Understanding Influencer Analytics
When it comes to influencer marketing, there is an art to striking the right balance between establishing an authentic partnership and getting a meaningful ROI. Understanding influencer analytics will make all the difference!
Whether you’re an influencer marketing expert or novice, odds are one of the most challenging parts of your job is determining a meaningful ROI from your partnerships. While there are numerous different ways to measure ROI – from sales conversions to follower growth (brand awareness), understanding influencer analytics will help you best identify influencers to partner with in order to grow your brand.
There are a few key performance indicators to look at when considering which influencers to partner with. These are engagement, reach and relevance. Hands down the most important metric to look at is an influencer’s engagement – this will tell you how active and interested their audience is. A quick and easy way to gauge this is by looking at the number of likes their posts get, and then divide that by their following. Generally, a good engagement rate for an influencer with 50,000 to 100,000 is just below 2%. While that may seem low, you have to consider their massive following – as the influencer’s follower count increases, their engagement will typically move in an inverse relationship. That’s one of the reasons we believe so strongly in the power of micro and nano influencers: while small in following, they are mighty in engagement!
Reach is another key factor to consider. For the purposes of influencer analytics, reach refers to their number of followers, a good indicator for how many people will see posts they create mentioning your brand. This is especially important when considering brand awareness – if this is your main objective, you’ll want as many eyes on your influencer’s content as possible.
The last data point you’ll want to look at is relevance. While more subjective than engagement and reach, this refers to how aligned the influencer is with your brand’s aesthetics, values and messaging, and also provides some insight into what their followers expect from them. You want to make sure that your brand is aligned with their brand. For example, if you’re a luxury beauty brand, you might not see the best ROI partnering with an influencer who primarily works with drugstore beauty brands, even if she has great engagement and a huge reach. Not only might it not feel authentic, it simply isn’t what her followers expect from her.
So next time you’re vetting influencers, make sure to examine their engagement, reach and relevance for the best possible ROI from your campaign.