So you’ve launched an influencer marketing campaign, working with trusted social creators to reach your customers. Smart move, especially when you consider a recent Deloitte report revealed 47 percent of millennials are influenced in purchasing decisions by social media.
But now that the content is live, how do you know if the campaign is a success? As with any marketing strategy, measurement is critical. As a brand marketer you want to be able to quantify the results and the value of a campaign so you can not only justify the strategy and investment, but also make informed decisions on future ones.
Here are three ways to track influencer marketing campaigns in real time:
1. Unique Promo Codes
Provide each creator with their own unique promo code to highlight in their videos. This offers them a way to personalize the product even more for their audience. We recommend allowing creators to select the name of their promo code, which in turn makes them more apt to promote and share it. While this method may be imperfect, it will give you a great understanding of the sales generated from the code itself as well as the overall reach of the creator.
Pros: Easy to set up and quick tracking. Gives insight into those who are purchasing your product without clicking on tracking links/coming to your site directly. This is also a great way to track sales if you are also looking to drive sales in-store, as it does not require a customer to click a link or go to a specific webpage.
Cons: If codes are “leaked” (posted on other sites/used by others who are not your target audience), this won’t give you a comprehensive view of your campaign and could inflate the results you’re seeing. This method also only gives purview into those who actually convert.
2. Google Analytics Tracking
Append Google Analytics tags for each of the creators you’re working with to provide you with better insight into who’s driving the most traffic, and more importantly, who is converting at the highest rate and driving results for your brand. We suggest using the following parameters when building out your links:
Source = youtube.com
Referral = referral
Campaign = paid_name of your campaign
Ad Content = name of the creator
Using this taxonomy will allow you to bucket all of your YouTube traffic (organic and paid) together in one high-level glance. From here, if you want to break this down into paid/organic traffic, you can add your Campaign as a secondary dimension to your view. You can then drill down further into each individual creator’s performance by looking at Ad Content as a secondary dimension. New to Google Analytics? We recommend downloading the URL Builder Chrome Extension – it’s life changing.
Pros: Easy to set up, and tracks with other marketing campaigns through a single interface. Also gives you a view into all of the traffic being driven to your site via your tracking link, so you can further understand how much of your traffic is actually converting.
Cons: With final click attribution, conversions your video introduced could end up being attributed to other channels in Google Analytics. We suggest using Google’s Attribution Modeling tool to get a better glimpse into the total traffic your videos are driving. In order to track, users must also click on your tracking link, which means a percentage (potentially large) of the conversions your video drove will not be tracked by this method (and attributed to another channel). This method also offers no insight into offline or in-store purchases.
3. Conversion Tracking
To get a better idea of the conversions from a particular video, we offer a tracking pixel – unique to the Grapevine platform – brands can use to track campaign performance. Conversion data mixed with view and click data gives marketers a full 360 degree view of their campaigns. Everything from clicks per view (CPV) to cost per click (CPC) and customer acquisition cost (CAC). This pixel supports actions that occur online as well as mobile devices, and can track conversions, signups, downloads and more.
Pros: This is the most extensive overview of campaign metrics currently available for any influencer marketing campaign online. Regardless of whether a video was an introducer or a closer in the funnel, the action and accompanying metrics will be reflected in the Grapevine dashboard. This data allows marketers to identify the right types of creators for their brand, replicate and scale influencer marketing campaigns easily and successfully. This solution supports both online and mobile actions.
Cons: Installing a tracking pixel oftentimes requires development efforts. This tracking method is also only feasible for those who are driving traffic and conversions to a website or mobile app, and is not a viable option for those looking to track sales in-stores. This view of conversion tracking while accurate, does not account for channel overlap. Therefore, other tracking methods may not align with what is reflected in the Grapevine platform.
As we’ve mentioned before, HuffPost Business recently predicted influencer marketing will climb to 50 percent of 2016 digital marketing budgets for online shopper marketers. In our own poll of existing brand partners, we found 80+ percent plan on growing their influencer marketing budgets this year. As more and more brands take advantage of influencer marketing strategies, the ability to measure campaign effectiveness – so you know quickly what’s working and what’s not – becomes even more critical.
By employing one or more of these measurement tactics, you will be able to validate the benefits of employing creators to reach your target consumers in a more effective and human way. What’s more, you can easily demonstrate how your campaign outperformed goals and knocked it out of the park! Want our final two cents? Use all of these methods for tracking if your business supports it. The more information you have, the better you can track influencer marketing campaigns.
Want more information on tracking influencer marketing campaigns? Contact firstname.lastname@example.org for a demo of the Grapevine platform. #GetSponsored