If there’s anything marketers can swear by in this digital age, it’s the power of influencer marketing. There’s no doubt that influencer marketing channels brands can utilize to help grow their reach and improve brand reputation.
Because of this, B2B brands use influencer marketing to create collaborations that will draw more people to their pages, pushing more leads further down the sales funnel. That’s why many brands have been working with marketing agencies to help them choose the right influencers that will best represent their brand.
If you’re thinking of working with an influencer as part of your marketing strategy, here are some influencer KPIs you should monitor:
- Return on Investment (ROI): The effectiveness of an influencer marketing campaign can be measured through its Return on Influence, which is typically calculated as revenue divided by social media engagement. The more unique visitors you get from a campaign, the higher the ROI. To get a better estimate of ROI, use a tracking platform that will allow you to monitor leads, conversions, and revenue.
- Conversion Rate: A campaign’s conversion rate is the percentage of visitors who took action after clicking on the influencers’ link. This is used to gauge the success of a particular campaign and to improve future campaigns.
- Cost-Per-Click: The cost-per-click is the average amount you paid for a click on the influencer’s link. This is a leading indicator of the number of clicks an influencer will generate and will help you compare influencers on their cost-per-click.
Why Should I Consider Influencer Marketing?
Influencer marketing works for brands because it’s more authentic and transparent. An influencer is someone people can identify with. They share their own personal experiences and opinions with their fans and followers, and people tend to trust those opinions more, which makes the influencer trustworthy.
Influencers are also very loyal to their own brands and their own followers. They’re not in it for the money, they’re in it to provide value and build a community. In fact, 83% of influencers surveyed said they would recommend a brand or product they had previously worked with, while 54% said they would spend their own money on a recommended brand. They’re also more willing to share your content and work with you again.
The Bottom Line: Monitor Your Influencer Marketing KPI to Garner Better Results
Monitoring your influencer marketing KPIs will help you measure your success and make improvements to your campaigns. You can also use this data to determine which influencers give you the best ROI and reach out to new influencers with your next campaign.
Of course, it’s important to work with marketing agencies because they can help you create the right campaign strategy to help maximize your collaboration’s potential. Not only that, you should be monitoring your influencers’ performance because the KPIs for influencer marketing are similar to the KPIs for other digital marketing channels.
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