You cannot manage, what you cannot manage. This oft-quoted thesis needs to be printed out and be hung on the wall of every marketing manager. KPIs, key performance indicators, are a vital part of any marketing activity and influencer marketing programs are no exception. KPIs let you measure success, determine the failure of the program, and gives you a clue to go and find any defect that led to the failure of your program. KPIs in marketing and usually categorized into 4 major parts. These include brand lift, customer outcomes, customer value, and attribution. The KPIs related to influencer marketing programs most of the time fall into the attribution category.
Undeniably, reach and impression are the most important and most used metrics to assess any influencer marketing program. They simply mean whether our influencer marketing activities were seen by people in our target audience. Reach is the measure of unique people and impression is the number of times our content was viewed including repetitive views by the same person.
Content can be seen by many people yet have no impact on the audience. Every day that you go out of home, you are exposed to a myriad of billboards and marketing communication signs and only a few manage to grab your attention. In digital media, engagement rate is what can be translated into getting people’s attention. They refer to the number of likes, comments, etc. That our content received from people.
All the above-mentioned KPIs measure your brand awareness in a very indirect way. However, brand awareness alone can be deemed a vanity metric. To better evaluate your brand health, you need to measure your brand perception by people. The evolution of media monitoring platforms can help you do so. They crawl and index any content that has been published regarding your brand. The machine learning techniques gives you a snapshot of people’s emotion towards your brand.
Influencer marketing programs need to be monitored and measure against some useful KPIs to give you a sense of the impact of your activities. In this article, I have pointed out 4 commonly used KPIs to help you measure success.