Influencer Advertising Measurement and Technique I Traackr

Regardless of the scale of your influencer advertising funds, there are often three key challenges to unravel: 

1. the right way to make data-driven strategic choices 
2. the right way to measure success
3. the right way to attribute gross sales 

Under are insights from an interview with Brad Farell, CMO of Beekman 1802. Brad and his crew had been so profitable with latest influencer advertising campaigns that the model turned among the best performing skincare manufacturers on TikTok and offered out two product traces at Ulta. 

You may learn their full case examine right here, however we advise you stick round to learn this piece first!

Problem: How do I take advantage of knowledge to tell strategic choices?

A key studying for Brad and his crew was the right way to make strategic choices based mostly on insights. To perform this, they leveraged Traackr’s Model Vitality Rating (VIT) and influencer advertising benchmark device to know the place the model presently stood and the place they wished to be.  

“Clearly we have a look at metrics every single day like video views and engagements however VIT is our North Star. It permits us to take a step again and perceive the place we’re inside our aggressive set and the way we’re resonating with our viewers. It’s an incredible metric for trying on the massive image.” — Brad Farrell, CMO of Beekman 1802

The crew had used Earned Media Worth (EMV) up to now, however switched to Traackr’s VIT as a result of it wished a metric that was extra clear. In contrast to EMV, which assigns a nebulous greenback worth to a marketing campaign’s outcomes, VIT measures a model’s efficiency in influencers’ content material by creating an mixture rating of visibility (attain), affect (engagement), and model belief (high quality of name point out). Model groups are additionally given the choice to have a look at every of those parts individually to allow them to work out precisely what they should do to get higher and enhance that total rating. 

“Why can we measure something? To get higher. The problem with EMV is that it places a greenback on a metric that doesn’t truly measure monetary worth. For instance, for those who full a $10k marketing campaign and obtain $1M in EMV, that’s shortly seen as ‘we’ve created 1,000,000 {dollars} value of worth’ – however that’s not true. Is that million {dollars} in your gross sales? Is it the worth of your organization? The metric doesn’t measure ROI nor does it aid you perceive what is definitely working.” — Evy Lyons, CMO of Traackr

Via their VIT evaluation, the Beekman 1802 crew realized that VIP influencers had been driving vital affect for his or her rivals. Up till that time, the model had not labored with VIP influencers as a result of their larger charges had been daunting and made partnering really feel like an enormous gamble.

When the crew turned these findings into motion, they had been capable of confidently choose the appropriate VIP companions. The affect was speedy. Brad and his crew noticed a direct affect on gross sales after their two high VIPs, Kat Sticker (@katstickler) and Dr. Shah (@dermdoctor) posted about their merchandise. 

Beekman 1802’s success is proof that we want metrics that give us a clear view into the levers that can assist us enhance. Take heed to Evy clarify VIT and the way it differs from EMV.

Problem: Which efficiency metrics do I measure?

Beekman 1802 solved this through the use of a mixture of arduous and tender metrics to measure completely different targets. 

One in every of Beekman 1802’s largest TikTok campaigns was designed to encourage customers to go in-store to purchase skincare merchandise at Ulta Magnificence. Throughout the marketing campaign, Beekman 1802 managed to get a mean engagement fee of three.06% and a excessive quantity of consciousness for his or her spend, attaining a 3:1 ratio for natural to paid posts. However additionally they offered out two product traces in Ulta Shops, with Ulta staff reporting that each coworkers and prospects talked about seeing Beekman 1802 merchandise on TikTok. 

Cross-referencing these tender and arduous metrics gave the crew a greater understanding of what affect its marketing campaign had on a number of ranges of the advertising funnel (from consciousness to conversion).

Keep in mind that whereas your metrics combine can be decided by your finish aim, metrics also can assist inform the way you construct your marketing campaign. For instance, in case your aim is to make use of TikTok to drive consciousness, then you’ll want to monitor video views, impressions, and engagements. However what in regards to the variety of natural mentions? This has traditionally been arduous to trace, however expertise and intelligent marketing campaign content material could make it simpler (e.g. make-up challenges which might be enjoyable to take part in but in addition have specialised songs and trackable hashtags). 

Problem: How do I measure the affect of influencers on gross sales?

If you’re having a tough time monitoring how influencers are driving gross sales, there are some things you are able to do:

1. Create a time-bound marketing campaign. A lot of these campaigns generally is a dream match for gross sales attribution. For instance, Beekman 1802 labored with magnificence influencer, Laura Lee Watts (@lauraleewatts), to advertise its Milk Drop product characteristic in Ulta Magnificence’s 21 days of Magnificence occasion. The skincare model instantly noticed site visitors go each on-line and to shops which resulted in product promote outs in the course of the occasion. Gross sales may very well be principally attributed to the TikTok posts due to what the crew was listening to on the Ulta shops in addition to an uptick in gross sales after the submit. 
2. Flip your influencers into associates. Though associates have been round for a very long time, partnering with influencers to drive gross sales (not simply consciousness) is pretty new. If you’re creating particular sales-driving campaigns, think about taking a web page out of the affiliate handbook and give your influencers specialised hyperlinks and distinctive codes (with reductions!) to share with their audiences. 

This may all turn out to be even simpler as social commerce and influencer advertising turn out to be much more built-in. Even now we’re seeing influencer advertising platforms embrace social commerce options like affiliate relationship administration and hyperlink monitoring and attribution.