When it comes to choosing the right marketing channels for your business, using the same ruler to measure their effectiveness is a key strategy.
In our dynamic digital landscape, brands are spoilt for choice when it comes to marketing channels. The spotlight, however, often falls on two key players — digital advertising and influencer marketing. These channels each offer unique benefits and potential pitfalls. As such, selecting the right one is contingent on a brand’s specific objectives.
Making this choice involves weighing the performance of each channel, which, in turn, relies on accurate measurement metrics. When a brand strictly uses metrics that apply to one channel, it inhibits a balanced comparison between the two. This makes choosing the right channel a complex process.
Take, for instance, a brand that leverages click and impression metrics to assess the performance of its digital ad campaign. It will find it challenging to compare these results to an influencer marketing campaign evaluated through engagement and reach metrics.
The remedy to this situation is to utilise a consistent set of metrics for both channels like brand lift.
This would provide a clear overview of each channel’s performance, accounting for brand awareness, consideration, and purchase intent.
It’s commonly used and integrated into digital ads platforms by Google, Meta et al, but you’d be surprised how few marketers are aware of the fact that brand lift measurement could easily be done for influencer marketing campaigns as well!
Cohort analysis with influencer-led brand lift surveys is one such measurement tool available to marketers.
This novel method enables a comparison of brand lift among individuals exposed to the campaign against those who were not. Companies like Multytude offer this research in an engaging and entertaining way, using influencers themselves.
Employing a range of metrics to measure the performance of influencer marketing campaigns provides brands with an all-encompassing view of their campaign’s effectiveness. These insights can then be used to refine future campaigns and maximise results.
In conclusion, using consistent metrics to evaluate digital advertising and influencer marketing investments holds several benefits. It enables brands to make informed channel choices based on their specific goals. It ensures both channels are evaluated fairly. More importantly, it paints a precise picture of the overall efficacy of a brand’s marketing endeavours.
By deploying the metrics outlined here, brands can effectively gauge the success of their influencer marketing campaigns and make wiser decisions when allocating their marketing budgets, including on which influencers they should work with again.