Influencer marketing is a powerful strategy. Considering that 93% of marketing professionals regard influencer engagement as an effective way to build brand awareness, it’s easy to see why this marketing strategy has received global acclaim. But, there’s more to influencer marketing than just throwing content at influencers and hoping for more sales. Back your campaigns with solid data and measured results and you will be able to scale your efforts, laser focus on ROI, and measure what is and isn’t working. Understanding this data and tracking your influencer performance is crucial to success.
Here are a few strategies to track and measure the success of your influencer marketing campaigns:
Use Google Analytics to review referral traffic and track lead and sales conversions. Your referral traffic stats will provide valuable insight into which influencer content is driving the most traffic to your website.
Pay close attention to the “referral visitors” section of referral traffic in Google Analytics, as this metric tracks the people coming to your website from other websites. Google will show you the exact URL the visitors visited before they clicked to go to your website. Use this data to review which influencer is referring the most visitors.
Create Tracking Links
To dig deeper and create links with specific tags for your promotions and also monitor conversions, create tracking links with Google UTM parameters. These parameters are especially beneficial if you are running a specific promotional campaign and you want to track its success.
UTM parameters are custom tags you add to the end of the URLs you give to influencers to promote. When people click the link containing the tags, the information is sent back to Google Analytics where you can review it. Create your parameters and build your Google tracking URLs here.
There are three parameters you may want to use for your influencer marketing campaigns:
Campaign source: This tag denotes the referrer of the link
Campaign medium: This tag identifies how you are marketing
Campaign name: This tag is for the name of the campaign.
There are also two other tags, campaign content and campaign term, you can use if you are running ads. With these parameters, assign paid keywords and differentiate ads.
Here is an example of how you could use Google UTM parameters:
Let’s say you are running an influencer promotional campaign on Instagram for your new vegan restaurant. You have two influencers promoting your opening, Influencer A and B, and you are running two different campaigns — one to drive traffic to your homepage and one to drive traffic to a special promotion page where newcomers to the restaurant can get one free drink by providing their email address.
Set up the campaign tags like this:
Campaign source: Influencer A or B
Campaign medium: Instagram
Campaign name: Homepage or Free drink page
If both Influencer A and B are promoting both the homepage and free drink page, create two links for each Influencer (one for homepage and one for free drinks page). So, you would end up with 4 tracking URLs in total.
If the links are too long, use a link shortener such as bit.ly along with the Google UTM parameters for more concise tracking.
To track specific actions taken by your website visitors, set up goals in Google Analytics so you can monitor conversions from each link.
Give your influencer a custom coupon code that their followers can use on your website. Create custom codes that include the influencer’s name for greater chance of engagement.
If it works for your brand, promote only one product via influencer marketing. This will allow you to connect your brand’s success to a specific campaign without too much effort. Note that this is not an ideal strategy as it doesn’t allow you to identify where your results are coming from 100% due to uncontrollable factors, but use it as a quick way to understand your customers’ buying behaviors while you are setting up more complex analytics.
Cost Per Engagement (CPE)
One of the most powerful ways to track influencer marketing campaign success is to measure the cost per engagement. Engagement is a “slippery” metric because brands have not been able to attribute dollar amounts to engagement actions since no money is being exchanged. Here at TapInfluence, we have changed that by introducing the CPE metric into our software. The CPE metric gives an accurate picture of how many dollars you spend per like, comment, re-pin, click to comment, retweet, click to brand URL, and more, removing the complexity and allowing you to track your ROI effectively.
With the TapInfluence data-driven platform, using the CPE metric gives you complete control over your marketing budget and simplifies your efforts. We built this metric into our software to allow you to not only track the performance of your campaigns easily, but also to choose the influencers who will impact your bottom line the most. This way you have tighter control of your marketing spend from day one and you will be able to communicate real-time data to the C-suite in order to substantiate marketing costs.
Let us show you how powerfully the CPE metric can simplify and streamline your influencer search and campaign performance. Request a demo so we can reveal how our software can help your brand simplify, measure and improve the performance of your influencer marketing campaigns.