Every campaign is different – but one of the most important aspects of a successful influencer marketing campaign is determining which Key Performance Indicators (KPIs) you’re going to measure. KPIs help focus your campaign goals, develop actionable content creation guidelines for your influencers, and retroactively measure the success of your campaigns. Examples of viable KPIs include click-through rates, engagement metrics, purchases, new follows, and more. While this discussion isn’t comprehensive and different KPIs make sense for individual campaigns, understanding the types of metrics that matter can help frame both campaign development and performance analysis. Here’s a closer look at evaluating KPIs, with quick hit recommendations by social video network.
Establishing KPIs: Important for Influencer Marketing
Key performance indicators have been an essential part of business strategy for decades. Generations of MBAs have learned to think in these terms when building companies, establishing growth targets, and looking for ways to improve both operations and the customer experience. But the introduction of KPIs to the social media and social video space is fairly new. For a long time, this area of online marketing has been so experimental that results have been hard to replicate campaign by campaign. As a result, marketers focused more on maximizing the ROI of individual campaigns and documenting the results afterward than establishing goals before initiatives got underway.
However, as the space has evolved, KPIs have entered the discussion. In the influencer marketing space, brands are now able to start the process with their core goals in mind. What are you setting out to achieve? Who are you hoping to reach? What actions or outcomes would constitute success as a result of your influencer marketing investment? The more clearly that a company defines these elements, the more likely they are to achieve them as a result of influencer selection, campaign guidelines, and content promotion.
The Network-Specific Approach to KPIs
Another way to view KPIs is to look in terms of which networks you’re active on. Every network has its own signals of engagement, sharing, and progress. A million views might be a success on a large network; on a smaller, niche network, receiving just a few thousand well-qualified clicks could have exponentially more impact in terms of brand exposure and revenue. As a result, understanding the network context and taking that into consideration can help define pre- and post-campaign KPIs that accurately reflect the results that a company can expect. What follows are some ideas to seed your own efforts to understand and define success on specific social video networks.
There are a number of different KPIs that brands can measure on Instagram. These include:
- Account followers, including new followers, lost followers, and growth rates
- Content likes, both new and total
- Content posted, including photos and videos
- Organic reach
- Paid reach
- Organic impressions
- Paid impressions
- Engagement rate
On Snapchat, brands can look at specific snap-related metrics as well as KPIs that relate to Stories:
- Snapchat connections, including new, lost, and total
- Snaps sent and received
- Snap open rates
- Chat messages sent and received
- The percentages of snaps opened
- Links clicked
- Content posted
- Story starting view count
- Ending view count, also referred to as story completions
- Percentage of viewers that completed a story
Given Vine’s close relationship with the Twitter platform, it’s also often helpful to look at Twitter metrics. Since much has been written about this, we won’t cover these here and instead encourage users to look at the following Vine-specific metrics:
- Vine account growth in terms of followers, new, lost, and total
- Vine’s posted
- Shares on other networks
- Total loop time
One of the best weapons that brands have at their disposal is working with an experienced agency partner like fullbottle. The knowledgable team at fullbottle understands the unique ecosystem of each network. Building on that knowledge, they’ll be able to help you choose the right platforms, define realistic and meaningful KPIs, choose influencers that can get you to the finish line, and orchestrate campaigns that achieve benchmarks while also hitting the underlying goals.
Are you interested in learning more about social video influencer marketing campaigns? Contact fullbottle today to learn more about our solutions and services.