Understanding the metrics that brands are looking for in influencer marketing
We know brands and advertisers are searching for more ways to partner with influencers and tap into the audiences they’ve worked so hard to create. But what metrics and traits are brands really looking for when it comes to selecting the right influencers? Let’s start thinking like a brand.
Overall Reach and Content
You already know that just because you have a HUGE following, doesn’t mean you are a good fit for a specific influencer marketing campaign or that you will have the ability to influence action on a specific topic—and brands are starting to understand that. The value and power of quality content is becoming widespread knowledge. So brands want experts that are creating not just good content, but content that’s engaging to their target audiences. If you have content that’s quality, relevant and engaging to your fans, you’re a great fit for the right brand.
That being said, brands are still paying attention to numbers. Here’s what you need to know:
1. Brands are now looking at ALL of your social media reach, not just your blog. Make sure you have at least one social vehicle with high reach and engagement, and display it prominently on your blog.
2. Make it easy for brands to see who your audience is and what your blog is all about. Don’t try to be everything to everyone.
3. When deciding what your rates should be, make sure you’re backing it by a tangible metric. One good example is CPM or Cost per thousand views. This metric is tied to impressions and reach, and could easily be calculated based on your current blog metrics and social following.
Advertisers love influencer marketing, but at the end of the day they need tangible numbers. Advertisers use a few key metrics to track results and determine whether the campaign was a success.
- Conversions: This is probably the most important metrics for brands. Whether it’s sales of their products or an email address for re-marketing—conversion matters. If the brand is asking you to push special offers or drive to a lead generation form, they’re most likely tracking conversions. Ask if they have tracking tags you can add to your content in order to enable conversion tracking.
- Click through rates (CTR’s): Influencer marketing has incredible CTR’s compared to other digital channels. Even when comparing sponsored influencer content to Facebook Advertising—one of the highest CTR’s today—influencers win. Current FB Advertising CTR’s range from .5%-2.2% and what we’re seeing for influencer marketing? 3.5%+. Make sure you’re tracking CTR’s on your sponsored content and if your rates are higher than 2%, share that metric!
- Cost per thousand views (CPM): Influencers offer a great vehicle to build awareness and reach. If the advertiser is purely looking for brand awareness, they’re probably tracking CPM. A good range for affordable CPMs are $6-$10. You can use your blog post following and social media metrics to determine CPM.
- Cost per click (CPC): Some advertisers are looking to purely drive traffic to their site. Cost per click is a great metric for tracking this goal. A good average cost per click would be anywhere from $1.30 to $5 depending on the brand.
- Social engagement: Some advertisers are looking for more engagement and conversions on their social channels. They’re tracking share of voice, brand sentiment and increased traffic to their branded social media pages. Increase in share of voice and brand sentiment is a great metric for influencer marketing and is directly affected by the great content you’re creating.
Ultimately, if you want to leverage your influence by partnering with brands, you’ll have to learn how they’re measuring a social media campaign’s success. The more you understand how brands are measuring success, the more you can execute successful campaigns that result in more campaigns, clients and income.
Do you have any experience with these metrics? Tell us what works for you.