Attribution and Influencer Marketing: Why It Matters and What You Need to Know
Influencer marketing attribution is a valuable tool for measuring the ROI of your influencer campaigns, especially if you work with more than one influencer. You can use attribution to calculate how much each influencer is contributing to the achievement of your influencer marketing objectives, and if their performance aligns with your expectations. That way, you will know which strategies are working well and whether any of the influencers you collaborate with are underperforming.
In this post, we will discuss what influencer marketing attribution is, why it is so important, and how the right automation tools can improve your influencer attribution model.
What Is Influencer Marketing Attribution?
Traditionally, the individual impact of an influencer on an overall influencer marketing campaign has been measured using one of two methods: promo codes and affiliate links.
Promo codes are specific discount codes created for individual influencers which they then promote in their posts. Brands can then calculate how many purchases are made using the various codes to see which influencers bring in the most sales as a result of their campaigns.
Affiliate links are also used to track influencer sales. Essentially, influencers share specific URLs with their audience (usually including their name or ID), and then brands can track how many sales have been made through each affiliate link.
Although both these methods have been useful for tracking the direct sales of each influencer campaign you might be running, they are becoming outdated now. This is mainly because they are easy to exploit and, as there are so many coupon-finding sites these days, there is less traceability. So just because a sale is made using a promo code or affiliate link, it doesn’t necessarily mean the sale has been made as a direct result of an influencer’s campaign. Instead, increasing numbers of brands are using influencer marketing attribution as a wider strategy for measuring the impact of their influencer campaigns.
Influencer marketing attribution helps you identify which of the influencers that you are working with are generating the most value for your brand. You do this by establishing a set of rules that aim to determine which influencers create the most conversions at various stages of the customer journey. This might be through tracking engagement rate, reach, and impressions on different platforms, for example. It’s all about identifying how well an influencer is performing, where they are performing best, and the impact they are having on the overall ROI of your campaign.
Why Is Influencer Marketing Attribution So Important for Businesses?
Whether you are promoting a B2B or B2C influencer marketing campaign, measuring your influencer marketing attribution rates can help you determine the weight and return on your influencer marketing investments and which platforms and individuals are helping you reach your campaign objectives.
Many brands don’t fully understand how to attribute the results of their campaigns correctly. And this is a big problem because if you aren’t able to identify which specific platforms, campaigns, and influencers are providing you with the value that you need, then you won’t be able to make the necessary adjustments to your marketing plan and continue to grow the return on your investment.
Ultimately, it all comes down to one thing: understanding which influencer strategy brings in the most revenue for your brand. Which platforms and channels work best for your campaigns? Which influencers generate the most conversions? Do specific content formats make a bigger impact? Does your target audience engage more with one type of post than another?
The only way to answer these questions objectively is by having access to all the right data.
How Can I Access the Data I Need?
The best way to have real-time access to all the data you need to calculate your influencer marketing attribution is by using influencer software. The right solution can help you keep your finger on the pulse of your campaign metrics so that you can identify which strategies, social media platforms, content formats, and individual influencers are making the biggest positive impact on your ROI.
For example, Influencity offers users a variety of marketing automation tools and features that help you evaluate your influencer marketing partnerships. You can use the platform to:
- Calculate Cost per Engagement, Cost per Mille Impressions, and Cost per Reach for all the posts within a campaign
- View the average activity split for each influencer, that is, the average number of likes, comments, and video views on each of their posts. This data can then be extrapolated to give you an idea of what they’ve contributed to your campaign
- Create a list to see the percentage of unique followers any given influencer will bring to a campaign
- Record the private post insights that your influencer shares with you, such as page views, reach, and impressions
- See the earned media value (EMV) of an influencer or an entire campaign. This is measured through views, likes, and comments on social media posts, giving you a dollar amount for the value of the impact your influencers have created
- See the top performing posts and influencers within a campaign
All this can help you calculate your influencer marketing attribution rate and quantify the ROI from your influencer marketing campaigns. That way, you will understand which strategies work best and what adjustments you need to make to continuously increase the level of revenue generated by your influencer collaborations.