5 Ways to Improve Your Influencer Marketing ROI Using Data Analytics

Do you want to know whether the ROI of your influencer campaigns is effective? I have a solution for you – start using data analytics in marketing campaigns.

Data analytics is a process through which raw data is analyzed to find insights you can use. Therefore it will help you examine whether your marketing strategy is successful or unsuccessful.

In this post, I'll go through the ways data analytics can be used in improving your influencer marketing campaigns.

Have Goals for Your Marketing Campaign That Are Specific

Before launching your campaign, your first step should be determining what's crucial to your brand. What are your expectations and goals? Do you want more sales, better engagement, or to grow your audience?

Therefore what is important to you determines the goals you'll set up and the success of your campaign. Thus have specific goals.

Simply put, you'll need a data-driven approach that ensures your goals are practical and achievable. It will help you determine your customer base, their demographics, and what products and services they like.

All this data will aid you in setting up specific marketing goals for your brand. Hence you won't be moving blind. It will also help you find the right influencer to promote your brand and reach customers.

Select the Right Influencer

Choosing an influencer to help you in your marketing campaigns might seem easy. You pick the influencer with the most followers. You see, the number of followers isn't a determinant of a high engagement rate.

And according to a January 2019 survey, 50% of responding U.S. marketers said the main challenge of using influencer marketing was spotting fake followers and inauthentic engagement.

Therefore data usage will help you discover the right influencer. Some of the questions the data should answer include:

• Do your audiences overlap?
• Do the demographics of the influencer correlate with your target audience?
• Does the influencer have authority in social media channels utilized by your customer base?
• Is the influencer an authority in your niche?
• Does the influencer align with your brand's identity?
• Do people engage with the influencer's content, and how many individuals will they help you reach?

Therefore when you have answers to these questions, you will have the right influencer for your brand. So data can help you to find the best influencer for your campaign who will provide the maximum chance at success.

• Measure the Performance of Your Campaign by Using Data Analytics in Marketing and Sales

You have selected the influencers you wish to work together with. Now get ready to launch your marketing campaign. It is a critical stage of your marketing strategy since you'll monitor and track the performance of your campaign.

Data plays a significant role because it will help you track key performance indicators (KPIs) like engagement rates.

The advantage of utilizing influencer marketing for businesses is that there is trackable data and metrics. Therefore you'll be able to know the number of new visitors, your audience growth, and the number of impressions.

For example, if you are working with an influencer promoting your brand. You should be measuring the performance of your sponsored posts. Most social media platforms come with built-in tracking and analytics. They help you measure key performance indicators such as likes, click-throughs, and followers.

Such data will determine whether you should tweak and rethink your marketing strategy. Whether your partnership with the influencer should stop or continue.

Use Data Visualization Tools That Will Play a Role in Data Analytics in Marketing.

As a marketer or business owner, you sort through a lot of data. And this is because you are collecting more data. Hence you have to sort this data for better understanding. So this is where data visualization comes into play.

It is data represented visually, thus making complex data and information easy to understand. You'll have such data visually in the form of different types of charts and graphs.

Therefore in your influencer marketing campaign performance, it is utilized. You have gathered data, but you have to sieve through it. You will differentiate between crucial and irrelevant data.

Thus making your data visually appealing will make complex information easily digestible. Also, you'll know whether your campaigns are reaching their target audience.

Visual data is better because the human brain processes images 60,000 times faster than text. And 90 percent of information transmitted to the brain is visual. Therefore humans are visual by nature.

And in case you might be asking yourself, which software/tool should I use to create visualizations? I would recommend ChartExpo.

Utilize Marketing Analytics

It is the collecting, observing, and interpreting of data from your marketing efforts.

You will see how well your campaigns are doing. How you might improve them in the future using this process and technology. With marketing analytics, you compare the expense of your marketing to the revenue it generates.

Therefore you can use it to measure and compare data relating to your digital marketing to evaluate performance and ROI.

It will measure the performance of individual marketing strategies. Also, it helps you gauge your overall marketing effectiveness. Hence with influencer marketing it will provide a general breakdown of your marketing strategy.

Thus by utilizing data analytics in marketing, you will know whether your campaign is working. Additionally, it will assist you in future marketing campaigns since you know what works and doesn't.

Wrap Up

That's it. Now you know how data analytics can be used to improve your influencer marketing campaigns. Whether you are a small startup or an established marketer, it’s crucial to have a data-driven marketing strategy.

Have a clear vision of what you want to achieve with your influencer marketing campaign. Once you have a data-driven vision, take the necessary steps to achieve your goals.

Traditional marketing campaigns like direct mail are no longer enough for businesses to succeed in today's market. So, utilize data analytics in marketing campaigns to make the most of the potential benefits that come with it.

FAQ

What is influencer marketing?

It is where brands pay an influencer to promote their product or service to their followers through social media marketing.

What are the benefits of influencer marketing?

You will reach new audiences, increase your brand’s awareness, and it will help boost your brand's social media accounts. Hence more people seeing your products and services.

What are the best ways to improve my ROI when using influencers?

Data analytics can help you identify which influencers are most effective for your product or campaign, and track their performance over time to optimize your marketing efforts.

‍