Measurement. It’s the holy grail we call upon to justify our spend and unlock budget.
However, it’s also the elephant in the room for marketeers wanting to increase their spend. The sheer number of marketing channels we utilise today is overwhelming and return on investment (ROI) becomes the key to winning the battle for budget.
Influencer marketing serves as a platform to create long-term relationships between brand and consumer, in a truly authentic way. In 2020, influencer marketing will be an integral part of media strategies. However, measuring ROI for influencer marketing is often misunderstood and deemed complex. Over and over we hear the same question, “can you even measure ROI for influencer marketing effectively?”.
The good news is yes, you can.
Don’t get us wrong, typical above the line is hard to measure. Social, OOH and TV are measured using various independent metrics, third parties are involved and some elements, like OOH are largely immeasurable. Fortunately however, influencer marketing has some clear success indicators.
1. Sentiment - consumers feedback and reactions, in real time. 2. Reach - true reach, unique audience reach and total views. 3. Engagement - did the audience interact with the post? 4. ROI - custom measures such as swipe up links, trackable sales, short term payout, lead generation and sales.
Measuring the ROI of your influencer marketing campaigns is a must.
Influencer marketing has more quantifiable measures than any other above the line channels. However, many brands don’t know the importance to place on these different metrics, nor how to measure their ROI. It is becoming easier and easier with the right tools and data. Data from influencer campaigns is provided directly from source and we have the ability to filter out bots and minimise waste.
The question is no longer “can you measure influencer marketing?”, it is “what should you be measuring?”.