Do you know your Instagram influencer marketing ROI?
Mediakix found about 53% of digital marketers do not know how to measure influencer marketing performance and ROI.
How can you tell your Instagram influencer marketing strategy is performing as you’d hoped it would?
You can measure it.
In fact, there are several ways to do it.
But before delving into that, it is important to lay it right out the gate.
Influencer marketing is profitable. About 86% of marketers used an influencer marketing strategy in 2017. And 39% reported they were increasing their investment in influencer marketing.
Instagram and YouTube lead the influencer marketing industry. But how do you measure a return on your IG influencer marketing costs? What factors to use to quantify influencer marketing ROI?
Some performance metrics are easy to see in motion.
Campaign impact signals such as increased followers, growth in the number of service or product users, traffic spikes, and impressions are relatively easy to track.
But influencer marketing goes beyond that.
Here are a couple of ways to measure Instagram influencer marketing campaigns performance in 2018 and beyond.
1. Conversion Rate
While this used to be tough because IG only allowed brands to have just one clickable link in the business account’s bio, that has since changed.
Instagram brands can now add shoppable posts on an image. When an influencer’s follower clicks on a sponsored post’s image they can get options on where to learn more about the product or service and where to buy it.
Businesses that do this can even integrate their Instagram with Shopify to offer followers a seamless means to buy what they double tap.
Not only that.
In May 2018, Instagram introduced action buttons for Instagram brands.
You can now add your favorite action buttons to your business account and have both new and existing customers complete desired actions on their own—and without leaving the IG app.
What that means is you can get the analytics you want through Instagram Insights.
2. Instagram Engagement
Measuring engagement factors is a timeless means to discover how effective your influencer campaign is performing on IG.
Comments, in particular, are powerful Instagram metrics because it takes more time and effort for an influencer’s follower to leave a comment than just liking a post.
If they are taking the time and effort to comment, it has hit home for them.
Observing the number of comments will let you know how your influencer’s posts elicit emotional responses, making them memorable, shareable and convincing enough to hit a sales home run in the short-term.
It is one thing to know how many people are seeing, talking about and responding to your Instagram posts.
But observing the emotional response in the comments can tell you how people feel about your product or service—much better.
Even dislikes count here.
How do you connect emotions with ROI?
Are followers wowed, tickled, or pissed by your sponsored post? That won’t need any special Instagram tools to measure.
By gauging the emotions in the comments and sentiment icons used, you can tell if you are getting the right responses; the kind that ends up brewing a positive reaction which in turn encourages followers to click through, register, book, reserve, order, and call in.
You can then register these numbers and compare to numbers you’ve recorded before the influencer campaign for comparison.
4. Using Promo Codes
Ecommerce platforms such as WooCommerce and Shopify will let you create special promotion codes that you can share with your influencer’s audience.
Promo codes are particularly great for two reasons:
- They can track influencer marketing results far beyond the period of the influencer campaign compared to affiliate links
- You can use Shopify or WooCommerce’s analytics tool or integrations to pin figures to what a specific influencer is helping you rake in
Sometimes an IG follower can be impressed upon by her influencer’s post but take time before buying. So, unlike affiliate links which track a lead for 15-30 days, using promo codes will let you measure the full impact of an influencer beyond immediate conversions.
What else can you do?
5. Use A Specific Landing Page
Link Instagram traffic coming from a specific Influencer to a specific landing page.
The goal here is to use analytics tools as basic as Google Analytics or as advanced as Instapage, to measure various metrics of an influencer marketing drive.
By directing all the traffic emanating from a particular sponsored post to one leads capture or sales page, you can measure vital metrics such as impressions, click-throughs, and sales from that specific post in one place.
But you can also direct all posts from the same influencer to one landing page.
You’ll want to let that page stay active as long as you can, so you can get to measure the entire campaign’s impact. As discussed before, some people might take longer to buy.
Start measuring your Instagram influencer marketing performance
Instagram Influencer marketing is measurable. Besides likes, comments, growth in followers, and post impressions, you can measure its conversion rate and engagement level using Insights.
You can also use promo codes and campaign-specific landing pages in combination with third-party platforms and tools such as Shopify and Instapage, respectively.