How Do I Calculate ROI of an Influencer Marketing Campaign?

Influencer marketing is one of the fastest-rising trends in marketing. But how do you calculate the ROI of an influencer marketing campaign?

If you’re new to the concept, influencer marketing is the collaboration between a brand and a content creator with a large social media following. The influencer endorses the company’s product or service in exchange for compensation.

Jump Links:

Why Should You Calculate Influencer ROI?
What Influencer ROI Metrics Can You Track?
Influencer ROI Formula and Calculation

Why Should You Calculate Influencer ROI?

Calculating the ROI of your influencer marketing campaigns will help you understand the impact of an individual influencer, or your influencer marketing efforts as a whole.

Knowing the ROI of any investment will also help you report to key stakeholders on the results of your campaign.

This will also help you determine what you can reasonably afford in terms of influencer compensation.

What Influencer ROI Metrics Can You Track?

Before you can calculate your influencer marketing ROI, you must determine your campaign goals.

What does success look like for your influencer campaigns? Here are some key metrics you can track:

  • Brand Visibility Metrics:
    • Reach, impressions, followers, and website traffic
  • Social Engagement Metrics:
    • Interactions (e.g. likes), comments, and shares
  • Conversion & Sales Metrics:
  • Leads, newsletter subscriptions, downloads, eCommerce sales, and revenue generated

For any of these metrics, you can either track the stats on influencer posts (e.g. tracking revenue through an affiliate link), or you can look at the timeframe shortly after your influencer has posted to measure their influence.

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

Influencer ROI Formula and Calculation

The influencer marketing ROI formula /calculation is:

ROI (Return on Investment) = Net Return / Investment x 100%

Net return is most simply expressed as your profit, but calculating your returns won’t always be as easy as tracking revenue. If your goal metrics are impressions or engagements, you will have to modify the calculation to work for you.

Typical investment costs include time or labor, influencer compensation, product supplies, marketing agency expenses, and social media tracking tools.

For example, if you’re an e-commerce brand and you invest $10,000 in influencer marketing and then see $30,000 in eCommerce sales directly attributable to your influencers, that’s a 200% return on investment:

ROI = ($30,000 – $10,000) / $10,000 x 100%
= $20,000 / $10,000 x 100%

= 200%

How to Track Influencer ROI

Luckily, influencer analytics tools like Keyhole make it easy to identify the best influencers for your brand and then track their performance.

To start tracking your influencer ROI, start your free Keyhole trial today.


Related Articles:

How Do I Calculate Social Media ROI?

Influencer Marketing ROI: Calculate ROI and Maximize Your Social Impact


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

When is The Best Time to Post on Instagram?

Wondering when you should post on Instagram to get the most visibility and engagement?

The best time to post on Instagram isn’t an exact science, but as a general guideline, the best time to post is roughly morning to mid-day. The two most cited studies on the topic are are:

However, every study acknowledges that the best time to post will vary per account.

Why?

Because every business is different, and every audience is different. Depending on your brand, you may appeal more to early risers while another brand appeals more to nighthawks.

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When is The Best Time to Post on Instagram Each Day of the Week?
Why Does it Matter When You Post on Instagram?
Factors That Impact The Best Time to Post on Instagram

When is The Best Time to Post on Instagram Each Day of the Week?

People’s routines change based on the day of the week, which means their social media routines will be impacted too.

According to Sprout Social data, the best times to post on Instagram in 2020 are:

  • Sunday: 8 AM – 2 PM (The worst day to post on average)
  • Monday: 9 AM – 7 PM (Engagement peaks 11 AM to 2 PM)
  • Tuesday: 9 AM – 8 PM (Engagement peaks 10 AM to 3 PM and 7 PM)
  • Wednesday: 7 AM – 7 PM (The best day to post on average)
  • Thursday: 8 AM – 8 PM (Engagement peaks 10 AM to 2 PM)
  • Friday: 7 AM – 4 PM (Engagement peaks 10 AM to 11 AM)
  • Saturday: 9 – 11 AM

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

Why Does it Matter When You Post on Instagram?

Instagram’s algorithm prioritizes new content. Therefore, you will see the best results and gain the most followers if you post content when your audience is currently online.

Factors That Impact The Best Time to Post on Instagram

There are countless factors that could impact your best time to post, but here are some of the most common:

Audience Location

If your audience is in one time zone, finding the best time to post is probably easy with some experimentation. But if you have an international audience, or an audience spread across several time zones, you may want to stagger your posts by hitting the optimal posting time in each key time zone throughout the day.

B2B vs. B2C

If you post B2B Instagram content that’s meant to appeal to people when they are in “work mode”, you should post during core business hours. If you have a wider consumer audience, your post timings don’t need to be as restricted.

Industry

Different industries see different peak engagement times. For example, Hootsuite found that travel and tourism posts fared best on Friday mornings, whereas media and entertainment posts fared between on Tuesday and Thursday afternoons.

How to Determine The Best time to Post on Instagram

To determine the best time to post for your Instagram account, experiment!

Try posting at different times of the day, and then use a social media analytics tool like Keyhole to track which times of day get the most engagement.

To start tracking your best posting times, start your Keyhole trial today.


Related Articles:

The Top 15 Instagram Analytics Tools [+ Metrics that Matter]

16 Content Creation Tools to Make Life as a Marketer Easier


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

How Do I Calculate Follower Growth Rate?

When tracking any social media metric, it’s best to think in terms of rates and percentages rather than raw numbers.

Rather than tracking the raw number of social media followers you’ve gained or lost, it’s much better to track your follower growth rate.

Jump Links:

What is Follower Growth Rate?
Why Should I Track Follower Growth Rate?
How to Calculate Follower Growth Rate

What is Follower Growth Rate?

Follower growth rate, expressed as a percentage growth, measures the speed at which your social media account is gaining (or losing) followers relative to your previous follower count.

For example, your monthly Instagram follower growth rate would be the percentage growth your follower count has seen since last month.

Why Should I Track Follower Growth Rate?

Tracking a raw increase in follower count doesn’t tell you as much about how quickly you’re gaining followers as your growth rate does.

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

Follower growth rate serves as a better health check on the performance of your campaigns.

Tracking your follower growth rate can help you track your performance against your competitors. For example, you could have fewer followers due to having a newer account, but you could be gaining traction much faster than they are.

How to Calculate Follower Growth Rate

Follower growth rate is calculated as the number of followers you gained divided by the number of followers you started, times 100% (over a specific time period).

The follower growth rate calculation is:

Follower Growth Rate = New Followers / Starting Follower Count x 100%

For example, if Company A starts with 1000 followers and gains 100 followers in a month, they’ve achieved a growth rate of 10%.

Contrast this with Company B that starts the month with 10,000 followers and gains 100. That’s a growth rate of only 1%.

Although both accounts gained the same raw number of followers, Company A’s is doing a much better job at attracting new followers—their growth rate was 10 times faster relative to their original size.


Related Articles:

The Top 5 Social Media Strategies For Marketing Success in 2020

How to Get More Instagram Followers: 30 Proven Strategies


Start Calculating Your Follower Growth Rate

To easily track and report on your follower growth rate—and that of your competitors—start your free Keyhole trial today.

How Do I Calculate Engagement Rate?

Social media accounts with larger following are going to see more interactions on their posts. However, that doesn’t necessarily mean their content is better.

Engagement rate gives us an assessment of content quality independent of the number of followers an account has.

Jump Links:

What is Engagement Rate?
Why Should You Track Engagement Rate?
How to Calculate Social Media Engagement Rate

What is Engagement Rate?

Engagement rate is a metric used to assess the average number of interactions your social media content receives per follower.

Engagement rate is calculated as the total number of interactions your content receives divided by your total number of followers, multiplied by 100%.

In simpler terms, it’s a measure of how well your content performs independent of your follower count.

What counts as an interaction depends on the platform, but most often refers to likes, reactions, shares, and comments.

Why Should You Track Engagement Rate?

Because you’re factoring out the number of followers you have, engagement rate provides an honest assessment of the quality of your content.

For example, if a brand has millions of followers, but only receives a few dozen interactions per post, it’s likely they’re not producing high quality content.

Contrast that with an account with only a few thousand followers that gets tons of shares and comments every time—that’s a high engagement rate.

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

Engagement rate can also be indicative of a mismatch between the content you’re producing in your audience. If you have a low engagement rate, it’s possible you’ve gained a large following that isn’t your target customer.

Or, you have been able to reach a following from brand recognition alone, but you’re not creating the content your audience wants.

How to Calculate Social Media Engagement Rate

Engagement rate is calculated as total engagement divided by total followers, multiplied by 100%.

The engagement rate formula is:

Engagement Rate = Total Engagement / Total Followers x 100%

engagement rate formula

In this case:

  • Total Engagement = the sum of all interactions (shares, comments, reactions)
  • Total Followers = the number of people who follow your account

For example, if Company A posted on Facebook to their 10,000 fans and received:

  • 200 likes
  • 100 comments
  • 50 shares

Their total engagement would be 350 (200+100+50). Plugging this into the equation:

Company A Engagement Rate = 350 / 10,000 x 100% = 3.5%


Track Engagement Rate with Keyhole

Related Articles:

How Do I Calculate Social Media ROI?

How Do I Calculate Social Media Conversions?


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

What Type of Influencer is Best for My Campaign?

Working with social media influencers is a rapidly growing and highly effective marketing tactic.

It’s a quick way to gain trust and visibility with an audience thanks to the opinion or voice of someone they already trust.

The challenge, however, is identifying which type of influencer is best for your social media campaign.

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Celebrity / Mega Influencers
Mid-Tier Influencers
Micro-Influencers
Nano-Influencers

Celebrity or Mega Influencers: 500K+ Followers

Celebrity or mega influencers are your traditional celebrities with hundreds of thousands or millions of fans.

This group includes tv and movie stars, athletes, models, musicians, or the occasional professional influencer who’s struck it big.

Best for: High-budget campaigns looking to reach a huge mainstream audience. Celebrity influencers are most likely to work with major international brands.

Mid-Tier Influencers: 100K – 500K

Social media influencers in this middle tier are what most people refer to when they’re discussing pure “social media influencers.”

They have hundreds of thousands of followers on at least one social platform, and they’re often popular just for their personalities, photos, or interesting lifestyles.

Best for: Medium-to-high budget campaigns aimed at a large, but slightly more niche audience. These influencers live off endorsements, so they’re still likely to command top dollar.

Micro-Influencers: 10K – 100K

Micro-influencers have a more moderate following, but often share a tighter bond with their audience. Their popularity is most often due to being highly personable and interactive with their audience.

Their content is more focused on a single genre, like fashion, sports, pop culture, or food, which makes them popular with a niche audience.

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

Best for: Highly targeted campaigns targeted at a niche audience. These influencers are more likely to resonate with their niche audience, but they may be harder to find or sign to partnerships, and you likely need to work with more than one to make an impact.

Nano-Influencers: 1K – 10K

Nano-influencers are like micro-influencers, but with even fewer followers. Their audience is even more hyper-focused on one niche.

Best for: Low-budget campaigns targeted at an extremely niche topic. These campaigns will likely need to engage with tens or hundreds of nano-influencers to achieve considerable reach.

How to Identify and Track the Best Influencers for You

Keyhole offers influencer tracking tools that allow you to identify and measure the influencers that have the biggest impact on your brand.


Related Articles:

Instagram Influencer Marketing: A Start-to-Finish Guide

How to Find Micro Influencers on Instagram to Boost Sales


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

What Is Social Media Reach?

In a perfect world, everyone you wanted to reach with your online content would see your posts or ads.

In reality, not all of your followers will see every post you make, and you will likely only reach a fraction of your total potential audience size. Reach is a measure of this concept.

Jump Links:

What is Reach?
Why You Should Care About Reach
How to Measure Reach

What is Reach?

Reach is the number of unique people who are exposed to an advertisement or social media post. In simpler terms, it’s the number of people that saw your content.

Reach is often confused with impressions, which is the total number of times an advertisement or social media has been viewed, including repeat views by the same people.

Why You Should Care About Reach

Reach is used as a measure of brand awareness or how popular your content is. It’s a better brand awareness measure than followers or impressions, as it counts the actual number of people you were able to impact.

Reach can be used both in the planning and reporting phase of a marketing campaign.

Before planning any marketing campaign, you need to know the potential size of your audience. This allows you to estimate the possible impact of your campaign.

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

Calculating reach also allows you to assess a campaign while it’s happening or assess its performance after the fact. You may need to pivot your content strategy to a different platform or format in order to achieve your desired audience size.

For example, if your posts in the morning receive more reach than posts you make in the afternoon, you may consider shifting more of your content to earlier in the day.

Tracking reach allows you to assess the viewership of your:

  • Hashtags
  • Posts
  • Ads
  • Events
  • Social media profiles

How to Measure Reach

Calculating reach is challenging, as you only want to factor in every individual once. Otherwise, you’re measuring impressions.

To measure your reach, you can use a social media analytics tool like Keyhole.

Keyhole will not only allow you to track the total reach of your content, it will also allow you to estimate the potential reach of a piece of content before you post it.

This can help you pick strategies that are more likely to result in increased viewership.


Related Articles:

Reach vs Impression: What’s The Difference and Why Is It Important?

5 Under Analyzed Social Media Metrics that Matter [+ Tools to Measure Them!]


To start measuring your reach, start a free Keyhole trial today.

How Do I Calculate Social Media ROI?

Calculating your social media ROI is essential to proving your social media strategy is having a positive impact on your business goals.

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What is ROI?
What is Social Media ROI?
How to Calculate Social Media ROI

What is ROI?

ROI stands for Return on Investment.

ROI is a ratio comparing the net return of an investment to the cost of the initial investment. Basically, it’s evaluating how effective a strategy is at making money.

The ROI formula is:

ROI = Net Return on Investment / Cost of Investment X 100%

Which can also be expressed as:

ROI = (Revenue – Costs) / Costs X 100%

What is Social Media ROI?

Social media ROI is translating the concept of ROI to your investments in social media.

It’s establishing the estimated or actual returns of your social media strategy compared to the costs and effort involved of executing the social media campaign.

The social media ROI formula is:

Social Media ROI = (Social Media Returns – Social Media Costs) / Social Media Costs x 100%

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

How to Calculate Social Media ROI

Calculating your social media ROI can be broken down into 5 steps:

1. Determine Your Business Goals

Your social media strategy should aim to directly impact the goals of your business, so start with establishing or clarifying those goals.

These may be goals like:

  • Generating revenue
  • Growing brand awareness
  • Improving brand perception
  • Generating leads
  • Retaining customers

2. Set Measurable Targets For Each Goal

The next step is to set measurable targets for which you’re going to measure your social media and business success.

Your goals should be quantifiable and easily measurable.

Example goals could be:

  • Grow social media followers by 10% within 6 months
  • 20 new newsletter subscriptions per month
  • Improve customer satisfaction scores by 10%

3. Choose the Metrics You Want to Track

While you already have quantifiable goals, you should likely track a wider scope of social media metrics and other metrics that relate directly to that goal.

For example, if your goal is generating leads, you may have a secondary interest in growing a social media audience. You may therefore have interest in:

  • Impressions
  • Engagements
  • Followers

You should also track metrics that are more closely related to your goal, such as:

  • Conversions
  • Leads or form submissions
  • eCommerce purchases

One or more of these metrics will be used as your “return” in the social media ROI calculation.

4. Sum Up Your Social Media Costs

Your social media costs will likely include a combination of:

  • Internal employee time
  • Content creation or freelance costs
  • Tools, software, and platforms
  • Ad spend

5. Calculate Your Social Media ROI

Once you’ve established your returns and your costs, you’re ready to calculate your social media ROI:

For example, if you’re able to attribute eCommerce sales to a social campaign, this may look like:

Social media ROI = (Revenue – Costs) / Costs x 100%

= (Revenue – (Salaries + Freelancers + Tools + Ads) /
(Salaries + Freelancers + Tools + Ads) x 100%

= ($100,000 – $60,000) / $60,000 x 100%

= 66%

In this case, we profited back an increase of 66% on our initial social media investment.


Related Articles:

Influencer Marketing ROI: Calculate ROI and Maximize Your Social Impact

How Do I Calculate Social Media Conversions?


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

What Is The Optimal Social Media Post Length?

What is the optimal social media post length?

If you’re going to be posting actively on social media, you should try to make the most out of it.

Every social media platform has its own ideal post length that is most likely to resonate with users.

Jump Links:

Ideal Facebook Post Length
Ideal Instagram Caption Length
Ideal Tweet Length
Ideal Linkedin Post Length

How Can I Track the Best Post Length For My Brand?

What Is The Ideal Facebook Post Length?

The ideal Facebook post is very short: around 40-80 characters.

Jeff Bullas found that posts with 80 characters or less received 66% higher engagement.

What Is The Ideal Instagram Caption Length?

The ideal Instagram post is between 138 to 150 characters.

While the Instagram captions can be up to 2,200 characters long, captions get visually cut off at around 125 characters. Therefore, it’s recommended to keep your copy brief.

However, there is conflicting evidence on this, as some studies have shown longer Instagram captions to receive more engagement.

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

What Is The Ideal Tweet Length?

The ideal tweet is between 70 and 100 characters.

While Twitter recently increased their maximum tweet length from 140 to 280 characters, people still prefer tweets that are short and sweet.

What Is The Ideal LinkedIn Post Length?

The ideal LinkedIn post is about 100 characters.

The “See More” link appears at about 140 characters, so it’s best to keep posts short enough to avoid being cut off.

How Can I Track The Best Post Length For My Brand?

All these post lengths are based on averages across many different types of accounts.

What works for your brand and your industry may be very different than what works on the average. It’s recommended that you first experiment with different post lengths and formats.

By using a tool like Keyhole, you can track which post lengths receive the most engagement for your brand.


Related Articles:

Writing Instagram Captions that Convert: Content, Formatting, and Hashtags

The Top 25 Social Media Monitoring Tools


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

How Do I Calculate Social Media Conversions?

While most brands think of their social media content as a way to boost visibility and engagement, there’s also the potential for social media lead conversion.

Jump Links:

What is a Conversion?
How Can You Drive Conversions on Instagram?
What is Conversion Rate?
How Do You Calculate Conversion Rate?
What is a Good Conversion Rate?

What is a Conversion?

A conversion takes place when a user does what you want them to do.

In the case of a social media conversion, this means a user that completed an action with your business that originated from social media.

A conversion can take many forms depending on your business goals:

  • Making a purchase
  • Filling out a form
  • Calling your business
  • Using your online chat
  • Subscribing to your blog
  • Starting a product trial
  • Downloading your app
  • Visiting your website

How Can You Drive Conversions on Instagram?

While it’s easy to get in front of people on Instagram, businesses don’t always know how to turn their audience into paying customers.

Here are a few ways to drive Instagram followers to convert on your website:

  • A link in your bio
  • “Swipe up” Instagram Story links (a feature only available to those with over 10,000 followers!)
  • Custom UTM links from your influencers
  • Instagram Shopping links
  • Instagram Live product demos
  • Instagram retargeting ad campaigns

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

What is Conversion Rate?

Conversion rate is the percentage of your total audience that completes a conversion action.

How Do You Calculate Conversion Rate?

Conversion rate is typically calculated as the number of conversions divided by the number of website or landing page visitors.

Here’s our conversion rate formula:

For example, if you received 10,000 website visitors originating from Instagram and 100 of them made a purchase, you would have a 1% conversion rate.

What is a Good Conversion Rate?

According to WordStream, the average landing page conversion rate is approximately 2.4%, but this varies widely per industry.


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The Top 5 Social Media Strategies For Marketing Success in 2020

Top 25 Social Media Analytics Tools: The Definitive Guide


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

How Do I Live Tweet My Event?

Live tweeting is a great way to boost visibility of your event and create buzz in real time, while it’s happening.

Jump Links:

What is Live Tweeting?
Why Should You Live Tweet?

5 Tips for Live Tweeting an Event:
1. Create an Event Hashtag
2. Schedule Important Tweets
3. Identify Influencers in Advance
4. Post a Variety of Content
5. Don’t Sacrifice Quality

What Is Live Tweeting?

Live tweeting your event is the act of sharing information about your event on Twitter in real time.

It’s either used to promote live discussion between event attendees, or to keep your audience engaged and informed at the event, or even if they’re not able to attend your event themselves.

Why Should You Live Tweet?

Love it or hate it, Twitter is still the best social media platform for live conversations. It’s where people go online to participate in a live experience together.

Popular TV shows, sporting events, awards shows, and breaking news are all discussed in real time.

By live tweeting your event, you can boost brand engagement and draw in new followers. By encouraging your attendees to live tweet your event too, it helps your brand reach a new audience.

Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

5 Tips for Live Tweeting an Event

1. Create An Event Hashtag

By creating a branded event hashtag, you’ll give your audience an easy way to participate in the discussion.

And by using a consistent hashtag, you can track the overall visibility and engagement rate of all your event posts.

The CIA live tweeting the Oscars.

2. Schedule Important Tweets

You’re likely going to have a lot going on during an event. By scheduling important tweets in advance, you’re less likely to miss posting important details.

3. Identify Influencers in Advance

Do you know who’s going to be attending your event? Research their Twitter handles in advance so that you can tag them and track them at the event.

And by tracking your influencers who live tweet your events, you can identify potential brand partnerships.

4. Post a Variety of Content

Give your audience as rich of an experience as possible. Consider posting content such as:

  • Quotes from presenters
  • Answers to Q&A
  • Behind-the-scenes photos and videos
  • Retweets of attendees
  • Humorous or insightful commentary

5. Don’t Sacrifice Quality

While things may move fast, focus on posting high-quality, accurate content rather than always aiming for speed.

Your tweets must make people feel like they’re experiencing the event with you, not being broadcasted to.


Related Articles:

How to Create an Epic Twitter Hashtag Campaign

Top 13 Twitter Analytics Tools in 2019


Keyhole is a real-time conversation tracker that provides keyword + hashtag analytics and social media analytics across platforms such as Facebook, Twitter and Instagram. Get started for free here.

Life is short and the internet is vast.