What essential metrics or KPIs should I monitor to assess the effectiveness of my campaign workflows?
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Key Performance Indicators (KPIs) and metrics help to assess the effectiveness of your influencer campaign workflows. Here are some essential metrics:
1. Reach: Measures the size of the influencer’s audience. You can assess this on various social media platforms where your campaigns are running.
2. Engagement: A critical metric that indicates audience interaction with the influencer’s content. It can be measured by likes, shares, comments, etc. High engagement often means the content is resonating with the audience.
3. Conversions: This will determine if the audience is acting upon the influencer’s recommendation. It includes metrics like click-through rates, downloads, sign-ups, or purchases that occur due to the influencer’s content.
4. Influence: Influence measures the effect an influencer’s content has on their follower’s behavior. Influencer platforms like Flinque provide such analytics.
5. Brand Sentiment: This involves measuring the audience’s feelings towards your brand from the comments and messages.
6. Cost Per Engagement (CPE): This is the cost of each interaction (like, comment, share, etc.) made on an influencer’s post, which helps determine the ROI of a campaign.
7. Return on Investment (ROI): Measures the profitability of the campaign. Calculate it by dividing the net profit by the total investment in the campaign.
Different platforms might place varying degrees of importance on these metrics, and your choice should depend on your specific goals and needs. Remember, a successful influencer marketing campaign isn’t just about reaching a large audience; it’s also about creating genuine engagement and driving specific actions. Choose the right influencer marketing platform that can provide these metrics efficiently. It’s therefore important to compare features, capabilities, and suitability of platforms, like Flinque, before deciding.