The rise of social network platforms gave lead to the creation of new-fashioned influencer marketing. With over 6 billion revenue, influencer marketing is a prominent digital marketing strategy. Although 89% of marketers see influencer marketing ahead of other marketing technics, there are still companies that suffer from finding the right influencers, managing campaigns. Influencer marketing is a complex and long-time process, requiring in-depth research and analysis. Before starting the influencer marketing campaign you have to investigate the quantitative and qualitative analysis of the influencer market. Industry of influencers, numbers of followers, country, demographic characteristics of audience, language, aesthetic of their accounts are essential points to consider. Influencers with a large audience may look a good channel for promoting a product. However, based on the scope, nature of the project, one needs to review different metrics of influencers.
The importance of metrics can be changed depending on your objectives. Below you can find some of mostly used metrics before starting to work with influences.
The preliminary metric that shows influencer’s monetary value is engagement, a sum of likes, comments, shares of posts. The engagement rate is the percentage of the audience that engaged in the post. Depending on the niche, the influencer size engagement rate can be less or more. It is an essential metric to review before deciding to collaborate with influencers.
It is important to check the frequency of influencer’s posts. If an influencer does not share often it means influencer is not committed to their job. Whilst, sharing very frequently may decrease the interest in influencer, thus, affecting the engagement rate.
You need to check branded posts of influencers, to know whether they had worked with your competitors before and also to understand the approach of influencers to the partnership. It may also tell you the quality of the sponsored posts, their engagement.
Cost per post (CPC)
Before asking how much an influencer charge, it is better to estimate influencers’ average earnings per post. Earnings or costs can differ from industry, country, sector, follower number. This is one of the basic pricing options that every business should consider in order to best scale its influencer marketing efforts.
Influencer Media Value
Influencer Media Value is the equivalent of advertising value. Accounts with more engagement and active status generate higher IMV. It tells the maximum value brand should pay for an influencer. If influencer asks more than the value of IMV, brands can switch to less costly channels.
Earned Media Value
We mentioned several metrics for estimating the value of influencer before collaborating. Now it is time for checking metrics for company performance. EMV is gain from unadvertised media, including affiliate links, influencer marketing, blog posts, reviews, mentions. Earned Media Value formula is the product of impression, cost per impression and another factor, which depends on the case. The reason behind estimating EMV is to compare the values you earn before and after the campaign.
As we mentioned, finding the right influencers for your company takes time and a lot of work. For a successful influencer marketing campaign, you need to define your objectives, target consumers, set time for the project, create content, choose a platform, then pick influencers up. After completion of the project, you need to check the above-mentioned metrics again to check the ROI of your influencer campaign what is the benefits to your company, share of voice your company owns.