REPORT: Influencer marketing benchmarks and trends 2023

Most important impact metrics in influencer marketing and how to track them


Influencer marketing has carved a prominent niche for itself. As brands collaborate with influencers to tap into their dedicated audience, the need to gauge the effectiveness of these collaborations becomes paramount. This is where impact metrics come into play. 

These metrics not only offer insights into the performance of influencer campaigns but also guide future strategies, ensuring optimal return on investment. With the promise of significant marketing success, it's imperative for businesses to understand which metrics matter most and how to accurately track them. In this article, BuzzGuru experts help you delve deep into the core impact metrics in influencer marketing and provide insights on how to monitor them effectively. Let’s start!

Why tracking impact metrics is crucial

In the realm of influencer marketing, every collaboration is an investment. And like any investment, its returns must be quantifiable. Tracking impact metrics serves this very purpose. Here's why they are indispensable:

  • Value & effectiveness. Metrics help brands confirm if influencer campaigns yield the desired ROI, ensuring money is well-spent.
  • Strategy refinement. By understanding what resonates, strategies can be adjusted for increased effectiveness in future campaigns.
  • Strengthening long-term partnerships. Regular metric tracking in ongoing collaborations ensures both brand and influencer goals remain aligned, fostering mutual growth.

    In a nutshell, impact metrics provide actionable insights essential for maximizing your influencer marketing success.

    What the most important impact metrics in influencer marketing are

Engagement rate

Definition: Engagement rate quantifies the level of interaction content receives from an audience. It's often expressed as a percentage and is calculated by taking the total engagements (likes, comments, shares) divided by the total number of followers, then multiplied by 100.

Why it matters: A high engagement rate can signify that the content is resonating well with the audience. In influencer marketing, it helps brands identify influencers whose messages effectively engage and captivate their target demographic, thus ensuring authenticity and genuine interest.

Conversion rate

Types:

Direct conversions: Immediate actions, such as a purchase, taken after viewing influencer content, or an instal of your promoted game.

Delayed conversions: Actions taken after an extended period and possibly multiple engagements with the influencer's content.

Why it matters: Conversion rates allow brands to understand the tangible outcomes of an influencer's endorsement, from immediate sales to longer-term brand loyalty. This metric is essential for assessing the influencer's impact on actual purchasing behaviors and their contribution to revenue.

Brand awareness metrics

Key Indicators:


Reach: The total number of unique viewers who saw the content.

Impressions: The number of times the content was displayed on someone's screen.

Brand mentions: The frequency with which the brand is mentioned or discussed across various platforms.

Why it matters: Brand awareness metrics offer insights into how widely the campaign content has spread. A high reach and number of impressions indicate effective visibility, while an uptick in brand mentions can suggest increased brand chatter and interest, leading to organic growth.

Audience growth rate


Definition: A metric that tracks the increase in an influencer's followers or subscribers as a result of a particular campaign.

Why it matters: Audience growth rate not only indicates the influencer's appeal but also suggests the potential for sustained or future engagements. A significant spike in growth often means the influencer effectively introduced the brand to a new audience, amplifying brand reach.

Click-through rate (CTR)


Definition: CTR measures the number of clicks advertisers receive on their ads per number of impressions. It is a critical metric in direct-response campaigns where immediate user action, like visiting a website, is desired.

Why it matters: A high CTR indicates that the campaign messaging is compelling enough to prompt viewers to take immediate action. In influencer marketing, it can provide insights into the influencer's ability to drive traffic or specific user behaviors.

Return on investment (ROI)


Definition: ROI is a performance measure used to evaluate the efficiency or profitability of an investment. In influencer marketing, it’s about comparing the net profit from the campaign to its costs.

Why it matters: Calculating ROI helps brands understand the financial value derived from their influencer partnerships. A positive ROI indicates a successful campaign, guiding brands on resource allocation and strategic planning for future influencer collaborations.

Tools and techniques for tracking the most important impact metrics in influencer marketing

Analytics platforms


Overview: Analytics platforms like Google Analytics provide an in-depth look at how users are interacting with a brand's online content, including content promoted by influencers.

Why it matters: As influencer marketing campaigns drive traffic to a brand's website or online store, having a robust analytics platform helps brands track metrics such as CTR, conversion rate, user behaviors, and more. Investing in advanced analytics tools ensures accurate and granular insights into campaign effectiveness.

The BuzzGuru influencer marketing platform

Overview: BuzzGuru is tailor-made for influencer marketing, allowing you to monitor, analyze, and optimize influencer partnerships seamlessly. You can manage your influencer marketing campaigns from A to Z with BuzzGuru’s campaign management tool, share the reports with your teammates, supervisors, and clients.

demo campaign buzzguruWhy it matters: BuzzGuru provides real-time tracking, ensuring immediate feedback on campaign performance. It offers insights into engagement rate, reach, impressions, and other key influencer metrics. The BuzzGuru analytics platform brings together the fragmented data points of influencer marketing, allowing you to get a comprehensive view of the campaign's impact.

search propertiesURL tracking


Overview: UTM (Urchin Tracking Module) parameters can be added to URLs to track the effectiveness of online marketing campaigns. They provide details about where the traffic is coming from, which campaign drove it, and how it interacts with the site.

Why it matters: By using UTM parameters in URLs shared by influencers, brands can pinpoint which influencer or which piece of content is driving traffic and conversions. This granularity in tracking aids in refining campaign strategies and optimizing future collaborations. BuzzGuru allows you to create and track links within your campaign.

search properties buzzguruSurvey and direct feedback

Overview: Post-campaign surveys or direct feedback tools allow brands to collect qualitative data about audience perceptions, brand awareness, and the overall impact of the influencer collaboration.

Why it matters: While quantitative metrics provide a clear picture of campaign reach and effectiveness, qualitative insights dive deeper into audience sentiments, brand perception, and areas of improvement. When combined with other metrics, this feedback offers a holistic view of the campaign's impact, guiding brands in crafting better and more resonant future campaigns.

Overcoming challenges in tracking core influencer marketing metrics

Navigating data complexities


Overview: Influencer marketing data can be multifaceted, with multiple touchpoints and variables. Interpreting this data accurately is crucial for campaign optimization.

Strategies:

  • Robust analytics tools. Invest in a comprehensive analytics platform like BuzzGuru: it can consolidate and simplify data interpretation. Tools like Famesters can provide specialized insights tailored for influencer marketing.
  • Expert consultation. Collaborate with an experienced influencer marketing agency or data analysts who can provide clarity on complex data sets, ensuring accurate attribution and interpretation.

Exercising patience

Overview: Unlike some traditional marketing methods, influencer marketing often requires a longer window to see full results, especially when considering metrics like conversions and brand loyalty.

Strategies:

  • Extended tracking window. Allow for a 30- to 60-day measurement window post-campaign to capture a comprehensive view of its impact. This ensures that you don't miss out on results that manifest over time.
  • Set clear expectations. Understand that influencer marketing is a long-term strategy. While some campaigns may yield immediate results, others build foundation and trust that result in long-term benefits.

Accounting for delayed responses

Overview: Influencer marketing can involve intricate customer journeys. A follower might engage with an influencer's post initially but may only convert after multiple interactions, sometimes weeks or months later.

Strategies:

  • Multi-touch attribution. Instead of only attributing value to the last interaction before a conversion (last-click attribution), consider using multi-touch attribution models. These models recognize all touchpoints a customer had before converting, providing a more holistic view of the influencer's impact.
  • Ongoing engagement metrics. Track metrics like content revisits, time spent on site post-influencer engagement, and remarketing click-through rates to gauge delayed user responses effectively.

    By proactively addressing these challenges and employing tailored strategies, you can ensure you’re not only capturing but also accurately interpreting the full value and impact of your influencer marketing campaigns.

Bottom line

Navigating the world of influencer marketing requires not only a keen understanding of its dynamics but also the tools and strategies to accurately track its impact. Overcoming challenges in tracking and interpreting data is essential for optimizing campaigns and driving maximum ROI.


Don't leave your influencer marketing to guesswork. Harness the power of the BuzzGuru platform to track the most important impact metrics in influencer marketing, gain clear insights, make informed decisions, and elevate your campaigns to new heights. Dive into BuzzGuru today and unlock your influencer marketing potential!

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