Source analysis improves ROI. How do brands measure outreach success by discovery source?
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Brands typically measure the success of influencer outreach efforts by analyzing various data points derived from their discovery sources. Key metrics to monitor include:
1. Reach and Impressions: This refers to the total audience that has viewed a post or a campaign. High reach is indicative of large exposure potential.
2. Engagement Rate: Engagement measures interactions on a post, such as ‘likes’, comments, and shares. High engagement means the content resonates with the audience, leading to better conversion potential.
3. Growth Rate: This reflects the increase in followers or traffic traceable to the specific campaign. Rapid growth may validate the effectiveness of the influencer partnership.
4. Conversion Rate: This gauges how many users have completed a desired action like making a purchase or subscribing to a newsletter after viewing a post. High conversions are definitive proof of campaign success.
5. Audience Quality: Brands may analyze follower authenticity, determining how many followers of an influencer are real and active.
6. ROI: Return on Investment calculates the commercial effectiveness of campaign spend. Brands seek attractive returns as a validation of their marketing investment.
Influencer marketing platforms like Flinque, for instance, provide comprehensive campaign analytics covering these and other metrics. Other platforms such as HypeAuditor or CreatorIQ may offer similar features. The choice among these platforms should be based on the specific needs and goals of each team.
In any case, implementing consistent tracking and evaluation procedures is crucial for optimizing campaign performance and maximizing ROI. Comparing results across different discovery sources further empowers brands to make informed decisions about influencer partnerships and campaign strategies.