3 Crucial KPIs And 3 Important Trends For Brands Seeking To Leverage Influencer Marketing
Director of Development Gen.video . Expert in influence measurement and platform technologies.
Whether you're new to influencer marketing and wondering which KPIs are most important to you, or you're seasoned in the field but need some insight, it can be helpful to know how marketers develop their influencer strategy. It is very important for your success. As CGO at gen.video, I learned a lot from talking to other marketing leaders in different industries.
In this article, I'll talk about the three most important KPIs that marketers should be using in 2023 and the three changes that anyone who wants to get the most out of a successful influencer marketing campaign should be aware of.
Which KPIs will be most important in 2023?
There are three main areas of KPIs for influencers: This includes:
• Cross-platform video views and CPV metrics.
• Improve interaction quality by analyzing purchase intent and deep audience engagement.
• Increase in sales.
1. Brands must track the platform's video views and CPV metrics.
According to HubSpot, 87% of marketers report that video gives them a positive ROI. The growth of TikTok, YouTube and other video-based platforms in recent years has shaped the industry in unique ways that marketers are looking to learn and improve.
Conversations with Michael Kay, OkCupid's VP of Global Communications, and Susie Collins, GOLIN's Executive Director of Social and Influencer Strategy, helped shed some light on some recent trends in key influencer metrics.
Over the past few years, influencers have become an important marketing lever for companies. In addition to insights and views, other important KPIs to consider include overall engagement level performance versus conventional individual sponsored engagement metrics. Brands should continue to monitor overall viewability metrics to determine if they are exceeding the platform's benchmarks.
Video View Rate (VVR) is another KPI that brands are increasingly relying on. Brands can target how many people watch a video for more than three seconds, for example to determine how engaging the content is and measure audience engagement.
2. Interaction quality can benefit when brands choose to track purchase intent and depth of audience engagement.
Too often, brands and marketers get bogged down in raw data about clicks and comments, without paying attention to the accuracy of those results. This is where an effective and proven approach to KPI tracking comes in handy.
A conversation with GoodRx's Executive Director of Social Media, Nicole Hampton, helped me explain the benefits to brands looking for ways to measure the depth of audience engagement.
As with their goals, brands must continue to focus on conversions (sales, downloads, signups, and new customers) more than ever. But clicks that show the level of interest in your brand, including likes and shares, help demonstrate not only the quality of your content, but also that viewers want to come back or share it with someone. Do you think it's related?
Tapping into consumer behavior with influential content is key. How do consumers get content? If they don't buy but remain engaged, try to gauge the depth of their relationship. This Quality Score can be invaluable in helping you understand what kind of content your audience enjoys the most over time.
3. Effective marketing communications can drive sales.
Bottom line, we all know the ultimate goal of most marketing efforts is to sell as many things as possible for the lowest possible price.
A conversation with Justin Cava, National Account Director of Tampico Beverages, helped me better understand the role of marketing communications in today's brand campaign. Effective marketing communication can be carried out by many actors in a campaign.
How have these KPIs changed over the past three years?
Another important topic to consider is the volatility of these KPIs and how often they change over time. Here are three trends that have made waves in marketers' approach to KPIs in recent years.
1. The need for sales-oriented information is growing.
In recent years, brands have experimented with the effectiveness of influencers. As a result, there is a growing need for evidence showing how companies can drive brand awareness and influencer engagement to drive sales.
2. Brands must find a way to tell the whole story as it relates to their company's business goals.
KPIs are constantly changing and evolving, so leaders now need to look at influencer marketing and the tools at their disposal. It's important to think differently about metrics and track how engagement impacts your business goals and what stories can be told based on what you see in your analytics.
For example, until recently, brands and agencies still reported "gross potential impressions," which is very difficult to measure in today's environment.
3. Companies should strive to deeply understand what makes interactions valuable.
While engagement like shares and comments are more general, even the best brands are beginning to appreciate the level of engagement shown through specific interactions. For example, a heart emoji is very different from a comment from someone who says they love a product so much they're going to buy it for their daughter.
Are you measuring the right KPIs in your influencer marketing?
From my experience and conversations with other marketing leaders, this is an exciting time for brands to leverage and improve influencer content. By tracking these three important KPIs and three current trends, companies can better prepare their campaigns for success. I hope this article provides some useful information for brands looking to optimize their influencer campaigns.
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