What are the important KPIs to track for successful influencer marketing?

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So first, we're going to look at the key influencer marketing measurement benchmarks that brands need to consider when assessing the effectiveness of their influencer marketing campaigns.

1. Reach and engagement metrics
Reach, visibility, and engagement metrics are important indicators of the success of an influencer marketing campaign. Reach measures how many people have engaged with a brand’s message through influencer content. Engagement measures how much interaction the audience has with influencer content , such as likes, shares, comments, and clicks. To measure reach (and therefore visibility) and engagement, brands can use tools such as analytics platforms or social media’s built-in analytics tools to track the number of influencer followers, the number of impressions their content gets, and the level of engagement for each piece of content.

2. Conversion rate (CR)
Conversion rate is an important, if not the most important, metric for brands to measure the success of their influencer marketing campaigns. CR measures the percentage of people who took a desired action, such as “making a purchase” or “signing up for a newsletter,” after viewing influencer content from your campaign.

Sounds complicated? But it’s not and it can be translated very easily into numbers and concrete results. To measure the conversion rate, brands can use tools such as Google Analytics to then track the traffic on their website or landing page and the number of conversions generated by influencer marketing campaigns.

3) Return on Investment (ROI)
ROI is a metric that measures the financial return on a brand’s investment through influencer marketing. First of all, it is a simple equation, since the costs of the influencer campaign and the revenue generated by the campaign are offset.

To calculate ROI, brands can use tools like ROI calculators , which take into account campaign costs, the number of conversions generated, and the revenue generated by those conversions. While we’ll get to this later in this article, we also invite you to read the article on how to uncover hidden costs and make your influencer marketing more effective.

4. Brand awareness
Brand awareness measures the extent to which a brand is recognized by its target group . Influencer marketing can be an effective way to increase brand awareness and reach new target groups. To determine the degree of brand awarenes partners email database s among its target group before and after the influencer campaign, you can use tools such as surveys or social listening tools .

Still wondering what strategies you can use to build brand awareness this year? Then read the guide to building brand awareness in 2023 on Kolsquare's influencer marketing blog.

5. Audience demographics
Influencer audience demographics can help brands better target their marketing efforts. Especially when it comes to defining your goals, it is important to know and compare as precisely as possible the age, gender, location and interests of your brand's target group and the influencers you want to collaborate with. Do you want to expand your audience and/or do you know exactly who you want to address with a specific campaign? By analyzing demographics, brands can determine which influencers reach their target group most effectively and optimize their future campaigns accordingly.

We find that measuring the success of influencer marketing campaigns is essential for brands looking to maximize their ROI and improve the effectiveness of their marketing efforts. By following these best benchmarks for measuring your influencer marketing , brands can gain valuable insights into their audience, optimize their campaigns, and achieve better results.