Influence marketing: measuring campaign performance and profitability
Posted: Tue Dec 10, 2024 6:40 am
A few weeks ago, Mandy Landauer from Meltwater invited me to participate in a webinar on Influence Marketing: “Why focus on Influence Marketing in 2021?”. The anticipation was high since many of you registered and we thank you for that. If you were unable to watch us that day, please note that the replay is available on Webikeo .
During this live-streamed exchange, we talked about the attractiveness of the lever, the types of partnerships to favor and the professionalization of influence. We also addressed the issue of measuring women database performance and profitability. In this article, I will provide you with an excerpt from the webinar and some answers.
1. Performance measurement
Mandy Landauer – How do you know if a campaign is a success?
My first piece of advice is about defining goals. Setting up an influencer marketing strategy starts with defining goals such as: brand awareness, brand consideration, brand preference or purchase intent. Once you have determined the goals, you define the KPIs to track. For awareness, you measure community sizes, impressions, views and reach. For consideration, you measure engagements. For brand preference, it's subscriptions. For purchase intent, the KPI is traffic but also sales.
Engagement remains the central indicator of influencer marketing since it allows you to measure the interest of the influencer's community for the content in question. Moreover, the ability to engage is the primary quality sought by brands in influencers. Traffic allows you to illustrate information gathering or an intention to purchase. To know the traffic generated, simply use a tracked link or social media tracking tools. The volume of sales generated by an influencer theoretically allows you to determine the campaign's turnover. But be careful, ¾ of the sales generated by the influence are made post-campaign and are therefore not counted. To calculate the volume of sales, you must use a promo code or a tracking pixel on the site.
Understand that all influencers are potentially prescribers. It is important to intelligently integrate them into your Social Commerce strategy. But some brands are not yet mature enough on the subject to do it effectively.
2. Measuring profitability
Mandy Landauer – What to base your ROI on?
The easiest method to understand is to measure the sales generated with the number of uses of a promo code for example. We calculate the costs of the campaign on the one hand and the sales generated on the other. The most widespread method is certainly the comparative method. It is also possible to compare to your own Social Media campaigns. This involves comparing the performance on a platform to that of an Influence campaign. In particular, we can compare the costs per engagement to those obtained by other levers where the ROI is directly calculable.
There is another method for calculating ROI: Earned Media Value. A few words about EMV: In 2016, the advertising agency Ayzenberg created the Earned Media Value Index, which has since become the market standard for measuring the ROI of influencer marketing.
EMV is therefore based on an index that gives a value to each social interaction and makes it possible to calculate the media value of an influencer campaign. The principle is to value the impact by the budget that would have been necessary to buy an advertising space giving the same audience volumes and the same quality of exposure. It makes it possible to compare the costs of influencer publications (earned media) with those of an advertising campaign (paid media) with equivalent performance.
EMV is therefore the value of a brand's media exposure on channels not controlled by it, blog articles, YouTube videos, Instagram posts, etc. To calculate EMV, we multiply the volume of each interaction by the value of each interaction.
Want to learn more about EMV? Check out Ayzenberg 's reference guide (in English) . Below are some guidelines for the main platforms, namely Facebook, Instagram, Twitter, and YouTube.
During this live-streamed exchange, we talked about the attractiveness of the lever, the types of partnerships to favor and the professionalization of influence. We also addressed the issue of measuring women database performance and profitability. In this article, I will provide you with an excerpt from the webinar and some answers.
1. Performance measurement
Mandy Landauer – How do you know if a campaign is a success?
My first piece of advice is about defining goals. Setting up an influencer marketing strategy starts with defining goals such as: brand awareness, brand consideration, brand preference or purchase intent. Once you have determined the goals, you define the KPIs to track. For awareness, you measure community sizes, impressions, views and reach. For consideration, you measure engagements. For brand preference, it's subscriptions. For purchase intent, the KPI is traffic but also sales.
Engagement remains the central indicator of influencer marketing since it allows you to measure the interest of the influencer's community for the content in question. Moreover, the ability to engage is the primary quality sought by brands in influencers. Traffic allows you to illustrate information gathering or an intention to purchase. To know the traffic generated, simply use a tracked link or social media tracking tools. The volume of sales generated by an influencer theoretically allows you to determine the campaign's turnover. But be careful, ¾ of the sales generated by the influence are made post-campaign and are therefore not counted. To calculate the volume of sales, you must use a promo code or a tracking pixel on the site.
Understand that all influencers are potentially prescribers. It is important to intelligently integrate them into your Social Commerce strategy. But some brands are not yet mature enough on the subject to do it effectively.
2. Measuring profitability
Mandy Landauer – What to base your ROI on?
The easiest method to understand is to measure the sales generated with the number of uses of a promo code for example. We calculate the costs of the campaign on the one hand and the sales generated on the other. The most widespread method is certainly the comparative method. It is also possible to compare to your own Social Media campaigns. This involves comparing the performance on a platform to that of an Influence campaign. In particular, we can compare the costs per engagement to those obtained by other levers where the ROI is directly calculable.
There is another method for calculating ROI: Earned Media Value. A few words about EMV: In 2016, the advertising agency Ayzenberg created the Earned Media Value Index, which has since become the market standard for measuring the ROI of influencer marketing.
EMV is therefore based on an index that gives a value to each social interaction and makes it possible to calculate the media value of an influencer campaign. The principle is to value the impact by the budget that would have been necessary to buy an advertising space giving the same audience volumes and the same quality of exposure. It makes it possible to compare the costs of influencer publications (earned media) with those of an advertising campaign (paid media) with equivalent performance.
EMV is therefore the value of a brand's media exposure on channels not controlled by it, blog articles, YouTube videos, Instagram posts, etc. To calculate EMV, we multiply the volume of each interaction by the value of each interaction.
Want to learn more about EMV? Check out Ayzenberg 's reference guide (in English) . Below are some guidelines for the main platforms, namely Facebook, Instagram, Twitter, and YouTube.