Advancements in Attribution & Tracking Influencer ROI

Peter Kennedy

12 Oct 2020 · 2 min read

 Image

Influencer Marketing is reported to be the #1 fastest growing customer acquisition method. But new technology allows brands to go beyond tracking acquisition to understand how influencers are driving actual sales.

Influencer Marketing as an industry has matured considerably over the past few years in particular with regards to measurement and standardization, making it much easier to make informed decisions backed up by data. We’re starting to see brands putting more dollars towards the industry because you can now measure the impact and ROI of Influencer Marketing efforts the same way you measure your other media campaigns.

Influencer Marketing’s growth spurt

Five years ago the central idea of Influencer Marketing was simply ‘promotion’ with an emphasis on surface-level metrics like views, likes, comments, shares.

But these metrics simply weren't enough to inform big investment decisions. It’s understandably difficult to convince a CMO to allocate 25% of the marketing budget to social media influencers when the data you’re sharing is just "vanity metrics". For a long time, there was no standardization across the industry and it was hard to measure and understand attribution.

But now, with considerable advancements in technology and the industry-wide standardization of measurement and metrics, the goal of influencer marketing has expanded to include trackable revenue growth and sales. Now, we’re looking at attribution modeling where we can pull back sales data from eCommerce sites generated by influencer campaigns. We’re also investigating offline sales metrics to understand brand lift studies that use influencer marketing strategies.

There’s no question about it: Attribution is leveling up the game.

Driving ‘Sales’, not just ‘Likes’

Much of the maturity and growth of influencer marketing as an industry has to do with the standardization of metrics across digital assets. Whereas before it was difficult to know which channels were driving a better ROI, we can now compare ‘apples to apples’, so to speak.

As time goes on and technology advances, we continue to hone in on a new, better understanding of attribution. With advancements made in how we track the customer journey, we can see exactly how much return a brand generates from a certain campaign. We can now venture beyond CPMs and more specifically determine the true ROI of an influencer’s post by reporting the sales attributed to that post.

With advancements made in how we track the customer journey, we can see exactly how much return a brand generates from a certain campaign, thereby giving brands access to the true ROI of their influencer efforts.

Influencers guiding consumers through the funnel

If the main goal of influencer marketing used to be bringing consumers to the top of the funnel, now it’s understanding how we lead them towards the ‘last click’, aka, hitting that “buy” button.

Influencers are, in effect, becoming their own eCommerce platforms for brands and products where you can sell and track sales direct from posts. By investing in new and exciting attribution technology, brands can better track and understand how to use a combination of influencer marketing and a re-targeting strategy to shepherd followers through the sales funnel for a better ROI.

Want to see how Tagger can help you implement, track, and measure your Influencer Marketing ROI?_ Schedule a free demo and we'll show you how.

You might also like