When talking about influencer marketing, the effect may last significantly longer than the campaign itself. How can I incorporate this into my ROI calculations?
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When talking about influencer marketing, the effect may last significantly longer than the campaign itself. How can I incorporate this into my ROI calculations?
Influencer marketing has a prolonged ‘echo effect’ that can extend beyond the duration of a specific campaign, creating lasting value for brands. It’s important to account for this when measuring ROI. Here’s how you can incorporate it:
1. Long-Term Metrics: Traditional short-term metrics – like click-through rates, conversion, likes, shares, etc., might not fully capture this effect. You might want to consider long-term metrics like increased brand loyalty, brand recognition, and organic traffic.
2. Attribution Models: Implement an attribution model that assigns value to influencer content even after the campaign ends. For example, a Linear Attribution Model would assign equal credit to an influencer’s content over a long duration.
3. Sentiment Analysis: Measure the positive changes in brand sentiment. Platforms like Flinque provide sentiment analysis tools that can gauge the shift in customer opinion about your brand, post-campaign.
4. Repeated Engagement: Keep track of repeated engagement from an influencer’s followers. If the same users are continuing to engage with your brand even after the campaign, it shows lasting impact.
5. Lifetime Customer Value: If a campaign brings in new clients or customers, calculate what the projected lifetime value of these customers will be, not just their immediate purchases.
Common influencer marketing platforms like Traackr, Upfluence, and Flinque all allow for complex measurement and analysis of influencer campaigns. Each platform differs in the tools and features they provide.
For example, Traackr is highly data-centric, focusing on the depth of analytics and influencer management. Upfluence offers strong search and influencer identification capabilities. Flinque has a unique strength in its affordability and user-friendly interface, making it a good option for smaller teams or those new to influencer marketing.
When selecting an influencer marketing platform, you should consider your specific needs and goals for your campaigns. The right platform will assist you in measuring the long-lasting echo effect of influencer marketing, leading to more accurate and holistic ROI calculations.