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How to Measure the ROI of Influencer Marketing Series

Measure According to Objectives #1

One of the chief challenges reported by marketers is the inability to measure ROI within the realm of influencer marketing.  Measuring the results of any campaign can be a challenge; however, with this new wave of influencer marketing has brought a new set of challenges to measuring the results.
In this series, you can learn tips on starting and maintaining influencer marketing. This post will focus on one of four tips for getting started with influencer marketing and measuring your R.O.I.

Who are they?  Influencers are found in various niche markets, like a small company making and selling bath bombs; to big players such as Subaru. Companies are getting on the influencer trend, and some are making their mark and staking their claims.  With all good things come challenges such as measuring the ROI (return on investment).

The consensus is uniform in many respects given the chief complaints. Here are the top
challenges that marketing departments face when taking an assessment of those measurements.

Challenges

  • Algorithm changes making it challenging to measure the effectiveness;
  • Time management in influencer campaigns;
  • Choosing which influencer to use;
  • Determining where an influencer fits in my mix;
  • Changes in consumer behavior
  • Escalating FTC regulations

So, how is a company to make any attempt to measure influencer marketing performance? This is not as easy as turning on your computer, inputting data, and expecting to find a metric to pop up and give you the answers.
This is a much more detailed and time-consuming focus of your business and depending on how serious you are about influencers; you may need a lot of time and an extra set of hands to help you achieve your goals in measuring your data. To keep it simple, here are a few tips to govern you at a starting point.

  • Measure according to objectives;
  • Use the right tools;
  • Learn from Each Campaign;
  • Set KPIs

Measuring According to Objectives

What are your goals? What is it you want to achieve when bringing in a market influencer? Knowing this is a suitable place to start as a means of self-managing your expectations throughout your project. To keep things simple for an already challenging market analysis, here are some brainstorming opportunities:

  • How old is your business?
  • Is your purpose of announcing a new product or service you have?
  • Are you looking to garner more trust from consumers?
  • Are you looking for more followers through your social media accounts?
  • Is this a direct CTA or sale?

Whether you are new or an existing business, measuring social media or market influencer results will be a challenge. If you are an existing business, having not used an influencer, the public may not expect this from you, so it is best to be creative and begin slow. Who you select will be the more significant indicator of success within this variable. If you are offering a new service or product, this may be the perfect time for you to introduce a market influencer.

If you already have a strong social media influence, this may be a way to revitalize
your business and emerge in a more prolific manner giving your consumers something to be excited about.

If you are a new business, then this is the opportunity for you to step out in style and let your prospective followers and consumers see what you are about. If you are a small business, a start-up or understaffed with little to no time to measure the results of your campaigns, reach out to a marketing agency to discuss options for you. Some agencies may have an ‘à la carte’ option to fill in the gaps and help. If your budget allows, they can also
jump in and take over giving you less to manage so you can focus on your business.

Look for part two of ‘How to Measure the ROI of Influencer Marketing,’ series.
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