In modern marketing, the ability to measure a company’s success is crucial when deciding on a marketing campaign. According to Google, 89% of the leading marketers use gross revenue, market share, or CLV to measure the effectiveness of their campaigns.
Some of these older conventional methods may not be the best way to measure your success when marketing with influencers. Here are a few ways to measure the effectiveness of your influencer marketing campaigns.
Leads or Lead Generations are a vital marketing strategy to establish when creating a brand. Lead generations allow ways to get a brand to attract consumers by giving contact information to the brand. Leads can determine a brand’s ability to generate future revenue. There are three types of leads to consider, Marketing Qualified Leads (MQLs), Sales Qualified Leads (SQLs), and Product Qualified Leads (PQLs).
MQLs are leads who have engaged with a brand’s marketing team efforts but aren’t set on making a sales call.
SQLs are leads who are much closer to making a sales call or have already made a purchase. These are individuals who can become part of the buying cycle for a brand.
PQLs are leads who have already made a purchase and have used their purchase. These are individuals who have taken action and are interested in becoming paying customers.
Reviews and testimonials given by consumers are a surefire method for determining the success of a campaign. This is especially important in the current marketing lifecycle as consumers increasingly choose to make purchases online where reviews remain prominent. Reviews are crucial in building trust with consumers, as most consumers will check reviews before buying a product.
Testimonials are longer reviews given by consumers detailing their experience with a company before and after buying a product. These are often provided directly to a brand rather than posted on the site. When receiving a testimonial, a brand gets a detailed experience that they can utilize for future sales.
Reviews are short snapshots of a consumer’s opinion of a product and a company. These are typically seen before buying a product and can be read by any consumer who comes across them. Reviews are created directly on the brand’s website or a partnering website such as Yelp.
An easy way to gauge whether a campaign is working is to view the traffic coming in from the campaign or viewing the total number of visitors throughout the campaign. Website traffic is a strong indicator of whether a campaign has been successful or not. A preferred tool for marketers to gauge total website traffic is Google Analytics, a free service that tracks and reports website traffic.
Referral traffic indicates the number of consumers who have visited a brand from another website without using the search engine. Referral traffic is valuable when indicating whether a specific influencer or marketing campaign has been successful. Using referral traffic will give particular numbers on campaigns rather than a broad number.
Follower Growth Rate
Calculating how many users have followed a brand allows a brand to visualize its growth rate. Seeing how many consumers have bought products or followed a social media account link to a brand can determine whether the campaign successfully yielded more consumers.
This can also be monitored by the number of likes, comments, or shares a campaign has received. The number of likes and shares can determine the popularity of a campaign.
Customer Retention Rate
Finally, being able to calculate how many consumers will remain loyal to your brand is the key to the future success of a business. Measuring this data can allow a brand to determine how successful their campaign was compared to a competing brand. Customer retention is crucial as it can determine the future impact on revenue and profitability in a brand.