Marketing strategies never remain the same. Every day there is a new idea and new promise to get the biggest bang for your marketing dollars. Now, influencer marketing is quickly becoming a strategy used by the best marketers. But, it leaves some marketers puzzled. How do you calculate return on investment (ROI) from this less-than-traditional marketing strategy?
Influencer marketing is a concept that uses individuals with a strong online presence – celebrities, thought leaders, and even political leaders – to distribute a brand’s message. These individuals are valuable because they have an audience that knows and trusts their opinions on what matters in their daily activities. Brands partner with influencers to educate a larger audience on their services and products.
So how do you calculate your influencer marketing ROI?
Ways to calculate
One of the biggest pitfalls to influencer marketing is figuring out how to calculate ROI on your time and investment. Here are five ways to calculate ROI from your influencer marketing.
Most influencers use social media platforms to reach their audiences. Today, social media platforms offer a number of ways for businesses to track engagement. Take the time to review and analyze likes, shares, retweets, and comments. If the message is receiving high engagement rates, chances are more individuals are visiting your website to find out more information.
Use a social media listening tool to track the number of times your brand is mentioned on various platforms. Investing the time to listen and see who is promoting your content helps you gain a better understanding of your ideal customers. And it helps you identify potential customers you didn’t previously consider.
Provide your influencers with links that track where website visitors come from. This gives you a clearly defined number for the interest level for that specific influencer’s audience. If it is high, you know it makes sense to continue your relationship. If it is low, then it’s time to find a better quality influencer that helps you grow.
Unique promo codes.
Create unique offers and promo codes for each influencer. Track the number of conversions to see an actual ROI dollar amount over time. Keep promo codes open for a length of time. Often times, influencer marketing results are seen over time instead of immediately. Don’t cut your statistics short if you want to see the long-term potential.
Influencer-specific landing pages.
Publish specific landing pages for an influencer’s audience with customized content. Make it a point to acknowledge the influencer and your ideal customer profile for the best conversion results. These landing pages help you capture lead information instantly. Assign each new lead with a tag that shows you how they found your brand and follows visits long-term. This allows you to track ROI if they don’t immediately make a purchase but return at a later date.
Influencer marketing is only valuable when you track the ROI. Start tracking and proving the worth of an influencer marketing strategy with these five ways to calculate your ROI.