Photo: Laura Chouette Unsplash
Author: Shane Barker

Influencer marketing has grown to become a marketing method that effectively engages audiences. It helps brands grab consumer attention and build trust.

The global influencer market is set to grow by a compound annual growth rate (CAGR) of 32.4% from 2019 to 2024. It is expected to become a $22.3 billion industry by 2024, compared to being a $5.5 billion market 84% of marketing professionals find influencer marketing extremely effective. 35.3% of them said that this strategy delivers the best ROI, which is just one of the reasons why influencer marketing is so important.

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However, measuring the ROI of influencer campaigns remains one of the top three challenges for 78% of marketers.

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If you can’t measure the ROI of your influencer campaigns, how can you evaluate if they are effective?

You can use big data to measure the ROI of your influencer campaigns and improve it. If you follow the best practices to analyze campaign data, it can help you determine the effectiveness of your influencer-created content.

You can optimize your campaigns to drive the best results.

What’s more?

Using big data can also help you identify who your target audience is and find the best influencers for your campaigns.

But the big question is:

How?

In this post, I’ll tell you how to leverage big data to maximize the ROI of your influencer marketing campaigns.

4 Ways to Improve Your Influencer Marketing Campaign ROI Using Big Data

You can leverage big data analytics to identify and create new opportunities.

Let’s take a look at how you can maximize the ROI of your influencer marketing campaigns using big data.

1. Set Realistic Campaign Goals

Setting specific goals is crucial to the success of any campaign. It’s only by defining goals that you can plan out the specific steps and actions you need to take to achieve those goals.

When it comes to setting goals, you should follow a data-driven approach to ensure that your goals are specific, measurable, achievable, relevant, and time-based.

You should analyze data gathered using your customer relationship management (CRM) software and through social media to determine:

  • What do your customers like about your brand?
  • Which of your products and services gain maximum traction?
  • What have you achieved so far in terms of web traffic, brand awareness, conversions, and revenue?
  • Which consumer segments are you failing to attract and engage?

All of this data can help you evaluate where your brand stands amidst the competition. It can not only help you develop a robust customer experience strategy but also help you figure out what your next marketing goals should be.

Which of these goals can you achieve by leveraging influencer collaborations?

Once you’ve determined your influencer marketing campaign goals, you should establish relevant KPIs (key performance indicators) that can help you measure success.

If your influencer marketing goal is to grow your social media follower count by 30% in the next six months, you can set KPIs like:

  • Number of new accounts reached
  • Number of comments and shares
  • Engagement rate
  • Number of new followers

Tracking these KPIs can help you ensure that you’re moving in the right direction.

Data-driven insights can not only help you set realistic campaign goals but also help you find the right influencers for your campaigns.

Want to learn how?

Let’s find out:

2. Choose the Right Influencers

Not every influencer with a huge following will be the right fit for your brand and campaign goals. That’s why choosing the right influencer to work with is still a huge challenge for most marketers.

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How can you overcome this challenge?

You should start by analyzing data relevant to your target consumers.

  • Who are you trying to reach?
  • What are your audience demographics?
  • Do you want to attract and engage consumers from a specific geolocation and interest group?
  • Which channels are your target consumers most active on?
  • Which hashtags are they likely to follow on social media?

Answering these questions can help you understand what type of influencers can help you reach, engage, and convert your target consumers.

Now, you’re ready to start with the influencer selection process that includes influencer discovery and influencer vetting.

Influencer Discovery

Some of the things to consider when choosing an influencer include:

  •  Does the influencer have authority in your niche?
  •  Are their audience demographics similar to those of your target consumers?
  • How many people can they help you reach with their content?
  • Which social media channels are they active on? Do they have a strong presence on the channel your target audience prefers?

But the question is:

How can you find influencers in your niche?

You can search for influencers manually using hashtags relevant to your niche and products. You can also take a look at the kind of influencers your competitors are working with.

However, manual influencer research can be time consuming.

That’s why there are data-driven influencer marketing platforms like Heepsy that can not only help you find influencers but also help you with the influencer vetting process.

You can narrow down influencer lists by using filters such as location, audience demographics, languages, and engagement rate. You can also get access to advanced reports about an influencer’s authenticity and previous brand collaborations.

Influencer Vetting

What do you mean by influencer vetting?

It refers to evaluating the authenticity of your potential influencers and analyze the kind of influence they have on their audiences.

You need to gather data about:

  • What impact does their messaging have on their audience?
  • What is the quality of their content?
  • Are people engaging with the content they publish? Are the comments on their posts relevant and valuable?
  • Does their content align with your brand’s values and messaging?
  • What type of collaboration can generate the best results?
  • What kind of content do they excel in?

Vetting your potential influencers can help you identify if there may be a risk in collaborating with a particular influencer. Could they ruin your brand’s reputation with inappropriate content?

Similarly, it can help you identify if an influencer is fake and has inflated their following.

You can analyze the influencer’s engagement data to understand how it relates to their audience size. This will help you evaluate if their content is actually making an impact.

How can you do that?

You should look for answers to questions like:

  • Do they have steady follower growth?
  • Are there any suspicious dips and surges in their follower growth?
  • Do they receive comments that are very generic or irrelevant to their posts?

Collecting insights about these metrics can help you find the right influencer for your brand. This can, eventually, help you generate a higher campaign ROI.

If you’re still unsure about finding the right influencers, you can also hire professional agencies to help you with influencer selection. Or, you can also have them run the entire campaign for you.

3. Optimize Your Content Strategy

Using big data can enable you to create a robust content strategy by providing real-time insights about:

  • What topics are popular in your niche?
  • What do your target consumers like to read about?
  • What keywords do your consumers search for?
  • What kind of content receives maximum engagement and social shares?
  • Which channels can help you reach more prospects?
  • What is the best time and day to post on social media to generate maximum engagement?

You should also keep track of how people are responding to your existing content. By analyzing the type of comments and the number of shares received on your posts, you can get insights about what your audience likes and dislikes.

How can these insights help you boost the ROI of your influencer marketing campaigns?

You can provide this information to your influencer so that they can create content that your target consumers are more likely to resonate with.

However, you should not forget that influencers are great content creators. They know how to engage their followers and get them to trust your brand. So, you should provide creative freedom to your influencers.

You can also use data-driven insights about the effectiveness of your influencer-created content to further improve your content strategy for better results. You can repurpose their top-performing posts to run paid ad campaigns as well.

4. Track and Measure Your Campaign Performance

Tracking and measuring your campaign performance frequently can help you find out if you are meeting your goals.

To measure results, you should track the KPIs that you established during the onset of your campaigns.

Some of the important influencer marketing KPIs include:

  • Click-through rate
  • Referral traffic
  • Number of new visitors
  • Reach and impressions
  • Engagement rate
  • Audience/follower growth
  • Number of brand mentions
  • Number of conversions (new subscribers, downloads, sales)

Most social media platforms provide built-in analytics to help you track metrics such as reach, number of impressions, engagement rate, and follower growth. However, you can use advanced social media tools to get more detailed insights.

You can also use unique promo codes and affiliate links given to each of your influencers to evaluate their performance. This can help you decide which influencers you should continue working with.

In fact, you can also reward influencers who bring you the most value to motivate them. This reward may be an extra commission or a free product.

Ready to Boost the ROI of Your Influencer Campaigns?

The key to influencer marketing success lies in creating an effective strategy and optimizing it based on insights about what’s working and what isn’t.

You can use big data to get such insights.

Analyzing data collected about your target audience, popular content topics, and the effectiveness of individual influencers can put you in a better position to make informed decisions.

You can plan and utilize every penny of your marketing budget on strategies and influencers who can help you drive the best results.

And, all of this can help you boost your campaign ROI significantly.

Do you have any questions about leveraging big data to maximize the ROI of your influencer marketing campaigns? Share them with us in the comments below.