Social media has been a huge boon to marketers in recent years. It creates a direct line between companies and their customers, letting them speak directly to each other and letting marketers get a real understanding of what the consumers want. Also, social media provides new and exciting ways of advertising your products and companies, and makes measuring the success of those campaigns much easier.
With traditional marketing methods, such as flyers, billboards or radio adverts, it was hard to pinpoint exactly which method drove traffic to a company. A customer may come to you, but unless you explicitly polled them, you wouldn’t know where they’d heard of you. Now, though, you can tell exactly where sales came from, what influenced the customer to buy, and exactly how that customer feel about you and your products.
With these 6 metrics, you can tell exactly how well your influencer marketing campaigns are working, and create strategies in order to build on your successes in the future.
- ROI: Your Return On Investment is the bottom line in measuring how successful your campaign has been. How many customers have actually bought from you as a direct result of seeing, or getting involved with, your campaign? It’s simple to calculate when your campaign involves asking customers to interact with you on social media when buying from you, such as when Chipotle asked customers to post pictures of themselves in Chipotle stores in their Halloween costumes, using the hashtag #boorito. Social media means it’s easy to track exactly who’s buying from you, and why.
- Content generated: If you’re looking to raise awareness of your product, then getting customers to share your content is key. With social media, it’s easy to count just how many times your content has been shared around. Mavrck recommends setting a goal for how many times a certain hashtag is used, or a photo is shared. Once your campaign is over, all you have to do is count up how many times that content was used, and you’ll have instant data on whether your influence marketing campaign was successful or not.
- Engagement: Engagement is another metric that’s simple to measure with social media. Your goal is always to stay relevant in the minds of your customers, so every time you connect with them online, you’re working towards strengthening that connection. The easiest way to measure your engagement is to count just how many communications you’ve had over social media. This is slightly different depending on which social media platform you’re using, but they follow the same formula. On Twitter, which is the most popular platform with influences according to Maximise Social Business, you’re looking for the number of favorites, replies, and retweets you get. The more your customers interact with you, the more visible you are.
- Conversion rate: The goal of your campaign will either be to increase your leads or increase your customers. A ‘typical’ conversion rate is often described to be around 2%-5%, but Word Stream argues that you can easily increase that rate by focusing in on the right markets. Using online influence marketing campaigns means you can reach a dedicated consumer base, and increase that conversion rate by inspiring loyalty in those consumers, via your relationship in social media.
- Bounce rate: Digital Marketing Philippines describes a ‘bounce rate’ as the amount of people who quickly leave your landing page, as your material is irrelevant or uninteresting to them. This rate can tell you whether your current campaign is reaching the right people, and giving them the interaction they want with your company. If it’s high, it’s worth checking what your influencers are sharing with your customers, and whether your landing page is matching the expectations set by the campaign.
- Traffic generation: This encompasses overall site traffic, mobile traffic, and traffic sources. With site traffic, you’re looking for exactly how many unique visitors your site is getting a month, rather than overall page views. This gives a much clearer view of how many potential customers are visiting you online. Your mobile traffic numbers can be important, as it’s another income stream for advertisers. Finally, your traffic sources can inform you just what keywords brought visitors to your site, and so you can tailor future campaigns to appeal to the people using those keywords.
Having said all of this, metrics are not the be all and end all of social marketing. Social media is a new, quickly evolving beast, and what works today may not work tomorrow. Keeping on top of your campaigns means keeping yourself educated on social media trends and working to keep your company and campaigns relevant. If you can do this, and use your metrics to measure the worth of your campaigns, you’ll be on the road to success.