Prove the value of influencer marketing to your brand and business.
Create a new sheet listing all the influencer-published Social Media content (Content Sheet) and add all the Posts, Stories, and Videos as rows and the corresponding Reach Statistics, Type of Post, and Approach as columns.
Metrics you would commonly include as part of reach statistics per piece of content include Followers (constant across rows), # Impressions, # Views and # Reach.
Type of Post (eg. Post, Story, Video) and Approach (eg. Organic, Organic + Paid) columns are important because most Social Media formats and approaches cannot be compared to each other.
Create another new sheet (Influencer Sheet) and sum up the Impressions and Reach per influencer from all the content they published.
This allows you to evaluate individual influencer effectiveness, not just their content performance.
Add engagement statistics like # of Likes, # of Reactions, and # of Comments as columns to your Content Sheet.
Add Total Engagements to your Influencer Sheet and sum up the # of Total Engagements per influencer in a new column.
Total Engagements = # Likes + # Reactions + # Comments + # of Shares + # of Saves
Calculate engagements yourself and do not use the Engagement Rate metric provided by Facebook in Ads Manager. Facebook’s calculation includes Video Views by default, and can be misleading.
Calculate a % Engagement Rate per content piece first in your Content Sheet and then per influencer in your Influencer Sheet.
Engagement Rate = (Total Engagements / Total Reach OR Total Impressions) * 100
Facebook tracks both reach and impressions. However, Twitter only tracks impressions.
Depending on your Social Media channels, aim to choose one that is common across platforms to compare them against each other.
Add Direct Response statistics, such as # of Website Visits, # of Units Sold, and $ Revenue per content in your Content Sheet and sum them up in your Influencer Sheet to get TOTAL Website Visits, TOTAL Units Sold, and TOTAL Revenue per influencer.
Direct Response outcomes can be measured using UTM codes or coupon codes passed to influencers or by implementing a Social Media pixel like the Facebook Pixel.
Alternatively, you can also implement a check-out survey asking your customers where they saw the offer (eg. TikTok).
Calculate a % Influencer Conversion Rate and % Return on Advertising Spend (ROAS) in your Influencer Sheet.
Influencer Conversion Rate = (TOTAL Website visits per influencer / (TOTAL Impressions or TOTAL Reach per influencer)) * 100
Influencer ROAS = TOTAL Revenue per influencer / TOTAL Cost per influencer
Consider manually analyzing a sample of comments per influencer for % Purchase Intent, % Positive, and % Negative and add them to your Content Sheet for qualitative input.
You can measure Purchase Intent, Positivity, and Negativity by taking a fixed sample of comments per influencer (eg. N=30) and classify them accordingly.
Unless you have a reason to go back to the data later or show it to others, you can just do this on your browser. Otherwise, consider a separate spreadsheet with every comment and a corresponding code if the comment indicated a purchase intent, was positive, or was negative.
In some instances, there is a lot of content to potentially analyze, in which case you can also limit yourself to take up to 3 pieces of content from all formats per influencer. The key here is methodological consistency.
Calculate an average % Purchase Intent and % Positive per influencer in your Influencer Sheet based on all the content they published.
This will help you create an important brand dimension to evaluate the influencer marketing campaign with. Most brands fail to reach Direct Response metrics in their first campaign.