What metrics should you track to measure the success of your influencer marketing campaigns?
You’ve secured an influencer collaboration for your brand, and the campaign is in full swing. So, what’s next? Now it’s time to measure the success of the campaign by tracking metrics, as doing so will allow you to uncover what’s working, what’s not, and where you might need to make tweaks.
But without the right know-how, knowing which metrics to track is easier said than done. That’s why we’ve put together this guide, providing an overview of which metrics to look at and, most importantly, why.
1) Return on investment: Perhaps the most vital metric to track, keeping an eye on your ROI is crucial for determining the value of your influencer partnership. Put simply, the ROI is the profit generated by the campaign divided by the cost of the campaign. If you’re spending more than you’re earning, it might be time to re-evaluate.
2) Cost per acquisition: The CPA is the money spent to secure one customer. When it comes to influencer marketing, this cost can be judged based on the amount you paid the influencer. This is an important metric to track, as it allows you to ascertain how much you should pay the influencer by basing it on factors such as how many sales they generate and what their conversion rates are.
At Sway Me Good, we make this process simple. With our clever AI-powered valuation system, we analyse the influencer profile before you collaborate. From this information, we’ll let you know how much you should pay for a post based on its likely performance.
3) Engagement rate: Another indicator of the success of your influencer collaboration is the amount of audience interaction. The more you receive, the clearer it is that your post is resonating with the influencer’s following, which demonstrates that your collaboration is worthwhile.
Using the Sway Me Good platform, tracking metrics is easier than ever. Our in-depth analytic feature allows brands to understand the reach of posts through the display of metrics such as likes, comments, and post saves and accurately measure the effectiveness of their campaigns.
4) Conversion rate: Ultimately, the success of any marketing campaign lies in its ability to convert leads into customers, and it’s no different with influencer marketing. Are the posts leading followers to visit your website or sign up for a newsletter? By tracking the conversion rate, you can determine the impact of influencer collaboration on your conversion goals.
With Sway Me Good, tracking those all-important metrics has never been easy. By using our platform you’re empowered to make future marketing decisions that’ll grow you brand to new heights.
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