Choosing the right influencer is a challenge in itself, but also ensuring the influencer selected generates great results is another task. It is vital as a luxury brand to truly understand your brand image and the tone of voice that your influencers must-have. You must take into consideration the marketing strategy (awareness vs. engagement vs. audience expansion vs. market penetration) and authenticity.
- Influencer Conversions
The core goal of every company will always be to drive growth and sales through the appropriate strategy. As a luxury brand, you not only with your influencer to portray the right images but produce results, A simple way to track conversions generated by the influencer marketing campaign is to track sales before, during, and after the campaign, and comparing any changes in sales that happened when the campaign was running. For a more sophisticated approach, you can set up affiliate links, UTM parameters, promo codes, landing pages, and link tracking for the campaign, and that way you can track the traffic sources of customers who converted during the campaign.
However, the conversation is not always the main results, when a prospect completes a desired action, that counts as a conversion. This can include things like signing up for a newsletter, downloading an ebook, clicking on a link, etc. When it comes to influencer marketing and KPIs, other conversion rates you might want to track include how many Facebook likes you generate, how many new followers you obtain on Instagram or LinkedIn, how many people sign up for emails, and other non-sales related conversions. You have to remember as a luxury brand, it is very much based on high ticket items and relationship-based. A better way to track conversations may agree on an introduction fee on any hot leads the influencer may have for your items, this could be anything from 1% of one million to 5% of £50,000.
Another great way to measure reach and awareness is by tracking impression data on your various posts, such as blog posts, social posts, videos, and other content you create specifically for the campaign. This information is available through social media site analytics, through your influencer’s personal (such as blog) site and social media analytics, and through your own Google Analytics if you compare new versus return visitors when the campaign is running.
3. Luxury Brand Engagement
Engagement is an important KPI because it provides a more in-depth view of how your campaign was received. Traffic will tell you how many, but engagement will tell you how well your campaign went. Engagement is crucial because it’s a good indicator of how your brand is being processed by your target audience, how strong your relationship is with your audience, how relevant you are, and how loyal your customers will be. Different engagement actions include;
- Video views
- Brand mentions
BuzzSumo is an excellent tool that allows you to track these results, which will actually track and measure engagement for you. But if you prefer the manual way, you can measure engagement by dividing the number of engagements by the number of impressions, or by dividing the number of engagements by your number of followers. Furthermore, you can calculate the cost per engagement (CPE) by dividing your total ad spend by the number of engagements, and this will give you a better idea of your ROI and budget requirements for future campaigns.
Influencer marketing is becoming increasingly important in the digital age, but this isn’t really a surprise. People have always trusted word-of-mouth advertising and luxury brands find it one of the most effective ways to achieve high ticket sales. Influencer marketing is simply a more sophisticated version of this that leverages the pull and popularity of certain people to help you spread the word about your brand, by ensuring your influencers are well engaged with their target audience online, this will enable you to receive an authentic response.
By focusing on KPIs, you’ll get a good idea of how successful your campaign was at achieving your goals, which can include driving traffic, boosting sales, reaching new demographics, re-engaging past prospects, and increasing brand awareness.
Author: Melanie Grace – Melaniegrace.com
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