Five Meaningful Influencer Marketing Metrics You Haven’t Used Yet
Most marketers will tell you that the biggest challenge they face today is determining campaign return on investment (ROI). You can search to your hearts desire to find the perfect system that works across industries, but there isn’t one. You have to take it upon yourself to fine tune and make necessary changes that can fit your business and industry. To help you get started, here are 5 marketing metrics you might not have used, or even heard of. Take note that some of these metrics might not fit your needs or be beneficial for you depending on what you sell, etc.
Conversion analysis is an analysis of the conversions (purchases, registrations) driven by audiences reached with influencer content from the campaign. This is mainly used for e-commerce brands. Using Facebook’s pixel, brands and/or retailers can track exposure to the content and then see which of the exposed audiences converted – even if they don’t click the link. The major con with this metric is that Facebook will take 100% credit for any sales among exposed audiences. This leads to over reported numbers which may conflict with reported data.
Estimated Ad Recall Rate
Estimated ad recall rate is a metric provided by Facebook and Instagram – used when a company wants to measure brand awareness. It is an estimate based on learning from larger Facebook research efforts. You are able to get a tangible number without spending a lot of money on advertising. You are also able to measure against the ad recall rate of your brand’s social posts to see which are performing better. The con with this is that it isn’t very flexible or customizable. Facebook asks a certain audience a question that you cannot change. You also will only be able to apply this to boosted posts, so you aren’t getting any organic metrics.
Test and Learn Brand Lift Study
This self-service tool that is offered by Facebook, allows brands the ability to survey exposed and unexposed audiences to determine the impact of a given campaign. This is only available to brands that are boosting influencer content on Facebook and/or Instagram because it only measures the paid exposure. Facebook handles all of the methodology of separating the brand’s test and control groups, which occur on the Facebook platform. This allows brands to ask questions regarding whether the audience would recommend the brand to a friend. The con of this particular metric would be the fact that Facebook has a minimum spend requirement per page in order to get a large enough sample size.
Custom Brand Lift Study
Similar to test and learn, there are five questions, but now they can be customized. Using this metric allows brands to customize its questions around ad recall, message retention, and perceptions shift metrics. Meaning, you can ask questions such as “Do you think that [brand] is a good fit for corporate citizens?” Instead of basic questions such as “Would you recommend [brand]?” Being able to narrow down questions will help you pinpoint where you should be focusing your targeting methods. A large con for using this particular metric is that Facebook has an unpublished minimum spend requirement for the company page from which your media content is published, therefore pricing can increase quickly.
Sales Lift Analysis
A correlation analysis run by an analytics team that maps campaign data to sales data to determine whether the campaign impacted sales in the target market. This is usually done using data that the teams already have so there is no incremental cost other than that of the data analyst. With this particular metric, it is difficult to isolate data from consumer buying cycles therefore the sales lift analysis must be handled strategically.
As you can see, measuring influencer marketing isn’t easy, but it is something you can do – even on your own. As you contemplate increasing your marketing budget, be sure to utilize some of the metrics to ensure your influencer game is strong. Make sure your standing out from the crowd by getting a return on investment (ROI) from your marketing campaigns today! Need help, give us a call!