Not long ago, the idea of “influencer marketing” was a marginal consideration. However, in recent years, there has been a gradual shift in the way agencies approach influencer marketing, with more businesses adopting influencer-driven marketing strategies.
Sadly, unlike other marketing techniques, there is no quick and easy way to evaluate the success of this marketing approach.
The parameters involved in this new type of advertisement remain for the most part a mystery for many companies. Without proper parameters, there is no way to know how successful a campaign is.
Fortunately, Iron Funnel experts have decided to share their expertise on how companies can calculate their ROI for influencer marketing campaigns.
Request Regular Reports
You can provide influencers with unique codes or affiliate links to track all purchases that directly come from their efforts.
Include coupon codes to monitor direct sales of the collaboration. Also, remember that all links are valuable and can assist in contributing to SEO.
Create Separate Affiliate Links
You can make a separate affiliation link only to give the influencer that will track clicks, abandoned carts, email captures, or sales. Or you can take out a special edition of the product run just for this collaboration with the influencer and bring them out to their audience and see how it performs.
Utilize Unique Codes
Make an effort to distinguish prospects or customers generated by your influencer with something like a promo code or a special product only available to these subscribers or followers.
Keep an Eye on Tracking Links
It is essential to create customized tracking links for each influencer you will be working with — This way, your business will be able to analyze the performance of every influencer involved in a campaign and calculate actions like CPC.
Determine Your Desired Outcome
Before communicating with influencers, set your goals and target the influencers with proven results that meet yours.