Influencer Marketing is one of the most efficient tools for any company aspiring to promote its product. The importance of influencer marketing is undeniable. Another crucial benefit is that through influencer marketing you can directly reach your target audience and increase brand awareness.
However, without clearly specified objectives, the effectiveness of such an action will be limited. So, what are the objectives of an influencer marketing campaign? How do you ensure the program’s efficiency while making sure it reaches its goals? MicroGlobe is here to manage your KPIs!
Here Are The KPIs You Should Be Tracking
To succeed with Influencer Marketing, it is essential to have in mind all the traditional communication objectives:
Influencer campaigns only work if they are set up properly. Influencers and social networks are the primary way to reach audiences and convert potential customers into actual customers. MicroGlobe is the only influencer marketing platform that creates value-added content tailored for your audience and measures its effectiveness at the same time.
There is not a single influencer or campaign that is successful in the market.
There are only brands that are at different levels of competency in their influencer marketing strategy.
For an overview of the steps to successful influencer marketing, MicroGlobe has developed practical checklists.
The KPIs to follow depend on the objectives set:
- I want to develop my brand awareness = I have to track the number of impressions, views and reach
- I want to work on the consideration of my brand = I must be attentive to the engagement rate
- I want to work on my brand preference = I have to follow the growth of subscriptions to my account
- I want to work on the purchase intention = I have to follow the traffic generated by my campaign and the sales indicators on the products highlighted.
Some of the key performance indicators for an influencer campaign include:
· The Cost per Mille (Thousand Impressions)
One of the habits of influencer marketing is that it is impossible to separate the production costs of content by influencers AND its distribution to their community. CPM is useful for comparing the relative efficiency of various advertising opportunities or media and in evaluating the overall costs of advertising campaigns.
· The Completion Rate
This is the percentage of viewers who viewed a video in its entirety. The completion rate is a good indicator of the quality of a video, and in particular, and makes it possible to compare a video to other videos of the influencer.
· The Retention Rate
The average video viewing time. Allows you to determine whether a message is actually perceived based on its position in the timeline.
· The Earned Media Value
The value of the campaign is based on the impact it generates. Corresponds to the product of the volume of each interaction times the value of each interaction.
· The Ratio of Earned Media Value to the cost of the campaign
Considered at MicroGlobe as the central ratio of the effectiveness of Influencer Marketing because applicable regardless of the number of social networks activated and speaking engagements.
Do You Speak Influencer Marketing?
Stay tuned for our upcoming Influencer Marketing Dictionary! Find all the useful definitions to discuss with your partners, influencers, and discover the KPIs of Influence Marketing!