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Danny Brown

Six Easy Metrics to Measure an Influence Marketing Campaign

Tuesday, June 03, 2014

Measurement is one of social media's key advantages over traditional marketing and advertising.

Prior to social media's rise as an essential business solution, marketing campaigns were primarily through print, media including TV and radio, and direct mail. The use of flyers, posters, billboards and print editorials were the staple method of promotion, often complemented with radio spots or television ads.

The main problem with these methods is that it was difficult to pinpoint which ones were working and driving foot traffic to a brick and mortar store.

  • If a business sent 10,000 flyers out, how could they guarantee their intended recipients saw all 10,000?
  • Or if a radio spot played during a certain time of day based on that radio station's demographics, how could the brand be sure a certain percentage of that audience heard and acted on that ad?
The answer to both questions is simple – they couldn't. If there was increased foot traffic to a location or more calls to a call center for a company's information pack, more often than not the source of that referral was virtually impossible to identify.

Social media changed that.

The ability to create extremely targeted campaigns, combined with platforms that measure which networks and content create the most return on investment, has made social media a key part of every smart business owner's toolset.

This ability to measure business results is easily transferrable to measuring influencer results – the difference is in what, and who, you measure.

Measuring the Brand Metric

There are two core metrics that brands need to measure in any influence marketing campaign. The first is the Brand Metric.

Investment

The investment metric is the pre-campaign cost of researching which influencers are right for you by identifying Micro and Macro Influencers; how much it costs to set the program up; and using that as a barometer against how much return (financial or awareness) you experienced.

Resources

The financial investment of an influencer campaign involves more than pure monetary costs. Resources like manpower (how many employees are needed and how many hours they need to allocate to the campaign) and education (how much time you need to allocate to train each influencer on your product and company culture) also need to be measured and added to the bigger financial investment.

Product

To encourage an influencer's audience to connect with your brand from a lead generation or purchase decision angle, free samples of your product need to be made available to the audience as well as the influencer. Test or demo areas may also need to be set up for more technical-led products or software.

The cost to your company for the amount of products sent out, coupled with the hosting costs of the demo area online, need to be factored into the overall financial investment of the campaign.

Measuring the Influencer Metric

In addition to measuring the Brand Metric, the second key metric to track is the Influencer Metric, which can be broken down into three key areas.

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About the Author:
Danny Brown is co-founder and partner at the SRM Group, offering smart marketing and social media business solutions with a socially responsible twist.

His blog is featured in the AdAge Power 150 list as well as Canada's Top 50 Marketing Blogs, and won the Hive Award for Best Social Media Blog at the 2010 South by South West festival.
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