Influencer marketing strategy - module 5 lesson 3
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Evaluate a range of key performance indicators (KPIs) for measuring influencer marketing.
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Influencer marketing strategy - module 5 lesson 3
- 1. Evaluate a range of key performance indicators (KPIs) for measuring influencer marketing. Learning objective for Module 5, Lesson 3
- 2. Best social media metric: Economic value • You also need to show how much economic value each visit from a social network brings to your site by completing your site goals. • e.g. Economic value = $5 means that each visit from this social media site brings your business $5 in value. • Do we make any money from engaging users on social networks? Source: Avinash Kaushik, Occam’s Razor, “Best Social Media Metrics: Conversation, Amplification, Applause, Economic Value,” Oct. 10, 2011
- 3. Connect Google Analytics to TrueSocialMetrics • Want to measure the economic value of your social media efforts on your site? • Connect your Google Analytics account to TrueSocialMetrics. • In order to calculate economic value in TrueSocialMetrics reports, you need to set up a goal in your Google Analytics account and assign a monetary amount to the conversion. Source: True Social Metrics Support, Setting up Economic Value
- 4. Select goals from a template • Google Analytics has goal templates that are designed to help you set actionable goals that meet standard business objectives. • You should create at least one goal for each category (Revenue, Acquisition, Inquiry, Engagement), or you can also create custom goals. Source: Google Analytics Help, Create, edit, and share goals
- 5. Set the goal value • Assigning a monetary value to a goal gives you a way to compare micro conversions and measure changes and improvements over time. • For example, if 10% of email signups eventually result in a purchase, and your average transaction is $50, you might assign $5 (i.e. 10% of $50) to your “Signed up for email” goal. Source: Google Analytics Help, Create, edit, and share goals
- 6. Find your most effective social networks Source: Google Analytics, Rutgers Business School Executive Education, Sept. 24, 2016 to Sept. 23, 2017
- 7. Use Campaign URL Builder for tracking • You can also use the Campaign URL Builder tool to add parameters to your URLs so you can track each influencer post in Google Analytics. • Convert each URL to a short link to make it more sharable. • Then, see how many micro or macro conversions each influencer post generated. Source: Google Analytics, Campaign URL Builder
- 8. Find your most effective influencer post Source: Google Analytics, Rutgers Business School Executive Education, Sept. 24, 2016 to Sept. 23, 2017
- 9. Peer-graded assessment: Apply what you have learned to write a 5-paragraph essay that evaluates a range of key performance indicators for measuring influencer marketing.