Essential Tips for Marketers to Better Measure Influencer Marketing ROI
So – either you’re already running a social media influencer marketing campaign or thinking about how to take the first steps to move forward into this trending form of advertising. Well, in either case, you’re definitely wondering about the best way to measure actual ROI for your influencer marketing campaigns. How you specifically measure ROI also depends on the actual goals and KPIs for the campaign – however, realizing and calculating projected and actual ROI is a key component to the success of any influencer marketing campaign. Let’s not hesitate any further and go ahead and see how ROI can be measured effectively.
Tracking ROI with Affiliate Links and Promo Codes
Affiliate links and promo codes are one of the most effective ways to accurately measure campaign performance. With affiliate links, ROI can be monitored and calculated through sales conversions made by consumers clicking on a URL within the influencer’s post. The influencer can then be paid on a cost-per-action basis and factored into your ROI calculations. Unique affiliate links can also be assigned to each individual influencer – therefore tracking and measurement of campaign success for each influencer can also be traced. Besides ROI, having this data available can also help you to determine whether or not you want to use a specific influencer again in the future.
Another great way to monitor and track the impact on ROI for a particular campaign – especially in sale or promotion periods – is providing a special coupon or promo code to accompany each influencer’s content post, allowing you to track who is converting on your site, and which influencer drove that user onto the site. As a result, each time a consumer makes a purchase of the product by using the promo code, that particular promo code is used to link the purchase to the influencer. ROI estimates can then be traced and calculated for campaign result reporting. Generate up to 1,000 FREE coupon codes with this free tool, by clicking here.
Ultimately, the gist of what we’re trying to achieve here is to tag the source of traffic or conversion. By combining affiliate links and promo codes with your tool of choice for website analysis, you can then effectively measure the ROI that influencer marketing brings to your brand or company.
Image credit: Jirachaya Chumpraman
Isolated Influencer Marketing
Another way to track ROI, “isolated influencer marketing” can be another approach to consider leveraging upon. But what exactly is isolated influencer marketing? In brief, isolated influencer marketing is a method used to measure an influencer’s direct impact on sales, independent from the time or place the purchase takes place.
Basically, you will only implement influencer marketing for a particular product, in isolation from all other marketing activities. Isolating a specific product while only leveraging upon influencer marketing will allow you to track all sales related to that product from the influencer marketing campaign. Isolating influencer marketing campaigns allows you to track sales and ROI throughout the entire funnel and provides accurate results for statistical reporting.
Implementing the above-mentioned strategies along with some expert advice and assistance from a reliable influencer marketing solution such as CastingAsia will not only allow you to better track ROI in real-time but also ensure that you are marketing your brand with quality influencers. Our reporting dashboard allows you to track and measure the impact that your influencer marketing activities is bringing to your company. Reach out to our professionals today and see how CastingAsia can transform your business.