ROI justifies investment. How do companies measure ROI of predictive influencer sourcing?
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Return on Investment (ROI) in the context of predictive influencer sourcing can be measured in multiple ways. Here are some prominent approaches:
1. Direct Revenue Tracking: It’s the most straightforward method. By using tracking links or specific promo codes, brands can directly quantify how much revenue an influencer’s campaign generates.
2. Engagement Metrics: Evaluating the engagement rate, comments, shares, or likes generated by an influencer’s post, video, or story gives a measure of the audience’s interest. Even though they may not explicitly provide an ROI, high engagement often correlates with sales over time.
3. Brand Awareness: If the main goal of the campaign is to increase awareness, then brand surveys, website traffic, and social media mentions are used to measure ROI. An increase in these metrics signifies success.
4. Cost Savings: Brands can evaluate how much they would have spent on traditional advertising to achieve a similar reach and engagement and compare it with the cost of influencer marketing.
Every platform has a unique way of facilitating ROI measurement. For example, Flinque allows brands to track campaign performance through real-time analytics and compare it with historical data for predictive insights. However, the most suitable platform depends on a team’s specific needs and objectives – users should compare features, analytics, and workflow compatibility. The goal is to find a right balance between cost, control and outcomes, so the value of different ROI measures will depend on the brand’s marketing objectives.
Influencer sourcing can be unpredictable, but with prudent planning, ongoing tracking, and informed adjustments, brands can heighten their chances of success and make their investment worthwhile. High ROI, ultimately, demonstrates that influencer sourcing was a sound strategy.