Time and again, influencer marketing is touted as one of the most effective means of converting audience hearts, minds and ultimately wallets. In fact, 90% of respondents in a recent survey said they believe influencer marketing is a highly effective marketing medium; however, only 67% are actually measuring the return on investment (ROI) of their campaigns.
You aren’t alone if that percentage stumped you, too. Over 40% are not measuring their ROI. The million-dollar question is why not? In our world, “inability to measure the lower funnel results” and “influencer marketing” simply don’t belong in the same sentence. There are so many tools and tricks available to help marketers track their efforts, there is no excuse not to!
For example, installing an Event Tracking script into your e-commerce platform allows you to measure the efficacy of your influencer marketing efforts. As a result, you’ll be able to monitor if your program is on the right track to deliver on your north star goal. Data points collected can inform which part of the campaign is driving the highest return, including:
- Whether the influencer is the right fit for the campaign and is garnering enough interest from their followers;
- Which specific pieces (and types) of content are receiving the highest levels of engagement;
- How the campaign is performing across social platforms.
Event trackers are far from new.
They’ve been around forever, but applying them to an influencer marketing campaign—especially for a brand with a direct-to-consumer, e-commerce approach—can be an absolute game-changer.
The best part?
It typically takes less than 15 minutes for a developer to layer a pre-developed Event Tracker into an existing campaign. Brands that take the extra step to track their ROI quickly realize the benefits of having the ability to monitor and alter campaigns in real-time. Not only does it prove the value of your marketing efforts, but it helps drive marketing budget efficiency.
Data transparency enables you to assess if your ad spends are driving your bottom line and course-correct them if they’re not.
Mussila, a music app for children, craved this level of data transparency to evaluate the app downloads driven by their marketing efforts. With a team of 8 influencers, they set out to capture the hearts, minds and wallets of parents in the USA and UK who were relatively unfamiliar with the benefits of the application. Beyond compelling content, the campaign boasted a 32% engagement rate and a CPI (Cost Per Install) lower than $4. Perhaps most valuable, the program was able to prove out value in just 30 days, results the CEO of Mussila, Jón Þórðarson, said he was “extremely happy with.”
Other companies have also found success tracking lower funnel results from their influencer marketing efforts. Swiss luxury fashion house, Akris, saw a ROAS (Return on Ad Spend) of 16.44x in 30 days with just two influencers exceeding their goal to drive email subscriptions by 7%.
When brands have the ability to track their influencer campaigns, down to the minutiae they can more accurately assess the cost-benefit of their efforts and drive their bottom line. In turn, this data allows marketers to evaluate whether goals were met, decide if they should develop new strategies and determine future ad spend.
Pairing influencer marketing efforts alongside event trackers is not just a far-off way of the future; it’s the way of the present that more marketers should embrace as data becomes increasingly important to determine the success of campaigns. Given the ease of installation, and benefits it seems absurd to forgo adding Event Tracking to influencer campaigns.
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