Influencer marketing is expected to be a critical element for brands by 2027, with the projected global spending on engaging KOLs, influencers, and content creators to be $47.8 billion.
With such an investment being made, how, then, do you ensure a successful campaign strategy? What KPIs should you keep track of? In this guide, we will explore some of the KOL marketing KPIs you need to keep track of for a successful 2024.
What are KOL marketing KPIs?
KOL marketing KPIs are measurable and specific metrics that indicate the performance of a brand’s KOL marketing strategy.
Whether your brand is looking to drive sales or boost brand visibility, tracking and analysing your KPIs will help you, as a marketer, to understand what works and what does not – so you can make sound and informed decisions to optimise your marketing efforts, ensuring high ROI.
Great KOL campaigns do not occur overnight. It involves a creative approach, thoughtful strategy, and strong partnership. In order to determine which KPIs are crucial for your strategy, it is vital that you set your campaign goal.
Doing so enables you to determine whether your KOL marketing campaign is a BOFU, MOFU, or TOFU play.
So, what are BOFU, MOFU, and TOFU?
They are acronyms that marketers use when describing the sales funnel.
- BOFU (Bottom Of Funnel): It refers to trials, demos, and sales
- MOFU (Middle Of Funnel): It refers to webinar sign-ups, newsletter subscriptions, and report downloads
- TOFU (Top Of Funnel): It refers to clicks, engagements, and awareness.
Here are eight KOL marketing KPIs to keep track of, depending on your campaign goals:
1. Brand sentiment
Brand sentiment refers to how your target audiences perceive your brand through their reactions and comments on your KOL campaign. While it is harder to measure, keeping track of your audience’s response to your KOL campaign allows you to tweak your strategy accordingly.
2. ROI
This is probably the most critical KPI. To put it simply, your campaign’s ROI determines your strategy’s profitability – The higher the profits, the more successful your campaign strategy is. For a positive ROI, your campaign earnings should surpass your total expenditure, such as influencer compensation, production costs, and ad spending.
Do note that ROI is not always a monetary value. For example, TOFU campaigns’ ROI can be measure in terms of earned media value.
3. Traffic
New visitors equate to new opportunities to convert. Additionally, if you notice that there is an increase in traffic but not conversions, it is a clear indication to optimise your brand website with strategies, such as better incentives and customised landing pages.
4. CTR
CTR, aka click-through rate, indicates the amount of clicks your brand receives on a specific link.
It is a considerable KPI as it shows the effectiveness of your campaign’s ability to drive traffic to your brand website, moving potential customers to the next stage. What is the secret formula to boosting your campaigns’ CTR? A strong call to action (CTA).
There are several factors that affect your CTR, such as the size of your audience, your industry, and the type of ad. An influencer-sponsored post differs from a brand’s paid ad.
5. Audience growth
Slightly different from reach, audience growth helps you to get a full picture of brand awareness and success. Even if a user does not convert into a purchasing customer but goes on to sign up for your newsletter list or follow your brand’s social media account, it should still be considered a win and an opportunity to convert them in the future.
One tip to help you boost your audience growth is to create authentic engagement. Creating content that is meant for your audience rather than solely for boosting sales. Finding your own niche influencers is a way to really target your audience in an engaging manner.
6. Conversions
Keeping track of your conversion rate is a vital KPI to measure sales. However, it can be a complex metric to keep track of if the right tools are not set in place. Our recommendations? Share UTM links, affiliate links, and unique promo codes with your KOL partners before you start the campaign.
That way, you can track conversions and clicks from each influencer.
7. Engagement
What is better for brands than brand mentions, saves, shares, comments, and likes – the social currency of a successful KOL partnership. Engagement indicates how effective your content and campaign is when it comes to resonating with your targeted audience.
8. Brand awareness
Think video views, impressions, and reach – all of the TOFU traffic that tells you more about your brand visibility and the size of your audience.
Conclusion
It is vital to know what your KOL marketing campaign is aiming for in order to know which KPIs to keep track of. Nevertheless, we know that it can be hard to keep track of every detail. Hence, Kobe is here to help.
With an influencer marketing agency like Kobe, we help to match you with the best influencer, content creator, and KOL for your marketing needs. You will also get access to real-time performance metrics to keep track of relevant KPIs.
The best part? Kobe will handle your KOL marketing campaigns from start to end, allowing you to focus on growing your brand. So, do not hesitate any further. Contact us as soon as possible to get started!
