If you’re wondering about important KPI goals for influencer marketing campaigns, then you must read this post as it covers everything you need to know.
Individuals who want to increase their sales, reach a new audience, or get people who talk about your brand with the help of an influencer campaign always need to have a clear goal in mind. Yes, it is true! Because there can be fake followers or like-for-like initiatives, that can be disturbing while measuring and tracking your true campaign results.
So, it becomes more important to have goal-oriented influencer marketing key performance indicators (KPIs) before selecting influencers, approving creatives, and launching content.
The right KPI will help you understand what is working for you and what is not. Without wasting precious time, let’s delve into this article to understand KPI goals for influencer marketing campaigns!
What does Influencer Marketing KPI mean?
An influencer marketing KPI (key performance indicator) is a particular and measurable parameter that shows how successfully an influencer marketing campaign works.
Whether you want to increase brand awareness or drive sales, tracking and evaluating KPIs helps you understand what works and what doesn’t, allowing you to make informed decisions, optimize your efforts, and ensure a high ROI (return on investment).
The Role of Setting KPI Goals for Influencer Marketing Campaigns
Influencers are more careful about the kinds of collaborations they take since consumers are looking for authenticity. To determine which partnerships are successful or not, companies and agencies must simultaneously monitor each partnership’s outcomes. Here are some more reasons why setting KPIs goals for influencer marketing campaigns are important:
- Define campaign success
- Measuring performance
- Optimizing rate of investment (ROI)
- Creating a successful marketing strategy
- Reporting and analysis
- Facilitating data-driven decisions
7 Important KPI Goals for Influencer Marketing Campaigns
Here we are mentioning important KPI goals to be considered for the influencer marketing campaign:
1. Website Traffic
Businesses with a website that shows their products must ensure that their influencer marketing initiatives attract traffic to the site. With tools like Google Analytics, you can now track which campaigns and sponsored posts from which influencers are delivering the most views to your website.
While page views are important for website traffic, it is recommended that you evaluate the number of unique users who visit your site as a result of an influencer’s post to better understand the scope of your campaign’s reach. To evaluate the impact of future initiatives, you can compare your website’s traffic and users before and after working with the influencer.
You may also use referral traffic to your website from an influencer’s campaign to assess your marketing success. To encourage ongoing referral traffic, ask the influencer to share a URL with followers via their blog, website, or social media channels such as Instagram stories or LinkedIn. When one of their followers clicks on the link to your site’s pages, Google Analytics can track it as a referral visit. This may be analyzed, allowing you to see the impact.
2. Brand Awareness
Brand awareness is yet another important KPI goal to consider for influencer marketing campaigns.You know that influencers have a brand reputation, and those who share your brand’s basic principles will most likely have a large following who are interested in your items. Not to add, great creators have an ever-growing audience, which means that every day, you may engage new prospects who may have never heard of your business before and easily create trust among them by capitalizing on their favorable feelings about their favorite influencer.
Here are some important metrics you must consider under brand awareness:
Reach: Reach is considered the percentage of your target market that has seen the influencer’s content at least once. So, if you want to encourage influencers to promote your brand, you might provide them with a product discount code.
Impressions: To convince an audience to interact with a brand, they must first become aware of its existence and products. Based on your social media data, impressions indicate how many times customers were exposed to the influencer’s content.
Audience growth: Following influencer engagement, you may notice an increase in new followers for your company. This is another indication that the campaign is successful. This may be measured by counting how many people started following you after seeing your sponsored content on the channels of the influencers you chose for your influencer campaign.
3. Click-Through-Rate (CTR)
Click-Through-Rate indicates how effective the influencer was at engaging their audience and encouraging them to click on the URL to your website. More referrals are preferable.
A low CTR reflects that the call-to-action (CTA) was not very effective. As a result, the campaign may not generate a large amount of referral traffic to your website or move your audience farther down the sales funnel.So, we can say that CTR is one of the most important KPI goals to consider for influencer marketing campaigns.
4. Social Engagement
Yet the most important KPI goal to consider for influencer marketing campaigns when determining the effectiveness of any influencer marketing strategy is engagement. Engagement on Instagram is defined as the number of likes and comments on a campaign post or story/video view.
While likes are simply countable and indicate approval, comments provide a clearer signal of active interaction. Comments demonstrate that your work had an impact, whether positive or negative; this is an excellent beginning point for community building.
You may see that your follower count has increased after launching a campaign, yet interaction remains low. This could be an indication of a mismatch between your audience and the material you’re creating.
5. Return on Investment
Influencer marketing KPIs can track investments, and revenue, and draw a line to determine the success of a social media campaign. You can do all of this with ROI. To complete this correctly, tick all of the relevant phases:
Set a budget: Conduct research on the influencer market and assign the most effective investment to get the desired results.
Negotiate a price with every influencer: Go through your list of creators, contact them to collaborate, and agree on a price for your common project. This phase will help determine the overall costs of an influencer campaign.
Decide on goals: As long as you keep the ideal results in front of you at all times, all of your efforts will be directed toward achieving them. This way, ROI assessments will be consistent with goal monitoring.
Track sales made during campaigns: Determine how many sales your influencers generated during the campaign. Finally, draw a line and see if profits exceed your allotted budget.
6. Conversion
The main purpose of any campaign is to drive growth and sales. Here, your conversion rate KPI comes in handy. This is the easy way to track conversions generated by influencer marketing campaigns to track the sales before, during, and after the campaign.
You must set up affiliate links, UTM (Urchin Tracking Module) parameters, landing pages, promo codes, and link tracking for the campaign. Influencer marketing campaigns are not just about lead generation but also about how many people who became leads made a purchase.
7. User-Generated Content
User-generated content (UGC) is the content generated by social media users about your brand. If you pay influencers to create UGC for your campaign, it can also lead your audience to create organic UGC or free UGC because they enjoy your product and want to share about it. It results in spreading the reach and engagement of your influencer campaign while generating more organic engagements.
Conclusion
To get the desired results and leverage the opportunities provided by influencer marketing, it is crucial to set and monitor the correct KPI goals for influencer marketing campaign. With the help of such indicators as web traffic, brand awareness, CTR, ROI, and other indicators, you can receive useful information about the effectiveness of the campaign, make improvements to the tactics, and achieve better results.
These KPIs should be evaluated frequently, and you should try to find ways of improving your influencer marketing at all times. Having a clear vision of these KPIs will prepare you well for optimizing the possibilities of influencer marketing to meet your organizational goals.
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FAQ’s
Q1. How to set important KPI goals for influencer marketing campaigns?
To set important KPI goals for influencer marketing campaigns, determine the measurable goals both macro and mini, follow the SMART technique, and select the best KPIs that work for you.
Q2. What are the best tools to track influencer marketing KPIs?
Use social media analytics tools, influencer marketing platforms, and built-in platform analytics.
Q3. How to choose the best KPIs?
To choose the best KPIs, follow the given tips:
- Set your goals
- Align with the audience
- Consider measurable KPIs
- Specific timeframes
- Focus on ROI
- Involve influencers
