The rise of social media in the last decade has altered the way we live, work, buy, and do business.
Millennials and Gen Z that have the most purchase power spend most of their time online. This is why it has become indispensable for organizations to have a robust presence on social media platforms.
Influencer marketing is a relatively new concept that has really caught on. It is perceived to be more personal as it comes from individuals whom customers trust.
Due to the massive expansion in the influencer market, authentic content created by influencers has taken the center stage.
Before diving in to understand how to measure influencer marketing impact, you must know that influencer marketing is not just about selling.
Marketing through influencers has become synonymous with creating a community of like-minded target audiences and growing it organically. That is the reason why brands commission influencers to create scalable content that has the power to spike interest among the target audience. In fact, consumers trust online influencers far more than a newspaper ad or a radio commercial.
What is Influencer Marketing?
Influencer marketing is a means to bridge the gap between social media users and your brand.
Influencers on social media are individuals who boast a substantial following and are considered subject-matter experts among their niche. Built on trust and face value of the influencer, this type of marketing could help you in many ways, including increased brand recognition.
You must select influencers by conducting a thorough study. Based on your end goal and budget, you may choose from various mega, macro, and micro-influencers to promote your products or services.
The Impact of Influencer Marketing on Consumers
Influencer marketing may not bring immediate results, but it definitely ‘influences’ online users to subconsciously explore the product, if not buy it.
Whether you choose an established actor with a following of over 7 million or a micro-influencer with high engagement, your influencer marketing plan is bound to impact prospective customers.
Here are some of the most prominent results of influencer marketing:
Influencer marketing helps create brand awareness and exposure. This could be highly beneficial for new brands.
Marketing programs created with influencers can help create a brand image among users. For this reason, choosing influencers that speak the language of your brand is a must.
Influencer marketers can spark interest among the target audience by just giving a sneak peek through their profiles.
Influencers are regarded with high respect and considered experts in their field. So, they help build trust by being a representative of the brand.
How To Measure Influencer Marketing
The ultimate goal of marketing is to generate sales and the same is true with influencer marketing. Setting online goals and measuring their success is naturally the first step.
What you want to do is analyze key performance indicators (KPIs) of the influencer. These KPIs could include the number of followers, reach, impressions, traffic data, etc.
But, more often than not, the real dilemma arises when you need to analyze the offline effect of an online campaign.
But there is a way around this too!
You can make a dynamic QR Code and use it to measure the offline success of a digital campaign.
How does that work?
Have influencers share coupon codes or discounts in the form of a QR Code as well.
This QR Code can be saved to Apple Wallet or as an image and then, later on, used at a store.
Once the salesperson scans this code, the sale gets attributed back to the influencer campaign.
The data gets stored in the linked program, which you could further use to analyze the overall impact generated on all offline mediums.
Influencers are here to stay. Therefore, the world of influencer marketing will keep evolving.