To set clear goals and KPIs for your influencer marketing is necessary for various reasons – especially to be able to measure ROI on your efforts. Here are three key elements to measure the success of influencer marketing and how to see results on your investment – if you do it right from the beginning.
1. Real-time results
Being able to see direct results is one of the biggest benefits when collaborating with influencers. For example, a company with online services or products where the consumer easily can make a purchase, or register online for services, will be able to see conversions in real-time. A study from Forbes shows that influencer marketing also has a positive effect on physical stores – even if it can take up to a few weeks to see the results. If you collaborate with more than one influencer at the same time and have the opportunity to choose, choose to concentrate the campaign posts to the same day. To concentrate the publishing of the campaign will, more likely, lead to a better peak in sales than to spread them out over a few days. Not only is it a clear way to show results on, but it will also help you see the effectiveness of the campaign.
2. Long-term results
Whether you want to increase sales or brand awareness, you need to have a clear goal set before executing the campaign. In the long run, through well-executed influencer marketing, you will be able to increase market shares and brand awareness. To see the ROI in the long term, you can implement surveys with a key focus on brand awareness and analyze how a potential new target audience have responded to your campaign, and how they feel about your brand today. If you are going to establish your brand on a new market or if you are to launch a new product on an existing market, the audience will need to be reminded of the brand several times before your brand will be on top of their mind when purchasing a product in your product category. Therefore, both long-term thinking and continuity are key elements to measure the results of influencer marketing.
3. Better results on other marketing efforts
Influencer marketing has shown great results for other marketing and media channels. For example, due to influencer marketing, the cost often decreases for Google Ads, and several companies set up SEO as the only KPI when they want to determine results from collaborations with influencers, just to boost the impact of their keyword optimization. This is another way to determine ROI on influencer marketing – to get better impact and value of your other marketing efforts.
Curious about how to set up suitable and measurable KPIs for your influencer marketing campaign? Download our guide and find the answers!
Alexander is part of the sales team at Cure and is passionate about doing good business. When not helping clients with influencer marketing-strategies, he’s spending most of his time with family and friends, watching sports or doing sport activities.