Author: Sidney Waterfall / Source: Simply Measured This week, our marketing team worked on refreshing our influencer marketing strategy.
This week, our marketing team worked on refreshing our influencer marketing strategy. The sequence of events I am about to divulge was a perfect “real work” example of which metrics you need to include in your plan, and how to do it. These metrics are specific to SaaS companies who sell a service and are sales- and funnel-driven in strategy.
Our brand team was working away on their fresh new updates to our influencer plan, and documenting this plan to present to our VP of Marketing. The first comment from our VP came under the goal section of the plan.
Not surprising at all that our VP wants to be able to speak in terms of revenue.
That’s when I received a calendar invite to talk about how we track these metrics with the tools we currently have. This is exactly what you should do: use your team to support your plan and help you succeed.
We met as a team to discuss what we need to track, and how we can do it. After the meeting, I did more research just to make sure I wasn’t missing the mark on tracking ROI for influencer programs. Most of the guides, studies, and blog posts I read didn’t mention anything about pipeline value or revenue.
After going through this exercise internally, we learned that, yes, you can track all these metrics. So let’s break down what we learned, what we recommend you track, and how to do it.
1. Referral Traffic
Set a goal to increase web referral traffic so you can see how the program is doing as a whole, and how each influencer is driving traffic. For example, Goal is to increase referral traffic by 10% in Q3.
Want to get even more specific? How about, Goal is to increase referral traffic from Twitter by 10% in Q3, from Facebook by 15% in Q3, and from Instagram by 20% in Q3.
How to Do It: Make sure that when your influencers share links, they have the correct tracking code on to work with your tools….