The top three metrics to consider are:
- Conversion rate
Why is Reach important?
Reach is how many people your campaign reached. Brands need to set a goal for how many to reach with their campaign.
It is important because it enables you to see the impact it had your business. And to calculate things like ROI and back it into your costs.
Why is Engagement important?
This is a common influencer KPI. Brands want to know that people are talking about their products.
Think about ratios, i.e. 50 likes and 1000 people saw it, would be 5% engagement. And use this to rank your content success.
Pro tip: The Nudge Benchmark for social engagement is above 20%.
Brands need to watch out for earned impressions, as this metric shows that people are sharing their content and people come back to read it. Social Engagement and Earned Impressions go hand in hand. We’ve seen where earned impressions make up 60-70% of the social reach, which shows how essential this is as a KPI and how impactful influencer campaigns can be.
Why is Conversion rate important?
Conversion rate is a great additional metric which proves a campaign’s success. Brands should be seeing an average of 1-3% conversion on their content.
The metric also serves to inform brands of which influencer is driving purchase intent. So that budgets can be adjusted, and they’ll know who to work with in the future.
People are going to want to go into a store with an idea of what they’d like to buy, so their first step tends to be online research. So it’s essential to put conversion pixels on a brand’s home page, product page or other.