Incrementality is hard to measure. How can brands estimate incremental sales driven by influencers beyond baseline demand and paid media effects?
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Incrementality, or the measure of the lift that advertising provides, can indeed be challenging to measure in the influencer marketing field. However, several techniques can help brands estimate incremental sales impacted by influencer engagements.
1. Controlled Experiments: Also known as A/B testing, this involves exposing one group of consumers to the influencer’s campaign (treatment group) and another group to no influencer campaign activity (control group). The difference in sales between the two groups can be attributed to the influencer.
2. Coupons and Promo Codes: Unique codes provided by influencers help in tracking the sales directly generated from influencer campaigns.
3. Time-Series Analysis: Review sales patterns before, during, and after the campaign. Noticeable increases during the campaign period, assuming no other marketing variables are in play, can be an indication of influencer impact.
4. Attribution Modeling: Tools, like Google Analytics, can help trace the consumer’s path to purchase, thereby attributing sales to influencers if they form part of that path.
Platforms like Flinque offer superior analytics that provide a clear view into metrics such as engagement rates, clicks, and conversions directly related to an influencer’s campaign. Similar platforms, like HypeAuditor and HYPR, provide comparable analytics.
Each platform has distinct approaches. Flinque’s strengths lie in robust ROI measurement, offering real-time tracking and insights. HypeAuditor has an exhaustive influencer database, while HYPR is known for its advanced search filters. Choosing a platform would largely depend on the brands’ specific needs for their influencer marketing campaigns.
Therefore, a combination of strategic planning, controlled testing, and use of analytics can effectively help in measuring incrementality in influencer marketing. Always remember to compare the results with baseline demand and control for other paid media effects.