Measuring Sale Impact of Influencer Marketing
In the modern age of digital marketing, influencer marketing has emerged as a powerful tool for businesses to connect with their target audience and drive brand awareness. However, as marketers invest significant resources in influencer campaigns, it becomes essential to measure the sales impact and evaluate the return on investment (ROI) generated.
In this blog post, we will delve into the world of measuring the sales impact of influencer marketing, exploring key metrics, tracking mechanisms, and best practices for data-driven decision-making.
Measuring Sale Impact of Influencer Marketing
Importance of Measuring Sales Impact
Gone are the days when influencer marketing was solely about brand exposure and follower count. Today, businesses need concrete evidence of the sales impact generated by their influencer campaigns. Measuring sales impact provides valuable insights into the effectiveness of marketing efforts, optimises strategies, and justifies budget allocation. By quantifying the direct correlation between influencer marketing and sales, brands can make informed decisions to maximise their returns.
Key Metrics for Measuring Sales Impact
To accurately measure the sales impact of influencer marketing, businesses must identify and track relevant metrics. Conversion rates, revenue generated, number of promo codes being applied, and number of orders, are some of the primary metrics that allow marketers to gauge the success of their campaigns. By analysing these metrics, brands can understand how influencers impact their sales funnel and make necessary adjustments to drive higher conversions and revenue.
How Can Brands Track the Sales Generated from Influencer Marketing
Robust tracking mechanisms and analytics tools are fundamental in capturing and analysing the data necessary to measure sales impact. Utilising unique discount codes, affiliate or unique links enables businesses to track and attribute sales directly to influencer campaigns. We’ll delve into each of these to find out how brands can track the sales results generated by each influencer using these methods:
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Using Unique Links to Track Sales Generated by Influencers:
Using a unique link or affiliate link allows brands to attribute where visits and sales originate. To create a unique link for tracking, simply use the Google Campaign URL Builder to add UTM tracking parameters into your landing page. UTM stands for “Urchin Tracking Module”. It is a portion of text added to the end of a URL that enables you to track visits to that URL.
The table below shows how brands can track the website traffic generated from influencers who publish a few content featuring spring fashion outfits on different social media platform for April 2022 sales campaign:
Type of UTM Parameters |
Description |
Example |
Source |
The origin of the traffic |
instagram, Instagram_stories, facebook |
Medium |
The general category or type of traffic |
social |
Campaign Name |
The name of a specific campaign |
2022-apr |
Term |
This is optional but you can add in to include more data for analysis |
video01, story01 |
Content |
This is to differentiate post content created by influencers |
influencer-sherriashlee, influencer-natalie |
Insert these details to generate the unique link. Once the brand has done this, the unique link can be shared with influencers to be posted to their followers. For example, the influencers can embed the link via an Instagram Story Link Sticker to boost traffic and sales.
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Using Promo Codes to Track Sales Generated by Influencers:
Using a unique promo or discount code personalised for each influencer is a great way for ecommerce brands to track the sales results individually. To differentiate the multiple promo codes made for each influencer, brands often customise the codes based on the influencers’ names (e.g. “NATE10” for Influencer Nate). After the campaign ends, brands can then track the usage of these promo codes and the sales generated from each influencer on ecommerce softwares (e.g. Shopify and Magento) or analytical softwares (e.g. Google Analytics).
How Can Brands Select Influencers to Get More Sales
To measure the sales impact of influencer marketing, evaluating influencer performance is essential. It involves assessing various factors such as audience engagement, reach, authenticity, and alignment with the brand's target audience. By analysing these aspects, businesses can identify high-performing influencers and build long-term partnerships that consistently drive sales and deliver results. By using StarNgage Pro’s Creator Discovery Tool, you can check out influencers’ follower counts and engagement rates before reaching out to them.
Best Practices and Recommendations
To measure the sales impact effectively, businesses should adhere to best practices and implement recommended strategies. Setting clear objectives, aligning with influencers who resonate with the target audience, utilising advanced analytics tools, and continuously optimising campaigns based on data-driven insights are some essential practices that drive success in measuring sales impact.
Check out this link if you’re looking for the best practices of using unique link to track the traffic and sales results!
In A Nutshell
By unlocking the power of data-driven decision-making, brands can unleash the full potential of influencer marketing and drive meaningful sales impact. With proper analysis of their influencer marketing campaigns, businesses can forge stronger connections with their audience, increase conversions, and maximise ROI. Embrace the data-driven approach to influencer marketing, and unlock new opportunities for success. Contact us if you need more advice on how you can track your influencer campaign’s results!