Influencer marketing has positioned itself as an effective method for brands to engage with and build audiences on social media. It is well known that influencers along with authentic content can definitely help brands gain the attention of prospects.
However, the question has still remained - whether influencer marketing actually impacts sales at large scale? Also, there have been lingering doubts about whether impressions are the right metric to show the impact of influencer marketing.
A company called Collective Bias carried out a set of studies in this regard. The studies measured 12 different influencer campaigns each of which spanned between eight and 12 weeks.
How has the impact of influencer marketing been measured so far?
Compared to impressions which only show the potential number of prospects who came into contact with the influencer content, actual actions represent a better way to understand the value of dollars spent. These include aspects like time spent on the post and actual engagements such as Pins, Likes, and Shares. So far, total media value or earned media value has been the best metric to prove the RoI from influencer marketing.
Details Of The Study
The study investigated the impact of influencer marketing across different categories and on aspects such as basket size, foot traffic, and coupon redemption.
Loyalty Card Data
When loyalty card data is used as a means of measurement, it becomes clear that influencer content can actually increase basket size and drive sales. One can derive a lot of information from loyalty cards:
- What products are being purchased?
- How much is being purchased?
- When are people shopping?
It is clear from the study that when shoppers are targeted with influencer content, they end up spending more. This finding was confirmed with a campaign for a leading confectionery brand at several retailers. In fact, a LaunchMetrics study estimated that 76% marketers consider influencers vital for fostering customer loyalty.
Point Of Sale Data
When point of sale data is used, it is clear that influencer marketing can provide a real measurable sales lift. Due to several reasons, figuring out the exact amount of lift from influencer marketing can be difficult. One way to assure the integrity of measurements is by sticking to the duration of the campaign. This can eliminate the effect of seasonable marketing impulses and give better quality metrics.
Influencer Campaign With A Promotional Offer
A combination of an influencer campaign with a promotional offer is a winning combination. Pairing a digital coupon with relevant content like this can be a tremendous driver for sales due to the combination of inspiring content and an excellent deal. A rice brand which wanted to drive trials at Walmart by combining influencer content with a coupon reported a redemption rate of 44.8% against a historical mean of 15%.
What’s next for influencer marketing backed by data science?
Data science is pushing the envelope in terms of how it can supercharge marketing efforts. There are several ways in which influencer marketing, in particular, can be powered by data science. Let us take a look at a few scenarios:
Consider a scenario where a company is using a combination of a coupon and an influencer post to drive sales for a product. Data science by itself can tell you a lot of things. First, the analytics can provide information related to how many coupons were used in all. Then data science can enable you to know how many walk-ins had been driven by the influencer post. This is because the influencer post would have listed a unique coupon code to be used. Thus, one can gain a complete understanding of the number of walk-ins that has been enabled by the influencer post. This aids the choice of working with highly relevant influencers that fit your campaigns.
You can also try using a tool like Talkwalker to help discover the key influencers. Also, it has a social media analytics platform that provides further in-depth features.
Evaluation of Post Popularity
In the scenario described above, one can gain a lot of feedback related to how a particular influencer posting has performed. Consider the case that in the same campaign, multiple influencer posts had been used, each associated with its own coupon code. From this, one can clearly gain a lot of information related to how effective each influencer post had been. This also gives feedback on how effective each influencer post had been. This, in turn, can help the quality of influencer posts.
Consider the case where a set of influencer posts have been commissioned from a writer. Data science can easily indicate which post attracted more audience attention and which did not. This can be gauged by the number of likes, shares, retweets, and comments. By comparing these numbers across posts, one can come to a conclusion as to which influencer posts are working, and which are not and why.
Data science can quickly elevate the effectiveness and ROI of your influencer marketing campaigns. Get more value for the bucks you spend on influencer marketing with these tips.