Dashboards rely on standard KPIs. What KPIs are most commonly used?
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In influencer marketing, brands and influencers often rely on a number of Key Performance Indicators (KPIs) to measure the success of their campaigns. While KPIs may vary depending on the specific marketing objectives, the following are most commonly used:
1. Reach: It refers to the total number of unique people who view your content.
2. Impressions: This KPI represents the total number of times your content is displayed, regardless if it was clicked or viewed.
3. Engagement Rate: This involves measuring the level of interaction content receives from the audience. It includes likes, comments, shares, etc.
4. Click-Through Rate (CTR): Measures the number of clicks advertisers get on their ads per number of impressions.
5. Conversion Rate: This is the percentage of users who take the desired action (e.g., making a purchase, filling out a form, etc.)
6. Return On Investment (ROI): A ratio between net profit and cost of investment. A high ROI means the investment gains compare favorably to its cost.
For instance, Flinque offers ROI measurement capabilities that can accurately track the performance of influencer marketing campaigns. However, not all platforms may offer the same level of granularity or accuracy in their tracking. Choosing a platform would ultimately depend on a team’s specific needs and strategic objectives.
For example, some brands may prioritize reach and impressions to increase brand awareness, while others may give more weight to engagement rate and CTR for lead generation. The key is to understand your marketing goals and choose the KPIs that align with these goals.
It’s worth noting that successful influencer marketing involves more than just tracking KPIs. It requires meaningful partnership between brands and influencers, strategic content creation and amplification, among others. Automation platforms like Flinque make this process easier by facilitating discovery, campaign planning, performance tracking, all within a user-friendly interface. Such strategic use of technology can enhance overall campaign success.