This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
What you need to know about influencer marketing ROI
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Influencer marketing is opening up new avenues for marketers. No longer do marketers need to grab the attention of consumers using billboards. As more people begin to look for products and reviews online, traditional methods of advertising are evolving.
That’s why methods like influencer marketing have become a hit. It’s particularly effective because influencers have a loyal audience base that genuinely follows their recommendations. This makes influencer marketing a goldmine for advertisers.
If you’re still unsure what kind of returns influencer marketing offers, here’s a quick guide for you. You can track the ROI of your campaigns using the following factors:
1. Lead Generation
Influencer marketing puts your products in the limelight. Along with brand awareness and visibility, it can help you increase your leads as well. Most influencers include a direct call-to-action button in their posts. This helps generate more direct leads.
2. Brand Lift
Positive reviews by influencers can change the way consumers perceive your brand. Most of the influencer’s followers look up to them as experts in their niche. So, their word about a brand has considerable credibility.
Frozen foods retailer, Iceland Foods, was able to create a positive brand image due to influencer marketing. After they released influencer-generated content, their approval ratings went from 10% to 80%.
3. Engagement
When an influencer talks your brand, some of their followers might get curious about your products. Expect your referral traffic to rise on your website. Similarly, on social media, you can expect more activity on your page.
Track the number of likes, comments, and shares on each post to track your ROI through engagement.
4. Content Quantity
Influencers promote brands through creative content. Live videos, social media posts, and social media takeovers are some of the ways influencers engage their audiences. This can help get you noticed and generate some content assets for you. Every post that is published on an influencer’s profile can be displayed as testimonials on your profiles and website.
For more ways to track your influencer marketing ROI, look at the infographic below by Grin, an influencer marketing platform.
Image Courtesy: Grin.co