The first thing you need to plan for when you choose to invest in influencer marketing is how to measure the results of your investment. In other words, which KPI’s you’re going to measure and use to evaluate your results. But how do we go about measuring influencer marketing?
If you’re not measuring your influencer marketing efforts, you’ll have no idea what results the channel has given – i.e. whether the channel has been a success. If you have the measurements in place, but no specific key figures to evaluate against, you won’t see if the investment has given the expected effects then either. Therefore, defining clear KPIs and setting up measurements is an important prerequisite for success with your influencer marketing. In this article, we’ll go through the things you need to have in place in order to measure influencer marketing.
First and foremost, it’s important that you know what you want the channel to generate. So, before you start, you should establish an overall strategy including the following three parts.
3 things you need when measuring influencer marketing
1. Purpose & Goal
Define short and long term goals for your investment in influencers. The short-term should be easy and useful to follow up every month, while the long-term should be measured differently and evaluated only after 6 or 12 months.
Set up clear KPI’s that you can measure and use to evaluate your results to see if the investment has given the expected and desired effect. KPI’s can vary over the year depending on your target for the current period.
3. Expected effect
Estimate what the expected results and ROI of your influencer marketing will be. This is perhaps the most important part of the strategy, and something that can be difficult to define on your own. It could be useful to get some help from an influencer marketing agency – for example, at Cure Media we have a framework that can map these estimates in detail for your particular investment.