Have you planned your influencer marketing strategy? Next step: evaluate your influencer campaign!
5 criteria to evaluate your influencer campaign
It's one thing to set up your influencer campaign, but another to properly evaluate it before, during, and after!
An influencer campaign can have various goals such as visibility, engagement of your target audience, redirection to your website, or increased conversion. To evaluate the effectiveness of your campaign, you must define what your objectives are to follow the proper evaluation criteria throughout the campaign.
Here are five evaluation criteria to keep in mind for your influencer campaigns! 💡
1. Influence allows you to gain visibility 👀 The criterion to look out for is the post impressions!
When creating your influencer campaign, you will choose influencers beforehand. Depending on the number of followers they have and their average story view count, you can get an idea of the potential number of people reached. Some influencers will agree to send you the number of impressions on each post, but some remain closed on sharing statistics or even lie about their statistics. For this reason, Favikon calculates an impression potential for the campaign and the desired amount of content when creating a campaign.
Therefore, it is essential to assess the expected impressions and then monitor the evolution of the statistics after each publication.
👉 The overall reach of the publication,
👉 Story’s number of views,
👉 The number of likes on your TikTok campaign hashtag,
👉 The number of new subscribers on your brand account.
To avoid being disappointed by an influencer’s visibility, always remember to check the relevance of their audience on Favikon. They may have many fake followers or have an audience located in another country, or just not in the same age range as your target.
Example: If you are a sportswear brand for women and you contact a fitness influencer, make sure the audience is not 70% male. This would significantly reduce the possibility of reaching your objectives.
2. Create a bond: the influencer creates a close relationship between the brand and its followers. The criterion that speaks the most: engagement
You've probably noticed that likes are essential to many people on social media, and your brand is no exception! Of course, it's important to calculate the number of cumulative likes on all the posts of your campaign, but engagement doesn't end with a "like"… on the contrary, it starts with a one.
To calculate a good engagement rate, several data should be taken into account:
👉 The number of "likes",
👉 The number of saves,
👉 The mentions,
👉 The number of times your TikTok challenge is taken up by Internet users,
👉 The number of responses to promotional stories about your products,
All of these represent the different types of quantifiable engaging reactions. By cumulating them and dividing them by the visibility, we find the engagement rate of the campaign.
What matters the most isn't the gross engagement but the amount of engagement relative to the number of people affected.
Example: It is more interesting to have 65 comments on a post that reached 4,500 people than 65 comments on a post that reached 45,000 people.
Fortunately, Favikon does all of these calculations for you!
3. Is your campaign profitable? Where did the budget go? 📈 The criterion that your boss will want to have: the conversion rate.
It's all about the money! Obviously, an influence campaign is also (and mainly) there to increase the number of website visits and propel your sales.
The conversion rate must be prepared in advance to have a good follow-up. It involves creating a personalized promotional code for each influencer, which helps track every sale of the campaign and the effectiveness of each collaboration.
More generally, it is possible to create "tracked" links for a campaign without a promotional code and share them with your influencers for their stories. It allows you to know the updates of the campaign but also which sales are generated from it.
It is imperative to implement these two methods or at least one of them for your influencer campaigns so that you can accurately assess your ROI:
👉 Create a personalised promotional code for the campaign or each influencer,
👉 Give tracked links to influencers that share stories.
4. What is the value of the content produced by your influencers? The new criterion: Earned Media Value (EMV)
The EMV allows you to calculate the impact of your influencers' posts and your brand's success with their community. The EMV can be calculated more globally on your campaign and not only take into account the publications of your influencers but also all the word of mouth that the campaign has provided (Mentions, Repost ...).
A hashtag for your campaign will allow you to follow the progress of the EMV on Instagram or TikTok. It picks up any posts outside of your branded account that mention the hashtag.
The MEV is sometimes a bit challenging to calculate, and some consider it to be purely conceited. However, depending on your goals and your platform, it may be essential.
For example, if you want to launch a campaign on TikTok with a new challenge and your goal is mainly awareness and buzz, the EMV will be essential for evaluating your influencer campaign.
5. What are the benefits generated by your marketing operation? The criterion that every marketer closely examines: the ROI.
To measure the effectiveness of your influencer campaign - and optimise your future marketing operations - you need to calculate the benefits it has produced. To do so, the Return on Investment (ROI) is the most concrete KPI for globally assessing the cost of sales generated by your collaboration with an influencer. This step also helps you analyse the most successful transactions and consolidate your weak points.
To calculate your ROI, you need to measure various key indicators - or KPIs - which will help you acquire an accurate analysis of your marketing strategy's profitability:
👉 The Earned Media Value,
👉 The Reach,
👉 The number of comments,
👉 The commitment,
Via an influencer marketing platform like Trustt's, you will collect all the data needed to analyse your performance and find suitable influencer profiles for your product.
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