Influencer marketing metrics, also known as KPIs, may not be the most engaging topic, yet, to marketers, they’re important. We’re accountable for measuring the effectiveness of our digital marketing investment. That includes our influencer marketing investment. You can’t manage what you don’t measure, right?

Everyone seems to agree we need influencer marketing metrics. Unfortunately, if you’re measuring the wrong influencer marketing metrics—and making decisions based on those metrics—that’s probably worse. This isn’t isolated to influencer marketing. In this new realm of digital marketing, it’s easy to get confused. How do we know which influencer marketing metrics actually matter?

Last week, we talked about making sure you identify and understand your buyer’s persona, before you start an influencer marketing campaign. In that post, we covered everything you need to know about influencers, from standard demographic criteria, to whether the influencer and their audience share similar brand affinities interests to your brand and your consumers.

Challenge 2: Looking at the wrong influencer marketing metrics

In collaboration with Altimeter, TapInfluence did extensive research on influencer marketing metrics. In The Influencer Marketing Manifesto, we shared compelling insights into what influencers and marketers are measuring.

Our biggest takeaway? Most marketers are still focusing too much on vanity metrics. So, which influencer marketing metrics really matter?

  1. CPE (cost per engagement). It matters for influencers as well as marketers because successful influencer marketing is not about reach; it’s about an engaged audience and CPE helps drive that point home with marketers. Reach and views are merely indicators of awareness.
  2. ROI and sales lift of influencer marketing, regardless of your marketing channel these metrics are the key to understanding how your influencer marketing campaign impacts the bottom line.

Beyond the metrics, also consider:

  1. On which social platforms do influencers have the most impact. Are these channels where your customers are?
  2. What kind of engagement does the influencer typically garner? Use this as a baseline to help assess what you could see.
  3. Have your competitors run similar campaigns? What kind of engagement did they see?
  4. What are benchmarks for success in your industry, outside of influencer marketing? Use this to compare the effectiveness of your influencer marketing investment.