Influencer marketing is now a mainstream communications channel. One report forecasts that the global influencer marketing industry could be worth as much as $10bn by 2020.
With increased influencer marketing spend comes a greater need to demonstrate value ROI. This means accurate data and robust, independent campaign performance evaluation.
Comparing the right data
The economic value of content is zero unless it is seen, shared and acted upon. Various metrics and methods can be used to define influencer marketing success depending on the campaign objectives set during the planning phase.
A selection of influencers with different messages can be used at different stages of the sales funnel - awareness, consideration and decision, depending on the call to action appropriate for that phase.
Consumption metrics tell you how many people viewed, downloaded, or listened to the influencer’s content. Marketers often turn to:
- Page views
- Video views
- Number of downloads
- Share of voice
Consumption metrics are a good place to start, but they are not the definitive metrics for influencer marketing. Marketers have learned that success doesn’t always equate to ‘big numbers’, but rather relevant numbers in terms of reaching a defined, target audience.
Engagement metrics provide an indication of how hard the content is working for your brand. Engagement metrics include the number of likes, shares, and, importantly, comments - both in number and quality.
Ultimately influencer marketing is founded on an influencer’s ability to change the behaviour or opinions of an audience. Decision metrics measure the degree of success in driving your target audience towards a decision. For example, how many additional online and offline sales the campaign generated, or how the sentiment of share of voice has shifted.
Removing the ‘what ifs’ with influencer marketing benchmarks
Consumption, engagement and decision metrics only get you so far. Without industry benchmarks brands still have no idea what their campaigns’ performance means in the context of the broader market.
What if, as an agency, your client is a travel aggregator who has asked you to produce an influencer marketing campaign on Instagram. The work goes ahead, but your client is disappointed with the results. The campaign has generated an engagement rate of 2%.
Equipped with relevant data you can respond that the latest benchmark for sponsored posts in the Travel vertical on Instagram (August 2017 - October 2017) is 1.6%; your campaign outperformed the average by 25%.
Let’s say you work with a high street fashion label. Benchmarking sponsored content against organic content shows that a love of the outdoors holds true for the Fashion & Style vertical. Within the vertical, there is an equal 50:50 split between posts shot indoors versus outdoors in terms of the volume of posts created. However, posts shot outdoors tend to outperform those shot indoors by around 33%, according to CampaignDeus benchmark figures.
What if, as a marketer for a yogurt brand, you could suggest to influencers that they shoot your campaign in the park rather than in the kitchen or studio? CampaignDeus data find sponsored food posts shot in a park outperform the average sponsored food post by 20%.
Influencer marketing benchmarks with CampaignDeus
Benchmarks help you compare your influencer marketing performance against your competitors and the broader industry. This data can guide you at the creative brief stage and provide insight when evaluating success after the campaign.
Influencer industry benchmarks will become an essential part of a marketer’s toolbox as the channel continues to grow over the coming years.
The CampaignDeus database is the largest and most granular in the industry. Brands and agencies are using it to understand how their campaigns have worked and to make their future campaigns more effective.
We’re able to provide all of the data, along with firm recommendations, to brands, agencies and media companies in the UK. Get in touch with us here to learn more.
Scott Guthrie works with companies to drive business growth in the social age through strategic insight and technical know-how. A former digital director of influencer relations at Ketchum, Scott is now an advisor at CampaignDeus. You can find Scott on LinkedIn and Twitter, or on his blog.
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