The abbreviation KPI stands for Key Performance Indicator. They are key performance indicators for mapping the success or failure of a measure and reflect the entrepreneurial performance. They can be used to assess and control business processes and, if necessary, to change and optimize them. A key performance indicator puts two numbers in relation to each other in order to get an impression of a certain success factor. An example of this is the relation of reactions, comments, etc. to the total number of views. This indicator shows you the interaction rate of the community with your content.
- More success in Influencer Marketing through KPI’s?
- How to set meaningful goals and how to achieve them
- Which KPI’s exist in influencer marketing and on the different platforms?
- How can the individual KPI’s be measured on different platforms?
Influencer marketing has become an important part of online marketing. Many users are positively influenced when buying products by influencers they follow. In addition, successful influencers offer their sponsors and business partners great reach and, in the best case, a strengthening of the image and better sales. But how can you measure the success of influencer marketing? The most effective way to measure success is by analyzing so-called KPI’s. What exactly are KPI’s and why should you track them? How can they help you reach your goals and how can you set meaningful goals?
As different as the companies are, so are their goals. Of course, every company pursues different objectives, even in cooperation with influencers. But how are these defined? One way to set sensible and realistic goals in influencer marketing is to use SMART.
SMART is a method for structured goal setting. It is used in business, for example in project management. But SMART can also be useful in Influencer Marketing. The abbreviation stands for:
- S = meaningful / specific
- M = measurable (operationalized)
- A = attractive / accepted
- R = realistic / conceivable
- T = scheduled / time period / point in time
Goals are formulated in a solution-neutral manner and are actively pursued through conscious action. They should be meaningful and specific to the individual company and also measurable. They should also be attractive, but realistic and realizable within a certain period of time (i.e., scheduled).
There are many different social media platforms with a wide variety of key performance indicators. In order to assess the individual success of an online marketing measure, KPIs must be adapted to the targets and possibilities of the various platforms.
For a website or a blog, for example, visits, unique visits and page impressions can be measured as KPIs. Visits count the number of visitors to a page, Unique Visits the number of unique visitors (excluding return visitors) and Page Impressions measure the number of page views by users. Other meaningful KPI’s are Bounce Rate (bounce rate), Dwell Time (length of stay on the website) and Conversion Rate (measures conversion of a status).
For social media platforms, other key performance indicators are often more meaningful. Here you can measure an influencer’s reach, engagement rate, and influence. Reach is a quantitative metric that can measure the number of fans/subscribers as well as views and social mentions. Engagement measures more qualitatively oriented, how many followers interact with the influencer’s content. This includes posts, comments, likes, retweets and replies. Thus, an influencer with 100,000 followers but only 100 interactions per post may be less interesting as a business partner than a smaller influencer with 10,000 followers but 300 interactions. As influencer the actual reach on relevant channels, with relevant authors, topics or brands can be measured.
Key Performance Indicators can be measured in a variety of ways. Whether Facebook/Instagram, Pinterest marketing or a blog: Many social media platforms usually offer integrated solutions to determine desired numbers. Additionally, external providers can be used.
###Instagram Instagram: Instagram Insights requires a Facebook Business account, of which you must be the administrator for at least seven days. Instagram Insights’ general stats are for the entire account and show profile views on a weekly or daily basis, as well as weekly reach and impressions. You can track how the number of subscribers is developing and in which countries the target audience is located. Age structure, gender distribution and time of day of access are also recorded. Likes & comments on posts, as well as storyviews can also be viewed without a business account.
###Pinterest KPIs also play an important role in Pinterest marketing. Pinterest Analytics, like Instagram Analytics, offers you important Key Performance Indicators such as impressions and interactions, bookmarked pins and video views for a freely defined period of time. With Audience Insights you also have access to demographic data such as age, gender, location and interests.
###TikTok On TikTok, only content in video format is created and shared. Accordingly, the view count, i.e. the number of viewers of a video, is decisive here. The videos on TikTok are rather short-lived. Therefore, it is enormously important that the videos are seen by many users. The target audience on TikTok is relatively young, so eye-catching, high-energy videos tend to be more successful.
###Facebook Facebook: On Facebook, you can variably choose the period displayed. For this period, among other things, the number of page views, clicks on contact information and call-to-action buttons, but also the sum of interactions on published posts (likes, comments, shares) are listed. It is also divided into paid and unpaid content (paid content means ads), how many new people have marked the page with “like” and how high the number of video views is. It also shows you how many people have seen any given post and more. Facebook Insights also provides demographic data of visitors such as gender distribution, age structure, country of origin, etc.
###Blog A single blog is usually not integrated into a large social media platform. Nevertheless, you have the possibility to track the success of your blog with the help of various external tools. Here, for example, Google Analytics and the Google Search Console should be mentioned. Google Analytics gives you a detailed breakdown of the traffic generated by both the entire blog and individual subpages. You receive further important information such as the bounce rate and the session duration of the users.
It is also recorded from which end devices (desktop PC, smartphone, tablet) and at what time of day your blog is accessed. With demographic and geographic data of the users, you can measure the success of your previous measures even more precisely and adjust them if necessary. With the help of the Google Search Console, you can specifically ask the Google search engine to index (crawl) your site and track which keywords are used to find you in Google’s organic search results.
###YouTube YouTube: Just like Facebook and Instagram, YouTube offers you relevant numbers to monitor your success with YouTube Analytics. Here, too, you can track the development of your subscriber numbers. You can also track the number of hits for individual videos, how many impressions they generate and from which source your viewers come (internal, external, suggested videos, etc.).
###Twitter Even though Twitter is far less common in this country compared to the US, it is still an important platform for direct information dissemination and as a B2B channel. You have with the integrated Twitter Analytics the possibility to track different numbers to capture the performance. You can see at a glance how many tweets you have sent in a selected period and how many impressions they have generated. In addition, the development of the number of followers, profile visits and mentions of other accounts is displayed.
Key Performance Indicators (KPIs) are a meaningful tool for monitoring your success. They usually relate two numbers to each other, with which you can better understand and assess the success of a measure or an account. This makes it easier for you to achieve the goals you’ve set. Various social media platforms offer you a variety of ways to track your users and thus get valid numbers. Use either platform’s own analytics tools or others from external providers to better analyze your content strategy.