Influencer marketing is a fast-growing part of many brands’ marketing mix, but success metrics have yet to become as sophisticated as other channels. Oftentimes, the nebulous data reported from influencer campaigns requires a lot more work for the marketer. However, there are important ways to measure a well-executed, rewarding influencer campaign that don’t solely have to do with direct revenue.
Current KPI model: Earned Media Value
In influencer marketing, the term Earned Media Value (EMV) refers to engagement data (likes, shares, comments, reactions, etc.) and is a key part of understanding qualitative success. It may not directly relate to ROI, but it’s an important piece of the puzzle in determining whether or not a partnership is worthwhile.
But there’s one other metric most marketers tend to overlook: the relationship with the influencers themselves.
The Value of Mutually-beneficial Relationships
It’s been shown that influencer retention is as important to successful influencer campaigns as any other data point. A healthy influencer relationship drives EMV up over time – and builds long-term brand affinity.
Additionally, stellar alignment should not only be helping your brand but the influencers as well. When this happens, the products they’re sharing with their communities and followers are relevant, engaging, and helpful… not just a sales pitch.
A good match in the influencer world is one where the increase in affiliate sales is related to an increase in engagement and followers for the influencer as well. And the best matches demonstrate the increase over time and across multiple different products from the same brand. In short, the metric of “happiness” comes from a strong partnership alignment which leads to an increase in revenue- and brand awareness-based metrics over time.
How to Get Clear Success Metrics in Influencer Marketing
Unfortunately, traditional influencer campaigns are weak in clean, clear reporting. It’s often difficult for someone on a marketing team to demonstrate value month over month and continue to contribute to a particular influencer when the data on their investment is difficult to read and pull directly. And on the other hand, it’s difficult for an influencer to justify their affiliation with a brand if they can’t prove that the products they are promoting are being purchased and enjoyed by their followers.
Without a centralized dashboard for both influencers and marketers to access for metrics, deciding on whether or not a campaign is successful and mutually beneficial can be trying – even frustrating. The numbers aren’t always accurate or complete due to the traditional third-party tracking model, which in recent times has made for many strained influencer-marketer relationships.
The next evolution in influencer marketing is first-party tracking. Direct integration into backend platforms is not just the wave of the future – for innovative brands, it’s the now. Creatable is the go-to provider for top brands that utilize influencer marketing. Not only does Creatable’s software offer first-party tracking and native integration directly into your e-commerce systems, but the robust platform also showcases clear, user-friendly interfaces that help you make data-driven decisions easily. Clients who utilize Creatable report 3 times higher conversions.
No marketer wants to guess in their marketing. You can directly measure the success of your influencer marketing campaigns with confidence too, and save time with Creatable’s consolidated reporting dashboard. Schedule a demo with us here and change how you look at influencer marketing forever.