When it comes to working with influencers, brands (and influencers alike) struggle with one very simple thing: tracking results – which is unsurprising, really.
Even if performance is still something that marketers are struggling to fully quantify since the metrics are still unclear, there is no doubt that UGC (user generated content) is outperforming brand-created content, showing that being able to witness your products in real life is as essential as your next photo shoot.
Why do influencers need to know their value?
The number of followers is not a viable metric for return of investment anymore.
Influencers will be priced according to their performance in the future, and influencer platforms can help influencers (not just brands) allowing them to see their current engagement and analytics without having to calculate them by themselves.
How can brands measure ROI?
One of the more impressive results from Influencer Marketing Hub survey was the finding that 70% or brands and marketers measure the ROI on their influencer marketing campaigns.
One of the initial complaints we heard from our Whole influence brands was that startups found it difficult to determine an ROI on influencer marketing.
76% of marketers in a Linqia study said that the most significant influencer marketing challenge for 2018 would be determining their campaign ROI (9 Mind-Blowing Influencer Marketing Statistics)
Clearly, with influencer marketing now mainstream, businesses now understand the need to customise their ROI metrics to match their campaign needs, and the ease of having a platform that can guide them to do so.
Engagement rate comes first
I would always recommend looking at the engagement rate first and foremost.
The more engagement, the more reach you’ll get. It’s as simple as that. Engagement is not just great for conversions, but also for genuine conversations and audience insights. It’s incredibly easy to calculate engagement rate – you just need to dust off your math skills.
As a way of comparison, engagement is much higher on Instagram than a platform like Twitter – including a baffling example of accounts with 1,000 followers at an engagement rate of 7.2% on Instagram, compared with 1.4% on Twitter. (State of Influencer Marketing 2019 report).
Media value comes next
If you are looking at brands and influencers to partner with, I’d recommend finding a way to calculate their media value, something we made part of our core benchmarking at Whole Influence, and since its launch in 2019 has been the most effective way to define ROI for our brands – with 82% of brands ranking it as their ROI metric (Whole Influence users report, May 2019).
There are a host of tools for influencers to calculate their media value – and brands can access this number (usually a percentage) via their influencer marketing platform of choice.
On Whole Influence, brands can view full audience data, analyse relevance, define campaign budgets, predict results or post public campaigns. Track results, measure ROI and monitor payments to influencers – all from one simple-to-use dashboard.
Quality of followers
Earlier this year ROHWI, the register or health & wellness influencers, partnered with Hypeauditor to provide the unique opportunity to get an in-depth online analysis of an Instagram account with at least 1K followers in a blink of an eye.
HypeAuditor is the Instagram analytics and fraud detection tool. Nowadays everyone wants to be Insta famous and have hundreds of thousands of followers. But this doesn’t happen instantly.
Popular creators spend months and years working to achieve meaningful results. Meanwhile, others are trying to force the growth of their accounts by using ambiguous methods.
In the best case scenario, you won’t reach the desired goals and in the worst, your account will be flooded with the tonnes of bots, who drop your reach and damage your reputation as an authentic influencer, as well as not be able to deliver the results promised to a brand.
How can influencers and brands avoid metric and data overwhelm?
When you see 750,000 results found on Google you are not overwhelmed. You just click on as many as you want as they are the most relevant ones. The only reason why people are overwhelmed is that they have to use many tools and many metrics and lots of manual work to get to the bottom of which influencers to use.
We all know that “likes” will matter less as paid social will be much more efficient thanks to changes to Instagram algorithms of displaying paid partnership’s posts.
What will matter in the future is finding the most relevant, most authentic influencers. People who can produce genuine or even viral content that is appealing to brands’ target audiences and can be tested on influencer’s audience and if successful amplified through paid social to all users within brand’s target group.
That’s why the future belongs to influencers who have chosen their niche and produces the best content in this niche and Whole Influence will make sure that health and wellness influencers and brands can meet and work together without having to have one single spreadsheet in sight!