67% of companies increased their influencer marketing budgets from 2022 to 2023. This trend is expected to continue into 2024. However, the focus of influencer marketing is shifting towards actual influence, not just likes and followers. This is because brands are now prioritizing return on investment (ROI).
As a result, the influencer marketing metrics you track will play a crucial role in your business success. But with so many metrics available, knowing which ones matter most can be challenging.
This blog post is your guide to the key influencer marketing KPIs you need to track in 2024. Understanding and analyzing these metrics can optimize your campaign performance and maximize your ROI.
Let’s get started!
Top 8 influencer marketing metrics to measure in 2024
Once you’ve set your business goals for 2024, your influencer marketing metrics should also focus on achieving those goals.
To track your progress effectively, here are eight essential influencer marketing metrics you should track:
1. Brand awareness
While sales remain important, building a loyal community will take center stage in influencer marketing in 2024. Cultivating lasting relationships with your audience, not just fleeting conversions, is the path to long-term success.
Influencers offer a powerful channel to achieve this. They cultivate trust and credibility, reaching new audiences and amplifying your brand message to resonate with the right people.
Social listening and hashtags tracking tools can help you monitor these metrics effectively. Understanding how your influencer campaign shapes brand awareness allows you to refine your approach, choose the right partners, and craft content that fosters lasting connections with your audience.
2. Engagement rate
Engagement will become the pivotal metric for measuring influencer marketing success in 2024. While likes and followers still hold value, meaningful connections will take center stage.
This shift underlines the importance of commitment: whether an influencer’s audience actively interacts, asks questions, and shares their content, demonstrating true engagement with the message.
To measure this, divide the total number of post interactions (likes, comments, shares) by the follower count and multiply by 100.
Aim for above the industry average (typically 5–10%). Remember, high engagement translates to greater brand influence and a higher chance of conversions.
But it’s not just about numbers — it’s about fostering real connections. Prioritize influencers with engaged communities over those with inflated follower counts. Track replies, mentions, and questions to understand authentic audience participation.
3. Conversions
In 2024, conversions (purchases, signups, etc.) will be the key influencer marketing metrics you can’t afford to overlook.
While likes are a positive indicator, conversions provide tangible evidence that your campaign generates actual business results. They’ll reveal which influencers successfully convert their viewers into paying customers, empowering you to allocate your budget strategically.
Here are some effective measurement methods:
Unique trackable links: Provide each influencer with a personalized link to your website. This lets you track clicks and purchases through their links, accurately attributing conversions.
Promotional codes: Issue unique codes tailored to each influencer. Customers will enter these codes at checkout, revealing which influencers directly influence sales.
Coupon codes: Similar to promotional codes, coupon codes are designed for offline purchases. When a customer mentions the code in-store, the sale can be connected to the corresponding influencer.
This data will enable you to optimize your marketing budget and invest in partnerships with a strong return on investment.
4. Audience growth rate
Audience growth rate (AGR) is a crucial metric for influencer marketing success in 2024 for two key reasons:
Quantifies campaign impact
AGR goes beyond superficial metrics like likes and comments. It reveals the campaign’s true reach by measuring the actual number of new followers gained by the influencer. This provides a more accurate picture of audience expansion and potential impact on brand awareness.
Identifies long-term potential
AGR serves as an indicator of audience resonation with your brand. A consistent increase in followers suggests that your brand message aligns with the influencer’s audience’s interests, leading to sustained engagement and potentially fruitful future collaborations.
Here’s how to track and calculate your campaign’s AGR:
- Pre-Campaign: Record the follower count before the campaign launches.
- Post-Campaign: Watch the follower count for a defined period after the campaign (e.g., one month).
Calculate growth rate: Subtract the pre-campaign follower count from the post-campaign count and divide it by the pre-campaign count. Multiply the result by 100% to express the follower growth rate as a percentage.
5. Click-through rate
Click-through rate (CTR) is a valuable influencer marketing metric because it measures the audience’s interest in your brand or product. CTR shows how many people clicked on the links or calls to action shared by the influencer, indicating the potential for engagement.
To calculate CTR, divide the total number of clicks on all links or calls to action by the total number of impressions. Multiplying by 100 gives you a percentage.
A high CTR suggests a successful influencer partnership and engaging content, while a lower CTR can be used to identify areas for campaign optimization.
6. Cost per post
Cost per post (CPP) will remain a key influencer marketing metric in 2024. Why? It effectively demonstrates the efficiency of your influencer investment.
A lower CPP means your investment reaches a wider audience for every dollar spent, maximizing your ROI.
Measuring CPP is simple: divide the total campaign cost (including fees and production) by the number of posts published. This reveals the average cost per influencer post.
Comparing cost per post across campaigns and influencers helps you identify the most cost-effective partnerships and optimize future strategies for maximum impact.
7. Return on investment
The most significant and crucial metric for your influencer marketing campaign is Return on Investment (ROI). Why? Because it ultimately reveals whether your influencer partnership is bringing you profits.
In simpler terms, ROI tells you if your campaign is paying off. The higher the ROI, the more successful your collaboration.
To achieve a positive ROI, your revenue from the campaign must be greater than your total expenses, which include advertising spend, production costs, and influencer compensation.
Ready to track your ROI? Use the formula: ROI = Sales / Total Expenses x 100.
Important note: ROI doesn’t always have to be a monetary value. For campaigns focusing on top-of-funnel (TOFU) awareness, you can measure your success with Earned Media Value (EMV), representing the total value of all campaign interactions.
8. Brand sentiment
Brand sentiment in influencer marketing will be another key influencer marketing metric in 2024, driven by two key factors:
- Beyond vanity metrics: Likes and shares tell only part of the story. Brand sentiment analysis delves deeper, uncovering the emotional tone of audience interactions and revealing whether influencers are building positive brand perceptions. This is crucial for engendering long-term brand loyalty and support.
- Authenticity matters: Consumers crave genuine connections with brands. Brand sentiment helps you identify influencers who genuinely resonate with your audience, increasing trust and fostering positive associations with your brand.
Measuring brand sentiment
- Social listening tools: Track mentions of your brand alongside sentiment analysis to gauge your audience’s overall sentiment and identify key themes in their conversations.
- Engagement analytics: Analyze comments, replies, and shares to understand the emotional context behind interactions. This can reveal deeper insights beyond simple sentiment polarity.
- Surveys and polls: Directly ask your target audience about their perceptions of the influencer’s brand message by conducting surveys. This can provide valuable quantitative data to complement your qualitative analysis.
What are the best tools to measure influencer marketing metrics?
Navigating the influencer marketing landscape can be challenging, particularly when finding effective tools to measure performance and improve results. While Tableau is a popular choice for data visualization, several alternatives to Tableau, offering comparable or even superior features.
Google Data Studio and Zoho Analytics are particularly noteworthy options, each with unique strengths. By comparing these options, you can pinpoint the tool that best fits your needs and budget. These tools will ultimately refine and maximize your influencer marketing strategies in 2024.
But if you want to stick to your social media tools and wish not to use one more tool to track influencer marketing efforts, Keyhole is the tool you need. You can track any influencer, track profiles that are already engaging with your brands. Most importantly, tracking your influencer campaigns with multiple influencer’s ROI contribution is an absolute steal deal.
Conclusion
Harnessing the power of influencers for brand growth is exciting, but navigating the metrics can be daunting. Don’t fret!
Keyhole’s intuitive dashboard lets you track key KPIs like engagement, reach, and conversions, giving you a crystal-clear picture of your campaign’s success.
Keyhole simplifies influencer discovery with laser-focused filters, ensuring you find the perfect brand ambassador to mirror your audience and values.
Plus, our advanced analytics tools meticulously measure every click, share, and purchase, helping you unlock the true magic of your partnerships.
Ready to unleash the magic of influencer marketing?
Author Bio
Vergine Melkonyan is a content writer and SEO specialist at Renderforest, experienced in writing SaaS and marketing content, helping customers to easily perform web scrapings, automate time-consuming tasks, and be informed about the latest tech trends with step-by-step tutorials and insider articles.
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Frequently Asked Questions
1. What are KPIs for influencer marketing?
Key performance indicators (KPIs) are specific metrics that track the success of your influencer campaign. They measure things like reach, engagement, website traffic, and sales.
2. What is the most important influencer marketing metric?
It depends on your campaign goals! For brand awareness, reach and engagement might be key. For sales, conversions and ROI are crucial.
3. How is influencer marketing measured?
By tracking specific KPIs across various platforms (social media, websites, etc.) using analytics tools. Influencer marketing platforms like Keyhole can simplify this process.
4. What are vanity metrics for influencers?
Metrics that look good on paper but don't reflect true audience engagement or impact, like follower count or likes. Focus on metrics that show real interaction and influence.