Murky Metrics in Influencer Marketing

Murky Metrics in Influencer Marketing

Posted by Dennis Doerfl

Influencer marketing is one of the fastest growing trends in digital marketing. A 2015 report predicted that over 80% of marketers expected to launch at least one such a campaign in 2016, and one in three expected a twofold increase in their influencer marketing budgets. Moreover, a recent study by Google showed that millennials perceive YouTube stars are more influential than most celebrities, once again highlighting the critical role of social media for digital marketing.

However, even though the critical role of influencer marketing is obvious, there are still many challenges ahead. Murky metrics is perhaps the greater problem of social media marketing; a recent Forrester report showed that the majority (53%) of marketers struggled to identify meaningful metrics for social media campaigns. What’s more, marketers seem to be willing to accept almost any sort of metric, including social posts, likes and comments, engagement rates, social impressions, social fans and followers, even sales and shares, without being certain of the relationship between these metrics and the influencer’s persona.

Need For Standards in Influencer Marketing

There is a growing need for standardization when it comes to influencer marketing tools and particularly when it comes to influencer discovery. The majority of marketers use Twitter, Facebook and Instagram to spread awareness of their brand, and yet tracking influencers’ performers across platforms and comparing influencers on different social media is near impossible. Influencer discovery has been consistently rated as one of the biggest challenges in the field.

Influencer Marketing

Companies such as Fourstarzz highlight the critical role of standardization. Standard metrics and KPIs can help marketers in the influencer discovery process by drawing conclusions about different influencers – those who dominate one platform or another, and those who have a strong following on several ones. What’s more, standardization will also enable marketers to compare influencer marketing to any other type of digital marketing – but only if the issue of murky metrics can be tackled and dealt with.

References:

https://martechtoday.com/introducing-influencer-marketing-technology-landscape-183951

https://www.launchmetrics.com/resources/blog/state-influencer-engagement

http://marketingland.com/influencers-not-programmatic-200556

http://venturebeat.com/2016/03/02/roi-influencer-media-and-predict-ventures-partner-to-bring-standardization-and-scale-to-influencer-marketing/

http://www.socialmediatoday.com/marketing/5-predictions-influencer-marketing-2017

http://www.marketingdive.com/news/why-influencer-marketing-has-a-metrics-problem-and-how-we-can-solve-it/412845/