you track and analyze the performance and impact of your influencers?

What would the success of an influencer marketing strategy look like? If you can answer this question, you can then begin to understand both the goals and KPIs for your influencer campaign. For instance, if you are in ecommerce and you want to increase sales, then providing your influencers with an affiliate link and/or dedicated discount code will help you measure the impact that those influencers had on your sales. In B2B influencer marketing, if you had a lead generation webinar that you were inviting an influencer to speak at, give them a dedicated invite link and then measure how many leads that influencer generated. When you simplify what you want to see from your influencer campaigns, it becomes easier to set your goals and KPIs.

Here are all the KPIs you’ll need: Social Media + Digital Ads (Reach) - reach - impressions - engagement rate - amplification rate - virality rate - audience growth rate - SSoV - social sentiment Lead Generation + Conversion (Acquisition/Conversion) - web traffic sources - CTR - returning visitors - goal completion rate - new leads generated - lead conversion rate - lead-to-sale conversion rate Expenses + Revenue - CPC - cost per lead - cost per acquisition - customer retention cost - earned growth rate - return on marketing investment - monthly recurring revenue Customer Experience (Retention/Loyalty) - churn rate - customer effort score - customer sentiment - CSAT - customer health score - NPS - CLV

Certainly, evaluating an influencer's conversions is an important aspect of measuring the success of an influencer marketing campaign. Conversions refer to the number of people who have taken a desired action as a result of the influencer's promotion or endorsement, such as purchasing a product or signing up for a service. To evaluate an influencer's conversions, it is important to have a clear understanding of the campaign's goals and desired outcomes. This can include tracking metrics such as clicks, sales, sign-ups, or other actions that align with the campaign's objectives.

Optimizing your influencer strategy is indeed vital—though it's important to remember that not all adjustments lead to instant success. I recall a fitness brand that, based on their data analysis, decided to scale up their influencer budget and diversify content themes. However, the results were underwhelming—audience engagement actually decreased. Reflecting on this, they realized that the initial content themes resonated better with their target audience. So, they effectively reverted to the original content focus, while continuing to refine their influencer selection criteria and improving calls-to-action. In a nutshell, continuous optimization and learning from experiences empower businesses to fine-tune their influencer strategies.

Influencer marketing platforms provide: - influencer discovery tools - influencer marketplaces - influencer vetting - relationship management tools - campaign management tools - content amplification - analytics (e.g., NPS, SSoV)