As per a study, influencer marketing is considered effective by 80% of marketers, making the need to calculate influencer marketing ROI critical.
With influencer budgets ranging from $1000 to $10,000, businesses of all sizes can use influencer marketing to reach their prospects. Marketers are required to accurately calculate influencer marketing ROI to analyse the effectiveness of individual campaigns.
First, set realistic campaign goals and objectives, like brand awareness and brand advocacy. Having done this, companies can effectively plan the content, its format and distribution. The objectives should be tied to measureable metrics and tracking deadlines. For example, track sales growth within two weeks of launch.
Be specific about goals and know the performance metrics for each influencer. Consider factors like engagement rate, total impressions, revenue, conversion and total clicks to landing page. Marketers can also use influencer tracking platforms like NeoReach and Grin to automate tedious processes.
[4 minute read]