Influence marketing is expected to get even bigger than it is right now. According to a report, the industry will grow by $13.8 billion in the next year. Moreover, 80% of the brands state that they dedicated a budget to influence marketing in 2019.
Regardless of whether you’re just starting your influencer marketing campaign or doing it for a while, measuring the ROI is crucial. Here’s how you can go about it.
The first thing to do is to set objectives and goals. If you’re clear on your goals, you’ll determine who to hire, what types of content you want the influencer to promote, and across which platform. Some common goals include increasing brand awareness, expanding consumer base, increasing sales, and managing your brand’s reputation.
Most businesses track influencer activity to see how successful the campaign is. They do this by evaluating how much sales have increased and if more people have registered on the website. Businesses can track sales by offering influencers a unique code or custom URLs that can make tracking easier.
Choose an Influencer Tracking Program
You don’t have to track your campaign manually—you can take help from other platforms. This makes it easier to track your campaign performance and allows you to focus on other tasks. Some platforms like NeeReach allow you to track performance in real-time. You can see engagements, ROI, impressions, and more. Others like Grin have a more comprehensive list. You can keep an eye on your media value, impressions, cost per click, revenue generated, and more.
Check Engagement on Social Media Post
Apart from sales, you can also check how much engagement your post is getting by looking at the number of shares, comments, click-throughs, and likes. Moreover, you can get a social media influencer to report you on the analytics to give you a better idea of how your campaign is performing.
You can then assess the results and filter out all the influencers who aren’t meeting the mark. If you’re looking for social media influencers, we’re here to help you. We’ll help you get top media influencers, online influencers, social media influencers, brand influencers, and more. Contact us for more information.