Calculate CPE and Measure Engagement
The next stage is to assess the effectiveness of your influencer marketing campaign. To do so, you should examine the statistics of each sponsored post and Story. Pay close attention to the following indicators.
- Clicks, Like
- Comments, Reactions, Shares
- Mentions of a brand
- The number of saved posts (for Instagram)
If you work with an Instagram influencer, you can request post insights from them. The influencer will only need a few seconds to snap a screenshot of the post insights and submit it to you.
You can determine the cost per engagement (CPE) after monitoring engagement rates. The formula is straightforward. Simply divide your total ad spend by the number of engagements.
Assume that you spend $3000 on your influencer marketing effort in total. The influencer has made four posts, totalling 15,000 likes, 4,000 comments, and 1,000 shares. We can calculate the CPE of your influencer marketing campaign by dividing $3,000 by 20,000 engagements.
Apply Coupons and Affiliate Links
Coupons, affiliate links, and UTM parameters should be used to track which influencer receives which transactions. It’s the easiest yet most efficient approach to track the success of your influencer marketing metrics and determine which influencers bring you the most money.
All you have to do is use the Google Analytics Campaign URL Builder to add UTM parameters to URLs. If you follow all of the steps correctly, the system will allow you to track your influencer campaign in Google Analytics.
You will be able to track not just initial sales but also recurrent transactions if you use certain promo codes. You will gain access to information like the click-through rate to your site, the number of sales, and the average value of every sale by generating affiliates.
Assume you’ve worked with three influencers and used promotional codes. To determine how much money each influencer brought you, split the total sales generated by coupon by the amount you paid the influencer. For example, if you paid $1,000 and produced $5,000 in sales, it indicates that every dollar you spent on the influencer marketing campaign resulted in a $5 profit.
Growth of Target Audience
Demographics are always important in influencer marketing. If you want to achieve good results, make sure your sponsored posts get to the right people.
Assume your company sells lipstick and mascara to young teenagers. To increase sales, you must reach out to parents who are interested in purchasing specialized cosmetics for their adolescent children. It makes no sense to target teenagers because they lack the financial means to purchase your things. Look at your Google Analytics Demographics data and discover that the majority of your website visitors are 13-15-year-old girls. You’ll realize that you need to make some adjustments to your influencer marketing plan.
Be Patient with Your Results
Remember that you should give it a 30- to 60-day window after the campaign begins to measure the outcomes.
Sponsored posts typically produce the most sales within the first few days of a campaign’s launch. Customers may, however, begin monitoring affiliate links and applying promo codes weeks after the first publishing. So, if you want accurate outcomes, you should wait.