Using Sales to Measure Influencer Marketing ROI
In 2016, an average influencer marketing programme campaign cost marketers between £20,000 and £40,000. The expenditure was expected to double this year.
But, for marketers, proving ROI on influencer marketing is one of the biggest challenges by brands and influencers alike.
Econsultancy’s James Collins has published an article on using sales to measure influencer marketing ROI. The article focuses on raising awareness and reaching new customers, engagement, sales and conversions etc.
On measuring engagement, Collins says, “Web traffic in general – whether that’s from new or existing customers – is still a common indicator of success for influencer marketing, with The Rise of Influencers report showing that 79% choose it as their most important metric. But how much can just looking at amounts of web traffic really tell you? Not a lot. It’s the action that consumers take once they visit your site that’s truly important. How long do they spend on your website? How many different pages do they visit? Are they visiting high value areas of your site, or did they just bounce and disappear? Measuring the onsite activity of those people referred by influencers gives more meaningful engagement metrics.
Measuring engagement is about measuring the impact of your influencer marketing beyond sales and comparing it to other types of marketing. This type of measurement is particularly pertinent for retailers that don’t rely on ecommerce – for example, household brands stocked by supermarkets”.
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