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Q. While influencer marketing has gained ground, measuring ROI in influencer campaigns is challenging. But do you think metrics matter or is sales and share of voice enough to measure an influencer campaign?
A. Evaluation Metrics for any marketing initiative is a must. Marketing to influencers is no exception. As no third party data is available as of now, I shall try to put a few generic parameters for measuring effectiveness of Influencer Marketing which some marketers are following as I know it. Needless to say, the science of the Art is yet to be established and would get more algo driven in near future:
- Audience engagement through content and design orchestration
- Influencer Score vis-a-vis other influencers in the same space or in a space neutral way
- Volume of mentions that the influencer generated organically
- Pace of Audience growth of the Influencer’s content
- Social media reach of the influencer
- Website traffic and bounce rate
- Earned media Sentiment about the Influencer
- Conversion % for a brand
- Revenue growth ( depending on the period of the existence of the Influencer
- Share of Voice (SOV): usual metrics for a marketer
- Advertising Value Equivalency (AVE) (ie quantum of media coverage)
- Number of brand affiliation with the influencer’s circle of influence and the impact on a brand’s performance
The above should give a marketer enough indication of the ROI of investment in influencer marketing.