As social media influencers expanding, solid trust has been built between consumers and influencers like YouTubers and Instagrammers. E-commerce and social media influencers find their way to collaborate. Their convergence has given birth to influencer marketing.
However, running a successful influencer marketing campaign entails marketers meticulously plotting a marketing plan with clear goals to reach. In this article, NoxInfluencer is going to tell you how to set up essential goals which must be reached in all influencer marketing campaigns, and how to design corresponding KPIs to accurately measure the performance of our campaigns.
Influencer marketing, an emergent digital marketing approach over the past ten years, has been a rocketing industry, even against economic downturns in the pandemic in 2020. Based on MediaKix’s data, influencer marketing is on track to be worth up to $ 15 million by 2022, nearly double that in 2019’s $ 8 billion.
Whoever you are, a professional marketer working in marketing or a consumer, influencer marketing must have ever had a place in your social media news feed. As social media becomes more entrenched in people’s lives, it takes on more functional uses beyond communication, like shopping. As long as you visit YouTube or TikTok on your phone, you will see influencers, regardless of macro ones or nano ones, create content for brand promotion. Proliferating influencers on social media are growing as more vital intermediaries between brands and consumers.
As influencer marketing platforms become more plentiful and proven, brand dollars have flooded into the field and numerous marketers or brands have resorted to influencer marketing tools to launch YouTube marketing campaigns, Instagram marketing campaigns, and other similar social media marketing partnerships. Influencer marketing platforms don’t just serve as an intermediary between influencers like YouTubers, Instagrammers, they can also be used as a marketing analytic tool, which is necessary both before and after influencer marketing activities.
While we have an established influencer marketing market, sophisticated marketing platforms, or tools to enhance our marketing performance through YouTubers or Instagrammers, there are not enough reasons for marketers to recklessly rush to influencer marketing without much thought. Blind influencer marketing without clear direction is only burning the budget and bringing no return. That is to say, do you really know what you are doing with influencer marketing? What are you looking for in partnerships with YouTubers and Instagrammers?
Thus, the first step to complete a successful influencer marketing campaign is to set up our goals and establish corresponding KPIs to measure our goals. Different influencer marketing campaigns have different objectives. It depends on what we want to achieve from our partnerships with YouTubers. Think of our goal might be increasing branding reach, impressing more consumers with our products, or generating certain purchasing conversions. And we need different KPIs to measure these different goals. And not just ourselves, but influencers must be informed of our goals so we will be on the same page. NoxInfluencer is to list several common goals and their KPI next:
Many start-up brands focus on lifting overall brand awareness, not aiming to achieve massive purchasing orders or app downloads. To these brands, amplifying their voice and visibility to target customers through influencer marketing is their main task. In this case, the criteria for success of an influencer marketing campaign is brand awareness increasing, not conversion rate or tracked download time.
So, we can use views or impressions of promotion content as KPI to measure the awareness goal. Other measurements like clicks on backlinks planted in content(ads, YouTube videos, blogs, Instagram posts, landing pages, etc.), search volume of your brand keywords, website traffic change can also serve as KPI for awareness goals.
Except for awareness, engagement is also a necessary objective we have to reach in influencer marketing. An influencer marketing campaign without engagement from the audience is nothing. Brand awareness doesn’t promise engagement afterward. For instance, a 2-million-view YouTube video with less than 10 comments is a failed YouTube promotion campaign. It would reach awareness goal but not engagement goal. Marketers shouldn’t stop there. After making audience aware of our brand, we need to attract them to engage with us, such as posting a comment, inquiring about our service, clicking on links pointing to our site, giving our product a try.
To measure engagement goals, the KPIs we apply vary with the platforms on which we carry out influencer marketing campaigns. When we partner with a YouTuber to create a promotion video for us, we can see video plays, subscriber increases, comments as the KPI. When an Instagrammer posts photos or short videos to promote for us, clicks, likes, and shares can be used as an engagement assessment. In addition, the CTR (Click-through-rate) is a key indicator of engagement. CTR tells us how many viewers of influencers’ promotion posts have clicked on a link that led back to our own brand’s website. To deeply track engagement, we can use analytic tools embedded in influencer marketing platforms, such as shortened UTM link generator of NoxInfluencer. Deep linked referrals bring users from influencers’ content to our site. We can exactly attribute the traffic credit to our partnered influencers.
To some brands with mature products, monetization (sales) or app installs is their ultimate goal. Let’s say we set X% sales increase or Y thousand app download as our conversion objective. The same, through UTM tracking and other analytic tools embedded in influencer marketing platforms, we can track every conversion from a certain influencer.
To automatically attribute credit to influencers, we have to measure the conversion performance. Links with UTM parameters allow us to easily track sales or app installs that occur from the unique link we gave to influencers to share.
In our next article, NoxInfluencer will go further into the power of UTM parameters to help us measure marketing performance.
All key tips above are here for all marketers to formulate a well-prepared influencer marketing campaign. Clearly outlined goals and right measurements can help you better understand the results of your influencer marketing campaigns and track each dollar. Follow NoxInfluencer guide and keep optimizing your influencer marketing efforts.
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Thanks for reading. Until next time.