Three letters that seem to be at the top of everyone’s mind when it comes to measuring the success of influencer marketing programs: ROI, or return on investment {we prefer return on INFLUENCE} is a hot topic for good reason. When you invest money in a marketing tactic, you want to know how that investment moved the needle for you company. While there isn’t an exact formula for measuring your return, there are several things that can be done on both the brand and the influencer side to make ROI more tangible.

FOR BRANDS

  • Communicate your goals with the influencer when negotiating the partnership. What are you hoping to achieve by working with the influencer? How can you set the influencer up for success by providing the right materials for them to communicate your messaging in the clearest and most engaging way possible? Do the strengths of the influencer match up with what you are asking them to do? Your goals could be increasing your social following, changing the conversation on a specific subject matter, creating beautiful content, or inspiring people to get back in the kitchen. Making sure you have the right influencer/brand fit and that you’re able to clearly communicate these goals with the influencer will set you up for success when it’s time to measure how well the program worked.
  • The best measurement combines analytics + intangibles. Some of these goals are more measurable than others, for example, you might want to measure your social following on Instagram and sales lift at the store level before and after the campaign {analytical-focused}. You also might want to measure the conversation between the influencer and their fans or the quality of the content developed {intangible-focused}.  If we’re able to combine both of these measurements, one that’s more of a hard science than the other, then we’re able to paint a full picture of what success looked like.
    • Examples of analytical measurements: social followers, pageviews on the blog post, likes/comments/shares on social content {helps generate an engagement rate}, impressions across social platforms, in-store lift {if applicable}
    • Examples of intangible measurements: screenshots of reader/follower comments and conversation, capture specific pieces of content that the influencer produces {photos, videos, etc.} and shares by other bloggers or media outlets

FOR INFLUENCERS

  • Ask questions and clarify expectations before the contract is signed. We recommend getting on a phone call with the brand or agency as it’s often the quickest and most personal way to communicate {so much can be lost via email}.
  • Make sure you can deliver on the brand ask. If you can’t, explain to the brand why their ask will not resonate with your readers/followers and suggest a different way of working together that has proven to be successful for you in the past. At the end of the day, don’t be afraid to say no if something isn’t the right fit! Brands want this to be successful as well and it shows them that you value successful partnerships. It could lead to work down the road that is a better fit.
  • Provide metrics within two weeks of the content going live. Provide a combination of analytics and intangibles that deliver on the brand goals that were stated in the beginning. If you went above and beyond for the campaign, make sure to share those things! This is your time to toot your own horn, so don’t be shy.
  • Ask for feedback. When providing the brand with the metrics of the partnership, ask them questions about what they felt like was successful and what could be approved upon. Constructive criticism makes us all better partners in the end. This is also a great time to pitch working with the brand on a long-term basis. You’ve proven you’re a great partner and the right fit for their audience, so ask if you can provide a proposal for partnering over the next few months. This gives them something to react to and can be a great way to solidify work.

Reporting on the ROI of your influencer marketing programs can’t be a one size fits all approach. Each partnership is different and must be treated as such, but hopefully this gives you some insights as to what can be done on both the brand and the influencer side of things to ensure that we’re working together to create successful partnerships. Need specific feedback on how you’re measuring ROI or reporting on ROI from either the brand or the influencer perspective? Don’t hesitate to drop us a line via email (info@wellevationhq.com) or on Instagram (@wellevationhq).

We’d love to hear from you! What’s worked for you when measuring the success of your influencer marketing programs?

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