By Alexander Frolov, HypeAuditor
Delivering a successful campaign that yields high ROI requires more than alluring aesthetics and a significant following.
Influencer marketing on social media is on the rise, becoming one of the fastest-growing and impactful PR strategies. But what are the benchmarks that determine if an influencer marketing campaign is a smashing success or a complete failure?
One of the most intimidating issues that PR firms encounter when embracing an influencer marketing strategy is how to measure the return on investment. From a brand perspective, to launch a lucrative social media influencer campaign, there are a few important benchmarks PR firms need to examine. Delivering a successful campaign that yields high ROI requires more than alluring aesthetics and a significant following.
According to PRWeek’s State of the Influencer 2020 report, the estimated worth of the global influencer marketing industry by 2024 will reach $22.3 billion. With PR firms more often working with influencers, it is crucial they have a thorough understanding of the key performance indicators or metrics that will ultimately validate the success of an influencer campaign.
PR firms vary widely, using different metrics when measuring influencer campaigns, and sometimes those metrics change based on the goals of each campaign. The following five metrics provide a measurement framework to evaluate the success and impact of your campaign.
1. Influencer audience. Seeking social media influencers that meet the same target audience is crucial to a campaign’s success. First, determine your target audience. Second, understand your target audience. The better you understand your target audience, the easier it will be for you to find the right influencers. Influencer audience is the key benchmark to solidifying influencer campaign success. Gender, age, interests, country, language, favorite movies, books, music, who is the authority for your target audience — all that matters.
2. Engagement rate. Engagement rate refers to the percentage of followers who are engaged with an influencer’s content. The more captivated the audience, the more likely it is to interact with any paid or partnership placements for your brand. But be aware that according to a recent report we conducted, 27% of Instagram influencers use inauthentic methods to grow the number of their comments. Look at not only the number of engagements on a post, but also check out the quality and authenticity of likes and comments under them.
3. Post frequency and advertising post frequency. Make sure that the influencer has regular posts. If an influencer didn’t post for more than 30 days, then this can reduce the reach and engagement rate of new posts. Make sure the influencer doesn’t advertise too often. If more than 50% of the content posted by an influencer is advertising, it’s better to avoid that influencer.
4. Influencer’s audience authenticity. Real. True. Authentic. An influencer’s audience and followers need to consist of real people, insead of fake bot followers. This metric displays the size of quality audience and excludes mass followers and suspicious accounts. Always check the quality of the influencer’s audience. If there are a lot of suspicious accounts and mass followers, then it is better to avoid this influencer.
5. Influencer’s campaign key performance indicators. If you treat influencer marketing as an ongoing process, and not just one-time promotions, then you need to set and track key performance indicators for each influencer. These can be conversions, reach, engagement rate, comment sentiment and the number of comments. Maintaining a history of influencer marketing campaigns as well as building knowledge is critical to determining campaign success. Understanding which types of posts and which influencers perform best will help to assess the influencer’s achievement of KPIs and to define the success of an influencer campaign.
The right social media influencers can make or break a campaign. By following this metric framework, you will be guaranteed campaign success and will be able to easily prove an impactful ROI.
Alexander Frolov is cofounder and CEO of AI analytics platform HypeAuditor.