Many companies pour huge amount of investment into influencer marketing without really understanding what the ROI is.
Can you measure whether your influencer marketing campaign succeeded or not? Do you know who are your top performers? What’s the audience’s sentiment towards your influencers’ posts?
The success of your influencer marketing campaign will directly affect the financial performance of your company.
Believe it or not, in order to succeed and get ROI, you need to analyze all sorts of data. Here are 6 reasons why data analysis is just so important in influencer marketing.
1. Brand insight on various social media platforms
Before starting any influencer marketing campaigns, you should be doing analysis of your brand and trending topics on social media. When you have done this for a couple of months, it will provide you with information regarding potential influencers that you can work with and what kind of audience pool your own brand accounts have versus your potential influencers.
Once you have your influencer marketing running, you must continue monitoring and listening to the audience and analyze the information related to your brand. People will mention your brand and your influencers at any time and on any social media platforms. Unless you continuously monitor your brand, you might miss critical information. For instance, if someone says something negative about your brand, you can react quickly with real-time alerts. Or if an influencer makes a fantastic post related to your brand, you can repost it in your own account. These actions can only be done with continuous and automatic monitoring of all your relevant data.
In order to maximize the impact of your campaign to the potential audience, you should run it across different social media platforms like Twitter, Instagram, and Facebook at the same time. Your analysis must accordingly cover all the data from those platforms and present them on the same chart. That way, you can gain a broad view over the performance of your campaign, pick out the most profitable platform, and formulate a customized strategy for each platform.
2. Filter out irrelevant data
Your influencers mainly communicate to their audience online using multiple channels. So the amount of data that you need to analyze is huge.
This is made almost impossible when you have data that contains relevant but also irrelevant and fake data. In fact, within the vast amount of data that you need to analyze, on average, about 70% of the data is irrelevant to your analysis. For example, you need to get rid of fake content that are generated by bots and internet trolls. You also need to be careful whether certain posts are really related to your brand or not. Let’s take Nike brand as an example. If Nike was tracking and analyzing their slogan #JustDoIt, there are lots of irrelevant data they would need to filter out from their analysis.
This is a relevant post for Nike:
This is an irrelevant post for Nike:
In order to get rid of irrelevant data (aka noise) accurately, you need services that use both advanced computer technology as well as human intelligence. After all, computers are not yet intelligent enough to understand sarcasm, irony, jokes, mis-spellings, slang, and rule out unrelated posts to the brand as described in the above NIKE example.
3. Find the most suitable influencer for your brand
Choosing the most suitable influencers for your brand, out of many that are out there, is a challenging task. If you have been working in your industry for a long time, you might already have a list of possible influencer candidates (and typically celebrities) for future partnership. But have you checked out the micro-influencers?
Micro-influencers are popular users that have between 1 000 to 100 000 followers. Unlike macro or mega-influencers, such as movie/music celebrities or political figures, micro-influencers attract a more specific audience group that share the same concern, interest, or discussion topic. If your marketing campaign is aiming to attract a certain type of audience, using micro-influencers typically provide you with a higher engagement rate, which is actually more important than mere potential impressions.
Working with micro-influencers is usually less investment for you than with famous celebrities. With the same amount of investment that would cost to work with a mega-influencer, you can work with multiple micro-influencers to reach more focused and interactive followers.
To identify the most appropriate micro-influencer for your brand, you should list keywords that describe your target audience’s interest and your brand. Then do a data analysis with social media analytics service for those keywords, and you can get a list of potential micro-influencers you can work with.
4. Inspire each other for creative content
Obviously, you can’t leave your influencers alone with your requirements without giving any support. Your influencers like to have their own creative freedom but they also welcome tips and suggestions for content that fit to your industry.
How can you come up with creative content? Sometimes they might pop up in your mind at a random moment. You might hold a brainstorming session with your team. You can also take advantage of emerging trends on social media. By actively doing data analysis on trends, you can create new content with your influencers that resonates with the interest of your audience.
You should also analyze what is trending specifically amongst the audience of your influencers. This will deepen your understanding about them so that you can suggest creative stories that is relevant to your influencers’ audience.
Ideas for creative content also comes from the dominating gender of your target audience. For instance, if most of them are women, you can narrow down the trend scope that is about women's interests such as beauty, clothes, children, or relationships.
6. Get reliable KPI measurement to make the right decisions
Many of you should be collecting and analyzing various data related to your influencer marketing campaign. These KPI figures provide profound information for decision makers.
KPIs are usually determined before your influencer campaign starts. These should include, at least, analysis on potential impressions, engagement rate, conversion rate, change in sales revenue, and the sentiment of your audience’s conversation towards your influencers and brand.
Although KPIs provide insights for decision-makers on how their activities are performing, you need to be 100% confident that the data is accurate. Otherwise you would be forming your strategy on wrong data, leading to a catastrophic result. Accurate and reliable analysis should only contain relevant data that’s typically only about 30% of the data collected. Advanced computer technology and various algorithms are able to process most of the raw data pretty well, but you can’t beat human intelligence when it comes to interpreting images, sarcasm, irony, etc; the so-called complicated data. By having a service that uses both computer technology and human analysts, you can also get pre-made customized report, which you can use directly to show to your management team related to your influencer marketing campaign results.
6. Audience’s sentiment towards your influencer and your brand
While numerical KPI figures can help you understand whether your influencer marketing campaign is working or not and get the accurate ROI, you also need to look at the the qualitative results.
This is all about what kind of sentiment your influencers’ audience have towards your influencers and your brand. Does your influencer's audience show positive signs to your brand? With accurate sentiment score, you will find the right approach to win your audience's hearts and help your influencers to deal with negative comments/ feedbacks and crisis. Accurate data analysis will provide you with positive/neutral/negative categorization of relevant posts, helping you understand your audience better.
The bottom line
Data analysis is important when doing influencer marketing campaign so that you can make sure …
- … you have the right brand insight
- … you filter out irrelevant data
- … you are using the right influencers for your brand
- … your influencer’s audience is having positive sentiment towards your influencer and your brand
- … which creative content works and we which don’t
- … re-formulate your strategy based on accurate KPIs
Having strong influencers promoting your brand brings you great benefits. But unless you are fully utilizing data analysis for influencer marketing, you might just be throwing your preciousmarketing budget away.