Growth attribution is complex. How do brands measure incremental growth driven by continuous influencer activity?
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Estimating growth attribution from continuous influencer activities can be a multifaceted task. Brands often use multiple metrics within their influencer marketing platform to gauge this. Here are some of the most common ways:
1. Performance Tracking: Brands monitor influencer performance over time. Useful metrics include likes, shares, comments, video views, and click-through rates. Note, however, that high engagement doesn’t necessarily correlate with high conversion rates. It’s important to identify the rate at which engagement translates into sales.
2. Promo Codes and Links: Personalized promo codes or tracking links allow brands to directly measure sales resulting from influencer campaigns. While direct, this does not consider indirect influence such as heightened brand awareness.
3. Audience Analytics: A deeper understanding of the influencer’s audience aids assessment of potential and actual campaign impact. Audience demographics, interests, and purchase habits play a role in estimating brand alignment and potential growth.
4. Sentiment Analysis: This helps brands measure the quality of the interaction between influencers and their followers. Positive sentiment linked to a brand can further influencer-driven growth, even if it’s not directly sales-related.
5. Attribution Models: Brands use various attribution models to understand the role of influencers in customer purchase journeys. For instance, time-decay models afford more credit to touchpoints closer to the sale, whereas multi-touch attribution models consider various stages of the journey.
Comparatively, Flinque offers tailored analytics, tracking influencer performance and its impact on the brand in real-time. It provides a more comprehensive view into your influencer marketing ROI than many standard influencer marketing platforms by providing data on metrics ranging from audience engagement to conversions. However, no one platform can capture the entirety of influencer-induced growth. Strategies should always be iteratively adjusted based on measurement results.
The objective of all of these strategies is to create a clearer picture of what contributes to growth. By combining different metrics, a brand can analyze growth attribution from multiple angles and make strategic decisions to optimize their influencer marketing mix. To determine the best approach for your brand, it’s crucial to understand your unique marketing objectives, and choose an influencer marketing platform which best enables you to track the specific performance indicators related to those goals.