According to recent data, there are between 3.2 million and 37.8 million influencers in the world. While that’s a wide range, the numbers still speak for themselves, which is why more brands are turning to influencers to guide their social media marketing efforts.
Given the large number of influencers and the fact that more brands count on it to build their online presence, being able to discover the right influencers for a marketing campaign has never been more important. In addition, influencers have their own unique followings, which can help or hurt a brand, making the retrieval of information on influencers prior to starting a campaign vital to success.
Here are some of the critical data that brands need on influencers in order to gain confidence that their partnership will reap benefits for their ROI.
- Cost per engagement (CPE)
The cost per engagement signifies the amount of money it takes to get real engagement – likes, comments, shares, DMs – for the influencer’s post. It’s best to aim for a CPE that is low, meaning that the brand is able to engage as many consumers as possible at a reasonable budget.
- Engagement rate
Engagement rates and CPEs are similar, but this represents the level of engagement in a percentage as opposed to quantifying it with a price. Typically, mega influencers will have lower engagement rates than micro or nano influencers because they have extraordinarily large followings.
- Cost per impression
This is the cost per user impression for the influencer’s post, video or story. Ideally, the number of impressions on the social platform should be as high as possible, while the cost should be as low as possible. That means that working with that influencer will give you more bang than your buck.
- Fake followers indication
With so many influencers out there, there are more bots and fraudulent influencers on social media networks. That’s why brands should check how many of their influencers’ followers might be fake followers to ensure that they are getting the most out of their investment.
- Click through rate
This is one of the real indicators of sales because it represents how many people actually click through to the brand’s website from the influencer’s post. CTRs are usually specific to the post, story, or video content, and can be estimated or built according to various metrics.
- Cost per click
Based on the anticipated CTR, the cost per click will be determined. Brands should aim for a lower cost per click in order to make the most of their budget.
- Cost per acquisition
This number represents how much the actual sale of the product/service cost in terms of acquiring a new customer. Again, the lower number the better – brands should aim to get more people to make a purchase at the lowest possible cost to them.
These are just some of the parameters that brands should look for an consider when looking for the best influencer for their campaign.
With IMAI, brands can get these data points and more throughout the marketing funnel – from top to bottom. Schedule a demo now to see how it works.