Most brands build an influencer marketing plan with the goal of increasing brand awareness. Influencer marketing, unlike many other, more advanced types of digital marketing, has solely relied on a reach-based approach in which marketers seek out individuals with huge online audiences to talk about them in the hopes that their content will impact the people who follow them.
This technique to influencer marketing hasn't changed in more than ten years, despite its widespread use.
This is seen in this Wall Street Journal story, which was written when the guide was being developed. The article goes on to explain that many businesses continue to invest in influencer marketing strategies that they are unable to link to sales due to the manner they are implemented.
However, thanks to the power of digital technologies, we can now develop influencer programs that engage audiences at all points of the marketing funnel, ensuring that you can not only measure, but also drive attributable sales (both direct and indirect; online and off). Indeed, with the correct strategy in place, flights can build on one another, taking customers from brand awareness to purchase over the period of days, weeks, or months.
Throughout this piece, we'll identify and describe several performance measures, value indicators, optimization metrics, and more, as well as provide professional advice on which metrics you should employ based on your primary goal. Finally, we'll go over the various stages of a campaign and how to tailor each piece to fit where your influencer aim fits in the marketing funnel.
CARUSELE'S GUIDE TO INFLUENCER MARKETING STRATEGY DEVELOPMENT
Indicators of Key Performance
The KPIs and measurement plan are usually listed at the end of most marketing programs. Why aren't we beginning with it?
Influencer marketing initiatives, by their very nature, run on a variety of digital platforms, using technology and data that we don't own and don't necessarily have access to. As a result, if you actually want to know if your campaign had the desired impact, you must organize it from the ground up to guarantee that you're driving and monitoring your success KPIs.
When it comes to developing an influencer marketing strategy, we recommend starting with Forrester's POST methodology. Before moving on to creating your strategy and tactics, design your approach around the individuals you want to reach and the goals you want to achieve.
Once in place, deciding which metrics to use to gauge success and which to use to inform campaign optimizations is a component of the strategy process. The two are highly different, and you'll want to use various metrics for your campaign based on whether you're optimizing for upper, medium, or bottom funnel goals.
The following is a list of 20 distinct metrics you can use and how they fit into the marketing funnel. Yes, you read that correctly… There are 20 measures in all. So bid farewell to feeling trapped by impressions and engagements and hello to the next level of influencer marketing success.
SUCCESS IN IMPRESSIONS AND ENGAGEMENTS
Let's clarify the air on impressions and engagements, and why neither should be utilized as the key metric of success for your influencer marketing strategy.
IMPRESSIONS: Currently, impressions are calculated in three distinct ways throughout the industry, making it difficult to compare campaign results apples-to-apples.
Super Fake = Maximum Potential
I have 30,000 total followers because I have 10,000 Instagram followers and 20,000 Twitter followers. If I post something on those two channels, it will be seen by 30,000 people. This is obviously not the case.
Viral + Max Potential = Super Duper Fake
I have a one-million-subscriber magazine, and according to studies, the typical subscriber shares the magazine to two other people, therefore your ad will reach three million people. Again, this is not the case.
True Views Only = Accurate Scale Measurement
On the next page, we'll go through True Views in further detail, but in general, this is the most conservative way to quantify impressions. However, depending on how you go about doing this, you may wind up undercounting everything. To determine the true percentage of individuals that watched an influencer's content, you can use a firm like Moat, Facebook's own certification, or other platforms.
"Industry research has consistently proven that engagement rates do not correlate with the outcomes ultimately utilized to measure the success of marketing activities," according to current Facebook sales sheets. Engagement data is likewise "irrelevant," according to Facebook's head of marketing.
METRICS OF PERFORMANCE
TRUE POINTS OF VIEW
Best for: Awareness Programs, Upper Funnel
What It Is: A mix of sponsored (viewable) media impressions, organic reach impressions as reported by social networks, and an educated guess of organic reach impressions based on network-specific standards when organic reach isn't available.
Why It Matters: Unlike the traditional industry standard of reporting maximum potential impressions (calculated by multiplying the number of posts by the number of followers at the time of posting), a.k.a. "earned media impressions," "viral impressions," or "fiction," True Views provide a number that corresponds to I.A.B. viewable digital impression standards.