Measuring the success of influencer marketing can be a tricky idea. They are often measured against the metrics which have not been updated since the change in marketing. We can clearly call these metrics misaligned to reality as has the change in Influencer Marketing Measurement. Earlier there was a call to align the concept of Earned Media Value (EMV) which comes from Advertising Equivalency Value (AVE). This is one such conversion technique to convert a ‘like’ into a dollar or give the stats a dollar value. It is simply comparing to measure the success in terms of value and money. Influencer marketing measurement has since come of age.
Issues arising going with Traditional Influencer Marketing Measurement
There can be two separate but relating aspects which arise if we attempt influencer marketing measurement with the Process of EMV –
- Devising and equating pricing for ad placement and influencer’s social content cant be same. These two have huge and gross indirect differences which cannot be brought under one clause.
- Why do the brands come towards the social media influencers? Because their traditional ad formats and ad placing is not working. So, using the analogous price of an ad placement on a social network is not justified. It is also not justifiable to add a proxy to the value of a post of influencer on the social platforms.
This mismanagement in measuring the influencer’s influence on the brands have taken a hit on the consumption of ads as well. These two issues will amplify each other leading to bad business decisions, sometimes monumental. So, the brands using these old metrics severely limit the scope of their program. They also prevent the teams from improvising and minimizing the impact of influencer marketing internally. Here are some of the initiatives to measure the influencer marketing globally using present trends. As per Brian Solis, Principal Analyst, Altimeter,
“The tactics and metrics of the past no longer align (if they ever really did) with how people are influenced and make decisions.”
You must Have a Clear-Cut Business Goal for Influencer Marketing Measurement
To have a proper working relationship with influencers, your company needs to have a clear-cut influencer strategy. You must understand the actions and behaviors impacting your business while having the trends in mind. If you have these in a strategical manner, the influencers can provide immense value to the brands with their excellent content. They can prove excellent to bring engagement to your brand while managing reputation, expanding brand awareness, increasing advocacy and reaching new audiences. They would drive lead generation and improve sales conversion as well. While you can judge their performance through their impact and generation, the metrics and KPIs should depend on the program goals.
As per Richard Bagnall, Chairman of AMEC and CEO of Prime Research UK,
“A simple one size fits all metric doesn’t work. The solution has to work in all scenarios, be meaningful and credible, relevant and appropriate while speaking to organizational objectives.”
Build your custom Influencer Marketing Measurement Matrix
The model is an inspiration for AMEC integrated Evaluation Framework and made to measure the influencer influence. Here you can create your own custom measurement matrix and align it with your influencer marketing program. Check out the ways to use this matrix –
1: Start with the goals of your influencer program, working backward from your desired outcomes.
2: Define output objectives and input targets that you need to reach your goals.
3: Strategize the activations you need to implement to achieve these.
4: Build your timeline, set your monthly, quarterly, and yearly targets and go!
5: Track results against targets, learn, iterate and achieve success.
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