Without tracking your efforts, no marketing plan is successful. When putting your hard-earned money into Influencer Marketing, checking the ROI is essential to check whether you have earned more than what you invested.
Few newbie marketers know the Influencer marketing ROI and what it includes. This article will introduce you to the common ROI used to track the outcome of influencer marketing.
What is Influencer Marketing ROI?
ROI, aka Return on Investment, is the calculation of how much you received in return when compared to your total investment.
Every business use ROI to check their investment and profit. Regular tracking of ROI is a good practice to ensure you are putting your hard-earned money in the right place. Moreover, it helps you acknowledge the marketing team’s efforts towards your budget and business growth.
Below are summon ROI pointers that every business must consider:
Impression & Reach: Impressions are the number of times your content is displayed, whether clicked or not. Reach is the total number of people who see your content. The tracking of impression and reach is essential to track when it comes to evaluating the efforts of your influencer marketing. It is the basic metric you need to measure your marketing outcome. Knowing that only ADMIN can see the impression and reach via page insights is crucial.
Post Engagement: Another crucial parameter to check is the post engagement. Post Engagement is the number of likes, comets, or shares, of any post on the social platform. It’s crucial to note that the engagement rate is calculated with total engagement and total followers. Hence, the engagement rate varies every day; as the engagement rate increase with the passing day.
The engagement rate on any post gives insight into the number of actions the followers take. You should ensure a high engagement rate as it will ensure most of the followers are finding your content engaging & action-driven.
Conversions: Conversion tracking is used when influencer marketing is executed for sales motives. Conversions can be either in the form of downloads, purchases, or even form submissions. In either case, tracking every conversion will help you get the exact result from your influencer marketing efforts is crucial. Click here to know more about Digital Marketing for Lifestyle Blogs.
The use of UTM is essential if you are tracking clicks and conversions via Google Analytics. E.g. for Facebook, total leads collected by the Lead Ad will be considered a goal, whereas checkout at Instagram post may be termed as conversion. You should check what’s your conversion and how much you have earned.
Sales Count: If you run influencer marketing for high sales, using coupon codes plays a significant role in tracking the sales count. Undoubtedly, influencers help the viewers in decision-making. Yet, tracking exact sales count is always a good practice.
These prime KPIs are crucial to knowing how your influencer marketing campaign worked and how much you can expect in future campaigns. Regardless of your influencer marketing motive, you should always focus on working with the right influencer to ensure a result-driven strategy with a fruitful outcome.