Get That ROI From An Influencer
Influencer marketing is the fastest growing marketing channel on digital space. Reports suggests it delivers 11x ROI compared to traditional forms of advertising. An effective influencer marketing is measured by its effectiveness in building brand awareness, improve brand advocacy, manage reputation, increase share of voice, improve sales conversion, or reach new targeted audience. To calculate the returns on your investment you first need to identify cost of investment on your influencer that will be measured after end of your campaign. To start with, you have to choose your influencer wisely. Here are a few tips:
Measure reach of your influencer, is your content covering a substantial number of people from influencer’s platform? In simple terms, are his followers replying or sharing your content? You need to be certain that there are considerable number of followers (who are real) who take action on your content. It is meaningless working with an influencer with a million followers yet receives a tiny ration of Retweets, likes or comments.
Track the number of impressions. This is the number of times your post is visible to audience online. What you have to do is, compare the impressions on posts shared by an influencer to the number of impressions your brand receives on posts you publish through your own social media channels.
Look at the number of engagements (likes, comments, reactions). This helps you find out if audience or potential customers are talking about your service or product and, of coarse, what they are talking about. Another important aspect to take note, is the influencer engaging with the audience or simply just broadcasts your message then steps out of it? Somebody who often engages with their followers will be far more influential to your brand.
Get high quality content out there. Strike your audience by producing eye catching content or get influencers to deliver for you. If you create rich content, you have opportunity for stretching it across different platforms i.e. Facebook, Twitter, LinkedIn, Instagram or YouTube.
How can you track conversions from an influencer or manage to get somebody to respond to a Call to Action?
Take note, the purchasing cycle can be quite long, therefore, exercising patience is important. The fact is, you need to ensure you keep on measuring results after you are done with the influencer.
Here is a simple formula: (Sales price per item x Number of extra items sold)
- Cost of your campaign / Cost of Your Campaign)
So, how do we get to our formula or measure our conversion?
Track correlation of your content published online. For instance, count the number of all subscriptions on your website within a month after a new post your influencer published.
Track your content with links from influencers’ each post. You can easily tell where exactly traffic is originating from. It helps you make informed decisions on your next post or campaign.
Encourage influencers to use a campaign hashtag that is tied to your revenue with their followers. You can count the total number of people using the hashtag during the campaign period.
Give Promo Codes. Yes, offer promo cards with discounts to different influencers to share with his followers. So, every time you make a sale you get to know which influencer did the magic. Providing them a promo code is a enough incentive to motivate them into buying your product/service.
Tracking ROI from influencers can be a bit daunting but always be prepared to set your tactics right and directing your resources to appropriate channels. Keeping up on new developments on social media is essential as it moves very fast as you read the next word, therefore, you wouldn’t want to miss out on its profitable returns.