How to Measure Influencer Performance?
Over the last few years, the influencer and ambassador marketing sector has grown tremendously. Budgets are easier to come by. Work is more reliable. We rely on honest and fair contractual agreements rather than PR boxes. Brands and influencers work with a mindset that is less transactional and more focused on building long-term relationships. There are numerous examples of this functioning, but measuring remains a conundrum.
Defining Success
What is the maximum speed at which a human should be able to run a mile? It’s a tough question because it necessitates further inquiry. What is this person’s age? Are they going uphill or downhill? Are they attempting to run the mile as quickly as possible, or are they attempting to establish a long-term habit?
The same can be said for influencer marketing, and it should be. We have a fixation with broad norms, average engagements, and misguided attempts at uniformity in our sector.
We compromise our long-term success in our pursuit of short-term high performance and often misguided goals. In order for brands to prepare for a future in which influencer and ambassador marketing is the most prevalent form of marketing, a continual goal must be to learn, grow, and innovate.
Data to Build From
The following charts represent data taken from over 20,000 accounts over the course of 2021. This data can be used to: Assess your campaign’s performance versus the broader industry Manage expectations with your team, boss or clients. Determine whether your go-to influencers are above or below industry medians.
Measuring Goals Down the Funnel
Advertising theory tells us that a consumer needs to see a product 6-7 times before pulling the trigger. Use this funnel to help guide you through which metrics to optimize for and focus on when mapping back to your goals. Set your goals and KPIs before commencing influencer identification to ensure you are selecting the right partners.
The Four C’s of Benchmarking
Benchmark is defined as “Evaluate or check (something) by comparison with a standard.” But what is the standard? “Standard” does not and should not simply refer to industry medians.
Four Tips for Telling Stories of Success
- Consider your own consumer behavior to set expectations. Often, influencers are the first click and not the last click.
- Make data digestible. Big numbers can be tough to comprehend or understand. Consider bringing a key data point into the real world by comparing it to a landmark people can visualize. For example: “Imagine filling Wrigley Field stadium, putting someone in the middle which the whole audience deeply trusts, and having them explain why Dyson is so great. We did that 187 times.”
- The specific is universal. Sometimes one great comment can tell a more impactful success story than a whole slide of stats. The zoom-out is important, but so is the zoom-in.
- Analyze the all-stars. Study the high performers to see what you think drove it. Averages and medians tell us what we did, outliers tell us what we can do. By showing your team what a knock-out-of-the-park post looks like, you’ll ignite excitement about what’s possible for next time.