When conceiving an influencer marketing campaign and its ROI (Return on Investment), there are several variable metrics to consider in order to optimize it. It all starts with the consumer’s journey; that is, the entire consumer purchase decision process from the moment you get to know your brand until the product is purchased.
In the map of this process, there are three vital phases: Reputation, consideration and conversion.
In this sense, a brand can work on becoming public, making itself known in the world and gaining an audience. You can also focus on getting reactions. Create a relationship and establish contact with your audience in order to understand who your potential customers or buyers will be. Finally, a greater concentration on converting the public that already knows and has interacted with the brand, transforming an interest into a purchase. Basically the achievement of the initial objective.
Given what has been said, it will be a logical leap to say that when conceiving an influencer marketing campaign and in order to obtain the best ROI, different metrics should be measured depending on the campaign’s objective.
In a AWARNESS CAMPAIGN, the Key Performance Indicators (KPI) will be “Cost per 1000 Impressions” and “Audience”. In the first one, we will know the amount to be paid every thousand times the campaign is displayed. On Instagram, it will be the times that it appears someone’s feed or story format. In the second, we have the total number of people reached with the campaign.
For a CONSIDERATION CAMPAIGN, the KPI that will be of interest is “Reactions” or engagement if you will. This means that all reactions to posts will be measured, from likes, comments, shares, retweets, etc.…
A CONVERSION CAMPAIGN has two considerable KPIs, “Conversion cost” and “Total budget spent”. These metrics will tell you what the value is for each conversion: how much it cost each time someone achieved the goal set for the campaign. Be it filling out a form or purchasing the product. The objectives can be the most diverse.
These are some of the metrics that SKORR allows you to control in order to improve your influencer campaigns performance. If you want to try with low cost and complexity these type of campaigns or if your business is already using this approach but needs to improve its performance, go to https://skorr.social/ and ask for a Demo of the Skorr’s Social Hub.
Find out more about influencer marketing and how to score better with SKORR: Download the new app or learn more about how Skorr can help your company.