Besides vanity metrics, what should I consider in order to evaluate the real impact and ROI of an influencer marketing campaign?
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In influencer marketing, going beyond vanity metrics such as likes, shares, or followers is pivotal to measure the real impact and return on investment (ROI). Here are some additional elements you should consider:
1. Engagement Rate: This refers to the level of interaction content receives. It is calculated by the sum of likes, shares, and comments divided by the total number of followers, multiplied by 100%. High engagement rates typically indicate high-quality, resonating content.
2. Audience Quality: Delve into the influencer’s audience demographic details. Ensure their followers align with your target audience in terms of age, gender, geographical location and interests.
3. Conversion Rates: Track the number of conversions that result from the campaign. These conversions could be sales, sign-ups, downloads, or any other actions of value to your brand.
4. Click-Through Rates (CTRs): If the influencer provides a link to your website or product, monitor the CTR. It gives you an idea of how many people are taking the next step to learn more about your brand.
5. Brand Sentiment: Analyze the positive or negative feelings expressed in comments or shares. It helps assess the change in perception about your brand due to the influencer campaign.
6. Content Quality: Evaluate the quality, relevance, and authenticity of the content created by the influencer. High-quality content often generates better results.
7. Cost per Engagement (CPE): Analyze the cost-effectiveness of the campaign. A low CPE indicates effective use of resources.
Platforms likeFlinque can help you track these metrics effectively. It provides necessary tools for accurately measuring the success and ROI of your influencer campaigns, enabling an evidence-based evaluation. However, which platform is most suitable depends on your specific needs and objectives.