Today’s modern marketer has a whole arsenal of inbound and outbound marketing strategies and tactics to choose from, making it more important than ever to be able to measure the effectiveness of everything that you do. In the battle for marketing dollars, campaigns and programs that can prove positive impact and ROI get more funding–the rest will fall by the wayside.
But while it’s easy to measure tactics such as email marketing, paid content syndication and PPC campaigns, calculating the real value of your influencer marketing efforts can be more challenging.
Why is that? One reason—there are a ton of metrics that can be measured, and each one tells only part of the story. So it’s important to hone in on the metrics that matter most to your business. Also your blogger outreach and PR activities are ongoing in nature, as opposed to campaigns with a discreet start and end date, so you need to make sure you’re monitoring the key metrics that you’ve chosen—such as web traffic, conversions, mentions, engagement, and audience growth—over time.
Keep up a steady drum beat of outreach activity and you will be able to plot the growth of those key metrics monthly, quarterly, and beyond to get a clearer view of the real impact of your programs.
So how exactly do you attribute the growth in these key metrics to your blogger outreach and other PR efforts? And how do you put a hard dollar value on what you’ve achieved? Here are a few ideas to get you started:
Use web analytics to track traffic from referrals
Run reports from Google Analytics (or your chosen tool) that show where your web traffic is coming from. You can then compare the domains from that report to your outreach list.
Measure conversions from your blog posts and content
While tracking web traffic is great, what most marketers want to know is how many leads, sales or other conversions we’re driving from a particular tactic. To get this crucial piece of information, you can create tracking links for each post or content piece that you share with your influencer network, and you can make those tracking links unique by influencer.
Next, set up the goals you want to measure. Goals can be form completions, document downloads, e-commerce transactions, newsletter signups, or other actions that mean something to your business. It’s then easy to run reports over any time period that show goal conversions by unique tracking link.
Assign a dollar value to your goal conversions
Okay, so we now know how many web visits and conversions our blogger outreach and PR efforts are generating, but what’s that really worth to your business? In Google Analytics you can easily assign a dollar value to each type of goal conversion you create, such as $25 for an ebook download or $500 for an email signup. These numbers will vary for each business, but you can start by looking at your sales funnel metrics.
Monitor mentions and social engagement
To round out your influencer marketing reporting, you’ll want to include some key social metrics. There are lots of social media monitoring tools out there that allow you to measure the amplification of your message, audience growth, and level of engagement with your content and brand across the plethora of social media platforms. The key is to look for tools that also make it easy to see who is sharing, liking, and promoting your content so you can connect the dots between the results and your outreach efforts.
If all of this sounds complex and time consuming, never fear. There are solutions out there that make it easy to get a holistic view of the effectiveness of your blogger and PR outreach programs. After all, that’s what we do here at GroupHigh, and our influencer marketing solution helps you calculate the ROI of your influencer campaigns and provides a one-stop alternative to multiple tools from different vendors.
Learn more about how to set your influencer marketing programs up for success by reading the Influencer Marketing Planning Workbook.