How to Track Influencer Marketing Success: 6 Effective Ways
Updated: Jul 20, 2020
Influencer marketing may have quickly become one of the most popular methods of digital marketing. However, it’s far from perfect, and one of the major reasons for that is the fact that marketers still don’t know how to track influencer marketing effectively. In fact, measuring influencer marketing ROI is a major challenge for 52% of marketers.
Why do you need to track influencer marketing?
By tracking influencer marketing success, you’ll be able to figure out what works for you and what doesn’t. This can help you make more informed decisions in the future to boost your influencer marketing campaigns. It’s perhaps due to this reason that nearly 39% of brands in the USA would be more likely to invest in influencer marketing if they could measure its overall impact on business growth.
So, before we get into how to track influencer marketing, let’s take a look at some of the metrics you need to measure to determine the success of your influencer campaigns.
Pro Tip: Decide on the goals of your influencer marketing campaigns and measure your success based on them.
Which Metrics Should You Track for Influencer Marketing Success?
Here are some of the metrics that you should use for influencer tracking:
Input includes the activities that you undertake in the identification phase of your influencer marketing campaigns. These include activities such as:
Social media influencer outreach
Inviting influencers to your events
Sending out invites for your influencer program
Asking employees to become influencers
To get your input metrics right, you need to understand which social channels your target audience is active on. This is essential because it’s on the basis of this that you can find influencers who can reach them.
Partnering with influencers on social platforms other than those where your audience is active, may not be beneficial. This is because you won’t be able to reach your target audience through the influencer campaign.
To find influencers on the social platform of your choice, you can use our influencer marketing platform, Fourstarzz Media. It lets you filter out influencers based on the social channels, reach, engagement rates, and even audience interests. You can also leverage our advanced search features such as hashtag search, influencer mentions, handles, and names.
Output includes the activities that have actually converted into engaged and activated influencers.
Some of the things you need to measure when it comes to your output are:
How many influencers accepted your invitations to the events?
How many influencers turned up for your event?
How many influencers joined your influencer program?
How many influencers engaged with your brand once you messaged them?
How many relationships did you manage to build?
Measuring these things will help you figure out how effective your efforts were during the initial stages of your influencer marketing campaigns.
The outcomes of influencer marketing campaigns deal with the final results of the campaign. These include metrics like engagement, brand awareness, sales, lead generation, etc. Outcomes of your influencer campaign are usually related to the campaign goal. For instance, if your campaign goal is to generate sales, the result of the influencer campaign should be more conversions and sales.
Engagement is one of the most important metrics that you need to measure when you want to find the effectiveness of your influencer marketing campaigns. It’s essentially a measure of how well your target audience has received your influencer’s content.
Some of the engagement key performance indicators (KPIs) that you should track for influencer marketing success are:
Engagement Rate: Engagement rate is one of the most important metrics to track your influencer marketing efforts. It gives you an idea of the percentage of the influencer’s audience who interacted with your sponsored post. You can find the engagement rate by using the following formula: