Let's think about how conversions happen today.
Julia is scrolling through Instagram on a Saturday night when she sees one of his favorite creators trying her new night routine mask. Julia watches for 30 seconds, save the reel, and moves on.
Two days later, it's the end of the worst Monday ever at work, Julia remembers that Instagram night mask and searches for the brand on Google. Her search (right there in the SERP) reveals that the exact beauty product ships in 3 days and has a discount code for new customers.
Flash to a week later, Julia tried her new beauty routine before going to bed at night.
Meanwhile, at the very moment, a social media manager at Beauty masks Inc. is considering how to answer a question that just popped up in Slack from the Director of Marketing.
“I don’t know, Mary, is influencer marketing even worth our budget and our time?”
This guide is for Mary and all Lucy who need to understand the effectiveness of influencer marketing but don’t know where to start. It’s for marketers who know that our battle-tested tracking methods aren’t fully supported by social platforms. And all those likes, comments, and views don’t impress CFOs that much.
So, what do you do?
As Marcus Burke says:
“You just have to start and study the data to grow confident over time. In most cases, the channel is underestimated rather than overestimated.”
This guide covers 7 proven ways to track influencer marketing, explains the importance of goal setting, and then discusses which KPIs might be right for your campaign.
But first, here’s what we’ve learned through hours of research, talking to experts, and 3+ years of working with brands.
Note: Traditional marketing (print, TV, radio) can drive eCommerce, and digital marketing can drive in-store purchases. But this guide focuses only on digital marketing for eCommerce or consumer mobile apps.
Tracking influencer campaigns is simple —if you want it to be. It can also be more sophisticated —if you need it to be. Choose a way that fits your budget, skills, and needs, and go for it! The methods below are listed in order of simplicity in getting started.
Best for a quick & easy way to track sales to influencers while incentivizing their audiences
The humble promo code is easy to set up and powerful in its simplicity. Personalized promo codes for each influencer will help you track sales and help you track other direct and indirect factors.
Customers enter this personalized code at some point in the shopping experience to unlock a discount (Usually at checkout). Now, promo codes on their own won’t tell you how a customer arrived on your site, but you’ll know exactly who sent them.
For example, when Sardinian food partnered with creators for Easter, they used the promo code PASQUA23_CREATORNAME. Simple and memorable!
You can use promo codes to track all sales-related metrics for individual influencers. For example, the number of sales, amount of sales, average order value (AOV), and any other metric you track.
PS: If you want to start tracking campaigns quickly, go with promo codes.
Best to track sessions and sales. Quick and easy to set up, UTMs are used by most brands – big and small.
Let’s go back to Sardinian food example from above. Not only did they use a personalized promo code, but if you look carefully, they also used a UTM link.
A quick reminder: UTM codes are a little bit of text added to a link that tells Google Analytics (and other tools) more information about your link. UTMs capture 4 bits of info: source, medium, campaign, and content. You can then track behavior by those categories.
Here’s how to set up UTMs to track individual influencers’ performance or individual campaigns in Google Analytics.
Source tells Google where the data is coming from. This will be the channel where your campaign is running, for example, Instagram, YouTube, TikTok, etc.
Use IG, YT, or TT as your source.
This UTM tag completes the statement: This visit came via _______. Usually, it’s separated into paid, organic, social, and email. But this breakdown isn’t helpful when working with social channels.
Instead, use the tag “Influencers” or “Creators” or “Brand partners” or however you refer to them in-house.
This parameter will do most of the heavy lifting for you. It completes the blank space of the statement: “This visit came from _______ effort.”
There are two ways to use the Campaign tag to track different things:
The content UTM tag gives you added information to understand from which piece of content the user clicked. This is useful if you want to track where the influencer’s audience is coming from: their feed (link in bio), their stories, or even their website.
The problem with UTMs is that to the naked untrained eye, they look long, ugly, and, well, spammy. When you build them in Campaign URL Builder you get something like this:
Long links are easy enough to hide in hyperlinks, but with limited real estate on social platforms for links of any kind, we recommend shortening your UTMs. With a URL shortener like Bit.ly, you can create a personalized URL for each influencer. Using the structure brand.com/creator and followers will easily remember the link and be able to leave the app they’re in and quickly get to your site.
Memorable for the audience, memorable for Google.
Best for established teams who are scaling to automatically track sponsored content.
Whether this is your first influencer campaign or your tenth, you know that monitoring every post or piece of sponsored content posted takes up tons of time.
This is just a few of the things you want to check:
Multiply by the number of influencers in your campaign, and it’s a lot!
There are two ways to keep track of sponsored content: manually or with a monitoring tool.
Once you confirmed the content calendar of your campaign, you don't need to do anything. The Roundabout platform will do everything for you in automation, showing real-time data of all content once their published.
KEY TEKAWAYS: Monitoring tools will track all sponsored posts so that you can quickly check in with your campaigns from one place.
Best for tracking post engagement, views, impressions, and reach. With a tool like Roundabout you can also track insight data like Saved, audience demographics, Clicks, Taps.
If you don't use a tracking tool, asking influencers to self-report post metrics is critical when one of your goals is brand awareness. Ask creators to take screenshots to capture views, impressions, reach, and the engagement of posts for you. Just remember that some content like Instagram feed posts, YouTube Videos, and TikToks live online in perpetuity. The metrics you get only show a snapshot of a moment in time.
Consider including reporting expectations in your contract or agreement with influencers (or use a tool that already provide you all this).
Best for more sophisticated campaigns to track sales, clicks, and website engagement
A unique landing page with a unique URL takes a bit more effort than a UTM but offers a more personalized experience for the user. And unlike UTMs that track campaigns by source/medium, a personalized URL on a unique landing page tracks by entrance page.
To isolate the traffic coming from creator partners, you can noindex the page, too. A no-index metatag tells Google you don’t want the page to be findable via search. So any visit to this page comes from users clicking on a link they found through the influencer. This helps you track traffic, clicks, and sales in Google Analytics and attribute them to a specific influencer. To noindex a page, either find the option in your CRM/eCommerce tool or add some code onto the page.
There's no right or wrong way to use dedicated landing pages with personalized URLs. It will depend on your campaign goals and strategy. But by mapping goals to campaigns, you can try various tactics.
This message creates a personalized experience for the user, reminds them of the offer, and makes them feel appreciated.
Here are ideas to try:
KEY TEKAWAYS: Unique landing pages help you attribute traffic, clicks, and sales to individual influencers with a bonus of creating a personalized experience for the user.
Best for capturing indirect attribution
Post-purchase or "how did you hear about us" surveys (HDYHAU) can be one way to capture indirect attribution. We don't see them often enough in influencer marketing.
One of the reasons is that survey data is imperfect. People often misremember or even lie. While you can’t stop people from lying, you can make surveys more specific to aid recall.
Instead of offering broad options to the question "How did you hear about us?" include creator names or handles in the options.
Another common concern in using surveys is user experience, especially for consumer mobile app brands.
If you're worried about hurting your users' onboarding experience, consider serving them the survey on their second or third session, or after they’ve completed a specific action.
Marketing Mix Modeling is a statistical way to measure (& forecast) performance on an aggregate level. It attempts to attribute the success of each factor you put in the model, meaning it can account for both trackable and untrackable factors. It's increasingly used post-iOS14, now that user-level tracking is broken.
Marketing mix modeling can be a useful & advanced method of measuring any marketing channel, including influencer marketing. That said, it can be quite time consuming and/or expensive to do. For most small teams who are spending less than $30k per month, it likely isn't economically viable. Though the release of open-source libraries by Facebook and Google are lowering the barrier to entry.
One way to use the results of a marketing mix model is to measure the full impact including indirect effects of a campaign on overall performance. You might find, for example, that your direct attribution only reports half of the total impact, compared to what your marketing mix model finds. In that scenario, you can simply move forward with the assumption that the 'real' total impact is 2x whatever your attribution model says.
You can use this number as a benchmark and will likely only need to refresh it once per quarter (though there are always-on solutions available).
Traffic sources to watch for indirect attribution:
It’s likely that direct traffic, brand keywords, and the other sources listed, are all claiming attribution for sales that were actually driven by campaigns higher up the marketing funnel, like influencer marketing. Marketing mix modeling can help determine how much of each channel was truly incremental, giving you the correct amount of credit, so you can better allocate budgets.
Sources will change depending on the channel or format of your campaigns. For example, you’ll need to understand the long-term effects of evergreen content like YouTube videos, if that’s a large factor for your brand.
There are also tricks of the trade that modeling experts have found to work for different scenarios, for example modeling influencer marketing accurately relies on syncing up your spend to when the post was published. Once you’ve built your model, you can compare it to your tracked results (Promo codes, UTM links, unique landing pages, etc.).
There are limitations to marketing mix modeling as your outputs are only as reliable as your inputs, and it’s easy to get this sophisticated technique wrong. You won't want, for example, to blindly compare Q2 to Q4 without accounting for the impact of Black Friday and holiday shopping.
But for teams who can and want to prioritize accuracy in budget allocation over the cost of building a model, it’s worth considering.
One of the biggest mistakes we see in measuring the impact of influencer marketing has nothing to do with tracking. But with goal setting.
Goal setting is the one step you shouldn't miss when considering how you'll track your campaigns. Why? Because every choice you make is dependent on your goals.
Which influencers are a good fit for us? Depends on your goals.
What kind of content should they create? Depends on your goals.
What tracking methods should we use? Depends on your goals.
So, before you do anything else, establish goals. Pro-tip: Make sure your influencer marketing goals align with business goals.
Here are a few examples of what your goals can look like:
Now, go forth and set goals!
This Tracking Cheatsheet will help you spot the metrics and methods to track based on your goals. Keep reading to learn more about the ones we recommend.
In Influencer Marketing Hub’s 2022 Benchmark Survey, 36.7% of marketers chose brand awareness as the number one goal for running campaigns. No surprise there. Brand awareness is the first step to more customers and more sales.
So, which metrics should you monitor to see the impact of influencers on brand awareness?
Is it worth setting sales goals if you're just starting out with influencer marketing? Absolutely yes.
Focus on perfecting your influencer selection process and running regular campaigns to get noteworthy results. Some of the best metrics to track sales goals:
Engagement is a big bucket. You’ll want to monitor actions that can be reasonably interpreted as interest, desire, or even intent.
Here are a few metrics you may want to consider:
A perfectly valid goal of influencer marketing is to increase the quantity, quality, and speed of content production. 24% of marketers say that one of their primary objectives of influencer marketing is influencer-generated content.
Just be sure it’s not your only goal. Increasing content production with influencers can be a cost-effective way for smaller brands who don’t have access to studios, professional equipment, and models to get content and then repurpose it for other channels.
It’s simple to track:
Once you’ve established your goals, chosen metrics, and set up your tracking methods, you’ll want to organize your workflow.
There's no 'one size fits all' approach. Your workflow will depend on your goals, the length of your campaigns, the type of campaigns (always-on vs. limited), team size, resources, etc. Here are a few ways to think about it.
Discuss with your team and stakeholders the expected frequency of reporting they expect. The important thing is to be aligned on how/what you measure, and how it's compared to other channels/marketing expenditure.
Since influencer marketing is a full-funnel channel and the metrics you choose to track will vary, there are two types of ROIs that you can report on: direct and indirect.
We’re defining Direct ROI as the standard ROI. The one that answers three questions:
Generally, the formula will look like this:
*For an influencer campaign where the primary goal is sales, the amount gained is the total revenue generated
*Amount spent is the total of all the costs associated with that campaign.
When reporting on Direct ROI, whether in a slide deck or email, be sure to show the following:
You don’t want to stop at direct ROI, though. Influencer marketing is still underreported and underestimated. So, you’ll want to present all of the “intangible” benefits of your campaign/s.
Here are a few benefits you can consider including in your report.
To keep getting the most value out of influencer marketing, make a practice of collecting and implementing lessons learned. Ask yourself and your team,
Show your stakeholders and your team what worked well and why you think it worked well. Will you double down on that? Share what didn’t work and consider stopping that activity or tactic. Look for your best performing influencers and best performing posts. Try to understand and hypothesize why they performed well. Are there any patterns? Use this information to train other influencers in other campaigns.
Before you go, here are the top lessons we want you to take with you as you consider running your next campaign.