Key Influencer Marketing Metrics
Collaborating with Influencers is not enough. In order to get good results, you need to analyze the metrics and replicate what has worked best in the future.
Today in the e-Commerce Lab I'm going to talk about the main KPIs of Influencer Marketing, I'm going to go straight to the point as I'm sure you know them perfectly well.
Unlike many other forms of digital marketing, Influencer Marketing requires a previous work of selection of profiles that fit your needs. We call it pre-campaign metrics analysis.
- Engagement Rate: this is the interaction rate of followers on the Influencer's profile. Factors such as likes, comments divided by the number of followers are taken into account. In short, the higher the engagement, the better. WARNING: likes, comments and followers can be bought, so the Engagement Rate can be bought as well.
- Follower Growth Rate: this metric is not often taken into account and, personally, I think it is very interesting. It shows you the monthly growth of a profile, so if you see that it is growing, it means that it is doing well and can be a good opportunity for your brand. In addition, it also shows you if at some point it has bought followers (you will see a peak in the growth). You can see the evolution of any profile in Social Blade.
- Reach: Reach measures the number of unique users that the Influencer reaches with their publications. It is closely related to the Engagement Rate (as long as followers are not bought).
- Impressions: unlike reach, it measures the total number of views a post has had. If you view a post 3 times, it will count 3 impressions, but for reach it would be 1.
- CPM: if you know the fee of the Influencer you are going to hire, you can easily calculate the Cost per Thousand impressions. It is a good indicator to know if the profile is worth it or not. I recommend you to compare it with your Facebook Ads prospecting ads.
There are many other interesting pre-campaign data, such as audience demographics, industry etc. that you should take into account when hiring Influencers.
These are pretty swampy ground for many brands, agencies and Influencers, but luckily not for us. We're talking about real business data, the ones that pay the bills.
- Return on Influencer Spend ROIS: this is the equivalent of Facebook Ads ROAS. It tells you the amount of € you have achieved for every €1 invested in Influencer Marketing. So if the result is a 2, it means that you have billed twice what you have invested (note, billed is not profit, it is different from ROI).
- Conversion Rate (CR): the conversion rate measures the percentage of total visits to your website that end up converting (buying). Of every 100 visits, how many end in a purchase.
- Average Order Value (AOV): in other words, the average cart size. If you use Vendfy™ you will not only know the sales of each Influencer, but you will also know the average turnover of each Influencer in each order.
- Cost per Unique Visitor (CPUV): measure what it is costing you to bring each unique customer to your website. The lower, the better.
- Cost per Order: many people also call it CPA, it tells you how many € you have had to pay on average for each order placed in your store. It is calculated by dividing the total cost of the campaign by the total number of purchases.
- Revenue: total turnover of the campaign or of an Influencer.
You've probably heard of other metrics such as Earned Media Value (EMV), but I won't even mention them, as I don't think they are really relevant to your business. Below you will find an infographic with the main post-campaign metrics we work on at Vendfy™.