In order to get the most from your influencer marketing campaign, it’s essential to set specific targets you hope to reach.
If you’re new to this type of marketing, it’s difficult to know exactly what to expect. Sales are the ultimate goal, but how will you get there, and how can you track what is ultimately the cause of increasing sales?
Before you begin setting expectations, it’s important to understand which metrics can be tracked to evaluate Influencer Marketing ROI, and which are still difficult to nail down in this style of campaign.
Here are some goals to keep in mind as you set the intention of your campaign:
Cost Per Impression or Engagement
When calculating the cost per impression or cost per engagement in an Influencer Marketing campaign, it’s important to remember that the result is just for a 30-day period. In other types advertising, such as banner ads, that result would be final. Influencer marketing is unique in that the content, or advertisement, will continue to draw new views and engagement for years to come.
We find this especially true to content tied to a season or event, such as Christmas or back-to-school. Influencers reuse ever green content to provide followers with information year after year, meaning the content featuring your product will continually attract new readers.
To start with a baseline, ads on Facebook and cost $0.19 per 1,000 impressions. Google will run $1.44 per 1,000. A average cost for a magazine is $6.98, and broadcast TV is $10.25.
Influencer marketing has an average cost of $5.25 per 1,000 impressions. The cost per impression in an influencer campaign will vary depending on which influencers are chosen, and whether they are chosen for the size of their audience or for being in a specific niche. The more specific the the niche (for example, a gluten free blogger as opposed to a general recipe blogger), the more expensive a campaign might run, but it’s also expected to help better reach the brand’s target audience.
In other types of advertisements, “engagement” is measured by click-thru-rate. Since this is overall very difficult to track in influencer marketing, a better way to measure engagement is by how many individual are commenting, liking, or reposting content.