Regardless of the scale of your influencer advertising and marketing price range, there are often three key challenges to unravel: 

1. find out how to make data-driven strategic choices 
2. find out how to measure success
3. find out how to attribute gross sales 

Beneath are insights from an interview with Brad Farell, CMO of Beekman 1802. Brad and his group have been so profitable with latest influencer advertising and marketing campaigns that the model turned probably the greatest performing skincare manufacturers on TikTok and bought out two product traces at Ulta. 

You may learn their full case examine right here, however we propose you stick round to learn this piece first!

Problem: How do I exploit information to tell strategic choices?

A key studying for Brad and his group was find out how to make strategic choices primarily based on insights. To perform this, they leveraged Traackr’s Model Vitality Rating (VIT) and influencer advertising and marketing benchmark instrument to grasp the place the model presently stood and the place they wished to be.  

“Clearly we take a look at metrics day-after-day like video views and engagements however VIT is our North Star. It permits us to take a step again and perceive the place we’re inside our aggressive set and the way we’re resonating with our viewers. It’s an incredible metric for trying on the huge image.” — Brad Farrell, CMO of Beekman 1802

The group had used Earned Media Worth (EMV) prior to now, however switched to Traackr’s VIT as a result of it wished a metric that was extra clear. In contrast to EMV, which assigns a nebulous greenback worth to a marketing campaign’s outcomes, VIT measures a model’s efficiency in influencers’ content material by creating an mixture rating of visibility (attain), influence (engagement), and model belief (high quality of brand name point out). Model groups are additionally given the choice to have a look at every of those components individually to allow them to work out precisely what they should do to get higher and improve that total rating. 

“Why can we measure something? To get higher. The problem with EMV is that it places a greenback on a metric that doesn’t truly measure monetary worth. For instance, if you happen to full a $10k marketing campaign and obtain $1M in EMV, that’s rapidly seen as ‘we’ve created 1,000,000 {dollars} value of worth’ – however that’s not true. Is that million {dollars} in your gross sales? Is it the worth of your organization? The metric doesn’t measure ROI nor does it allow you to perceive what is definitely working.” — Evy Lyons, CMO of Traackr

Via their VIT evaluation, the Beekman 1802 group realized that VIP influencers have been driving vital influence for his or her opponents. Up till that time, the model had not labored with VIP influencers as a result of their larger charges have been daunting and made partnering really feel like an enormous gamble.

When the group turned these findings into motion, they have been in a position to confidently choose the proper VIP companions. The influence was rapid. Brad and his group noticed a direct influence on gross sales after their two prime VIPs, Kat Sticker (@katstickler) and Dr. Shah (@dermdoctor) posted about their merchandise. 

Beekman 1802’s success is proof that we want metrics that give us a clear view into the levers that may assist us enhance. Take heed to Evy clarify VIT and the way it differs from EMV.

Problem: Which efficiency metrics do I measure?

Beekman 1802 solved this by utilizing a mixture of exhausting and comfortable metrics to measure totally different targets. 

Certainly one of Beekman 1802’s largest TikTok campaigns was designed to encourage shoppers to go in-store to purchase skincare merchandise at Ulta Magnificence. In the course of the marketing campaign, Beekman 1802 managed to get a mean engagement fee of three.06% and a excessive quantity of consciousness for his or her spend, reaching a 3:1 ratio for natural to paid posts. However additionally they bought out two product traces in Ulta Shops, with Ulta staff reporting that each coworkers and clients talked about seeing Beekman 1802 merchandise on TikTok. 

Cross-referencing these comfortable and exhausting metrics gave the group a greater understanding of what influence its marketing campaign had on a number of ranges of the advertising and marketing funnel (from consciousness to conversion).

Do not forget that whereas your metrics combine will likely be decided by your finish objective, metrics may also assist inform the way you construct your marketing campaign. For instance, in case your objective is to make use of TikTok to drive consciousness, then it would be best to observe video views, impressions, and engagements. However what concerning the variety of natural mentions? This has traditionally been exhausting to trace, however expertise and intelligent marketing campaign content material could make it simpler (e.g. make-up challenges which might be enjoyable to take part in but additionally have specialised songs and trackable hashtags). 

Problem: How do I measure the influence of influencers on gross sales?

If you’re having a tough time monitoring how influencers are driving gross sales, there are some things you are able to do:

1. Create a time-bound marketing campaign. These kind of campaigns could be a dream match for gross sales attribution. For instance, Beekman 1802 labored with magnificence influencer, Laura Lee Watts (@lauraleewatts), to advertise its Milk Drop product function in Ulta Magnificence’s 21 days of Magnificence occasion. The skincare model instantly noticed visitors go each on-line and to shops which resulted in product promote outs in the course of the occasion. Gross sales may very well be principally attributed to the TikTok posts due to what the group was listening to on the Ulta shops in addition to an uptick in gross sales after the put up. 
2. Flip your influencers into associates. Though associates have been round for a very long time, partnering with influencers to drive gross sales (not simply consciousness) is pretty new. If you’re creating particular sales-driving campaigns, contemplate taking a web page out of the affiliate handbook and give your influencers specialised hyperlinks and distinctive codes (with reductions!) to share with their audiences. 

It will all develop into even simpler as social commerce and influencer advertising and marketing develop into much more built-in. Even now we’re seeing influencer advertising and marketing platforms embrace social commerce options like affiliate relationship administration and hyperlink monitoring and attribution.