The influencer marketing industry is set to reach $16.4B in 2022. As the industry continues to grow, it’s becoming more important than ever to have a clear understanding of how to track an influencer marketing campaign’s performance.
Influencer marketing performance is most commonly tracked through a combination of engagement rate (ER) and reach. However, there are other key performance indicators (KPIs) that should also be considered when evaluating a campaign’s success.
In this article, we’ll discuss the different ways to track an influencer marketing campaign’s performance and which influencer marketing KPIs you should be paying attention to.
Some Influencer Marketing Stats
Influencer marketing is one of the fastest-growing marketing channels to gain new customers. Here are a few quick stats to show just how popular it has become:
- In 2021, the number of influencer marketing-related companies grew by 26%, reaching 18,900 worldwide. (Influencer Marketing Hub)
- Google Trends reports that searches for “influencer marketing” grow by 5000% monthly.
- Marketing via influencers delivers a 1,100% higher ROI compared to paid ads (Convince & Convert)
- For every dollar spent, influencer marketing campaigns earn $5.78 (Influencer Marketing Hub)
- 57% of beauty and fashion brands partner with influencers to market their brand. (Influencer Orchestration Network)
Now that we know a little more about influencer marketing, let’s discuss how to track its performance.
How to Track Influencer Marketing Performance
There are several powerful ways to track an influencer marketing campaign’s performance. Let’s take a look at each one in more detail.
1. Identify Your Priorities
When you’re creating or overseeing a traditional influencer marketing campaign, it’s important to establish your priorities and track your progress against them. This will help you measure the performance of your campaign and make any necessary adjustments along the way.
There are a number of factors you should consider when setting your priorities, including the overall goal of the campaign, the target audiences, the influencers you’re working with, and the type of content you’re producing. It’s also important to set measurable goals for your campaign and track your progress against them.
Some common performance indicators for influencer campaigns include:
- Number of leads generated
- Sales generated
- Website traffic generated
- Engagement (likes, comments, shares)
- Social media reach
2. Setup Automated Trackers if You Have Any
If you’re using a marketing platform to hire influencers, such as Influence.co, you’ll likely have access to automated trackers that help you measure the performance of your campaign. These trackers will help you keep tabs on things like website traffic, social media reach, and engagement. They can also help you track leads and sales generated from the campaign.
If you’re not using a platform, then there are a number of other tools you can use to track your campaign performance. Google Analytics is a popular option, as is Hootsuite’s Social Media Impact tool. These tools can help you track website traffic, social media reach and engagement, and even conversions from the campaign.
3. Track Reach
Reach is one of the most important metrics to track when measuring the success of your marketing campaign. By tracking the number of people who have seen your content, you can get a better idea of how well your campaign is performing. This information can help you make necessary adjustments to ensure that your campaign reaches as many people as possible.
Additionally, tracking the reach of your influencer marketing campaign can also help you identify any potential problems. For example, if you notice that your reach is decreasing, it could be an indication that your influencers are not as active as they used to be. This could be due to a number of reasons, such as a change in their personal life or a lack of new content creation.
4. Track Engagement
When tracking the performance of a marketing campaign, it’s important to look at engagement rates. Engagement rates track how many people are interacting with your content. This can be done by tracking likes, comments, and shares on social media.
This is a valuable metric to track because it can give you an idea of how successful your campaign is. If you see that engagement rates are low, it might be a sign that you need to change your strategy. On the other hand, if engagement rates are high, you know that you’re reaching your target audiences and achieving success.
5. Track CPA
When you’re running a marketing campaign with a content creator or influencer, it’s important to track the performance of your influencers. One way to do this is to track your Cost-per-Action (CPA). This will give you a good idea of how much you’re spending on each conversion, and it will help you to determine which influencers are the most effective.
There are several different tools that you can use to track your CPA. One popular tool is Kissmetrics. Kissmetrics is specifically designed for measuring and tracking the performance of marketing campaigns, including influencer marketing campaigns.
6. Track Conversion
Conversion tracking is a way to track how successful a performance-based influencer marketing campaign is. When you track conversion, you can see how many people clicked on an influencer’s endorsement or link and then went on to take some sort of the desired action, such as making a purchase or filling out a form.
Conversion tracking can help you measure the overall effectiveness of your marketing campaign, as well as determine which content creator or influencer is most effective at driving conversions.
7. Track ROI
Like conversions, tracking ROI (return on investment) is a way to measure the success of an influencer marketing campaign. The main difference between tracking conversion and tracking ROI is that ROI takes into account the amount of money you’ve spent on the campaign, while conversion only tracks the number of desired actions taken.
There are several different ways to calculate ROI, but one popular method is to divide the total cost of the campaign by the total number of conversions. This will give you a good idea of how much each conversion costs, and it will help you determine which influencers are providing the most value for your money.
8. Track Competitor Campaigns
When running a marketing campaign with influencers, it’s important to keep an eye on the competition. By tracking your competitor’s campaigns, you can get a sense of what’s working and what’s not and learn from their successes and failures.
By tracking your competitor’s campaigns, you can stay one step ahead and make sure that your marketing campaign is always on the cutting edge.
9. Identify Your Top Performing Influencers
One of the most important things you can do when running an influencer campaign is to identify your top performing influencers. By identifying your top performers, you can focus more of your efforts on those influencers and get the most out of your campaign.
There are several different ways to identify your top performing influencers. One way is to look at the number of conversions they generate. Another way is to look at the amount of money they generate in sales.
10. Adapt and Improvise
When it comes to tracking the performance of your influencer campaign, adapting and improvising are the key. Things change quickly in the online world, and you need to be able to respond quickly to keep up. The same is true for performance-based influencer marketing – what works today may not work tomorrow. That’s why it’s important to have a flexible plan that you can adjust as needed.
By adapting and improvising, you can make sure that your influencer marketing campaign is always on the cutting edge and that you’re getting the most out of your influencers.
Importance of Tracking Influencer Performance
Influencer marketing has become one of the most popular marketing strategies in recent years. And it’s no wonder why – influencer marketing can be an extremely effective way to reach your target audience.
But as with any marketing strategy, there’s no guarantee of success. That’s why it’s important to track the performance of your influencer marketing campaign.
Here are a few important things to consider when running an influencer marketing campaign:
Choosing the Best Influencers
Choosing the best influencers is one of the most important aspects of a performance-based influencer marketing campaign. Not all influencers are created equal – some have more influence than others. And not all influencers will be a good fit for your brand.
When choosing influencers, it’s important to consider their audience, their engagement rate, their content, and their overall influence. The best influencers are those who have a large and engaged audience, produce high-quality content, and have a strong influence.
Stop Burning Money
When it comes to influencer marketing, it’s important to avoid burning money. There are a number of ways to do this, but one of the most important is to track your campaign performance.
By tracking your campaign, you can identify which influencers are providing the most value. From there, you can adjust your budget accordingly. And by avoiding burning money, you can ensure that your influencer marketing campaign is a success.
To Target Relevant Audience
When running an influencer marketing campaign, it’s important to target a relevant audience. After all, there’s no point in reaching people who are not interested in your product or service.
One way to ensure that you’re targeting a relevant audience is to track your campaign performance. By tracking your results, you can ensure that you’re reaching the right people.
And by targeting a relevant audience, you can improve your chances of success.
Plan Better Future Campaigns
Another important thing to consider when running an influencer marketing campaign is to track your performance so you can plan better future campaigns. By tracking your results, you can learn what works and what doesn’t.
From there, you can make adjustments to improve your results. And by tracking your campaign performance, you can ensure that your future campaigns are even more successful.
Best Influencer Marketing Tracking Tools
Now that you know the importance of tracking your influencer marketing campaign, you might be wondering what tools you can use to track your campaign.
Here are a few of the best influencer marketing tracking tools:
NeoReach is one of the best tools for tracking the performance of your influencer campaign. With NeoReach, you can track the performance of your influencers in real-time, ensuring that you’re getting the most out of your investment.
NeoReach also offers a number of other features, including influencer discovery, workflow automation, advanced filters, and fraud detection. All of these features make NeoReach a valuable tool for any performance based influencer marketing campaign.
CreatorIQ is another great tool for tracking the performance of your influencer marketing campaign. With CreatorIQ, you can track influencer performance in real-time, identify which influencers are providing the most value, and make adjustments to improve your results.
CreatorIQ also offers a number of other features, including campaign management, influencer discovery, and reporting. Using these features, you can ensure that your influencer marketing campaign is a success.
Upfluence is a powerful influencer marketing platform that offers a number of features to help you track the performance of your influencer marketing campaign. With Upfluence, you can search for leading influencers, manage your campaigns, and track your progress. This makes it easy to see how well your campaign is doing and make necessary adjustments.
If you’re looking for an influencer marketing platform that can help you track the performance of your campaign, Upfluence is a great option.
Creator.co is an influencer marketing platform that helps you connect with creators, track the performance of your campaign, and improve your results. With Creator.co, you can work with up to 250 creators monthly, get unlimited campaigns, and access influencer “Deep Insight” reports.
This makes it easy to manage your influencer relationships and campaign, and get the analytics you need to improve your performance.
Julius is one of the best influencer marketing tracking tools out there. It makes it easy to activate campaigns, calculate ROI, and track success. You can search for influencers across different social media platforms in one place, making it easy to find the right people to work with.
Julius also makes it easy to keep track of your progress and see how your campaigns are performing.
Tracking the performance of your influencer marketing campaign is essential to understanding whether or not it is successful. Thankfully, there are a number of different ways to do this, and many platforms that can help make the process easier. By monitoring key metrics such as reach, engagement, and ROI, you can determine which aspects of your campaign are working well and adjust your strategy accordingly.