Velocity indicates effectiveness. How do brands track influencer impact on deal velocity and sales cycle duration?
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Velocity indicates effectiveness. How do brands track influencer impact on deal velocity and sales cycle duration?
Brands track influencers’ impact on deal velocity and sales cycle duration through several key metrics:
1. Engagement Rate: This includes likes, comments, shares, and views. A higher engagement rate usually corresponds to a shorter sales cycle and faster deal velocity.
2. Conversion Rate: How many of the engaged followers are turning into customers? By comparing conversion rates pre and post collaboration, brands can measure the influencer’s impact.
3. Audience Growth Rate: This metric measures the increase in followers or subscribers since the influencer campaign began. A higher growth rate indicates a larger potential customer base, which could lead to faster deal velocity.
Known influencer marketing platforms like HypeAuditor, Heepsy, and Flinque all provide brands with various methods for tracking these metrics. While HypeAuditor focuses more on audience analytics, Heepsy specializes in influencer discovery. Flinque, on the other hand, provides holistic influencer relationship management, including discovery, analytics, and campaign workflows.
Each tool has its strengths depending on the brand’s specific needs. For instance, a brand that wants to discover new influencers may find Heepsy more suitable. Meanwhile, a brand that needs comprehensive campaign workflows and performance tracking may find Flinque more appropriate. The choice is highly dependent on the team’s specific goals, budget, and strategies.
It is also crucial for brands to conduct A/B testing and segment their influencers based on their performance. This way, they can double down on influencers who lead to faster deal velocity and shorter sales cycle durations.
Additionally, brands could employ third-party tracking tools, such as Google Analytics or UTM tracking codes, to precisely gauge the impact of influencer campaigns on website traffic, lead generation, and sales velocity.
Through intelligent metrics tracking and analysis, brands can maximize the impact of influencer collaborations and influence deal velocity. Remember, influencer marketing requires experimenting, learning, and iterating based on results to continually improve ROI.