How to Track Influencer Marketing success? A Data-Driven Guide to ROI

12 Mar

Thinking about exploring influencer marketing? It can feel like using Tinder for the first time, - you swipe up with someone cute, they throw up a post, and then... crickets. Did anyone even see it? Did it move the needle on your sales?

The number one question I’m asked in meetings with clients is ‘How do you report on influencer marketing? What does success look like?’ (ok that was two questions).

Just before you ghost this marketing channel, hear me out. There are ways to track your ROI (return on investment) that is way more efficient than just counting likes and comments (because, let's be real, those can be bought easier than those "rare" Beanie Kids we hoarded, thinking they were gonna make us rich).

Figure out your Endgame 🤔

Firstly, everyone wants to make money, that’s the cop-out of goals. Your specific goals will be linked to one or more of these four things:

Awareness, engagement, content and sales.

Here’s some examples:

My marketing budget just shrunk and I need influencer content to replace my product shoots
I want to build a community of ambassadors to give me opinions and spread the word about my brand
I want to drive more traffic to my website
I want to try out a new niche market

I recommend sticking to one goal per campaign, aiming for all it can get messy to measure.

metrics for roi 📈

Awareness

Impressions:

Ever heard of CPM (cost per mille)? This metric tells you exactly how much you're paying to get your brand seen by 1,000 people. Basically, are you getting major bang for your buck? Check out GRIN’S online calculator to easily work out your CPM. A good average CPM can fall around $10, but it can vary depending on the influencer and platform.

Platforms like TikTok will show you the views automatically, but unless it’s a collaborator post, you will have to ask for the influencer’s metrics on Instagram.

Follower Growth:

Always make sure the influencer is tagging and has a clear CTA (call to action) to check out your social media profile. The new followers you gain from their shoutout are like building your own Powerpuff Girls team - the bigger the better, and the more bad guys (competition) you can blast away!

Engagement

Likes and comments:

Likes and comments feel about as exciting as watching paint dry to me, compared to other metrics. Think of them like those participation trophies everyone got in elementary school - sure, it's nice to be acknowledged, but it doesn't tell the whole story, right?

Shares:

Shares are where things get spicy. They show your content resonated enough for people to spread it to their circles, which is basically free advertising and way more valuable than a simple like.

Saves:
I think saves are an underrated and forgotten metric, like that one Saturday morning cartoon you really liked as a kid, but can’t remember the name of now. Someone is saving that content to view more than once, that’s a win.

CONTENT

If product shoots are getting too expensive, influencer marketing can come in clutch

Quality:

A subjective metric, but in your opinion, is the content of quality? Consider the creativity, lighting and product positioning.

Usability:

Is this content so on-brand, that you can use it across your owned socials, paid ads, website, EDMs and beyond?

SALES

Alright, now you’re asking ‘Did They Actually Spend Money Tho?’. Here’s how you measure that:

UTMs:

Nobody likes spreadsheets, but a little tracking goes a long way. Use UTM codes to spy on clicks. These codes attach to your website links and tell you exactly where your traffic comes from. Did they find you through that influencer's post? You got it! Check out this article: [link to UTM tagging article] for a deep dive on UTMs.

Discount Codes:

By far the most popular way to track sales. Give your influencer a unique discount code to share with their audience. When someone uses that code at checkout, you know exactly which post influenced the purchase.

The TL;DR 🤷🏻‍♀️

Influencer marketing can be a powerful tool, but you gotta measure it right. Set clear goals, track the right metrics, and with a solid strategy, you can see if your influencer campaign is a success or a flop.

Now go forth and conquer the influencer marketing world! Just remember, with great ROI comes great responsibility.

Mikaela Copland