Measuring Influencer Marketing ROI with Social Media Intelligence

Influencer marketing takes a lion’s share of the branding budget of a leading American energy drink company. Eager to determine the value delivered by its influencers, the client was looking for a tangible way to substantiate these spends. With no visibility into influencer performance and no means to track or measure post effectiveness, the client was unable to derive the outcome of its efforts. Netscribes leveraged its social media analytics acumen and developed a highly visual, data-driven influencer scorecard. This scorecard provided a clear view of their influencer performance through a blend of automation and social expertise.

Objective

Our client, an American energy drink manufacturer, was spending a majority of its marketing budget on social media influencers. To ensure value from its influencer marketing spend, it wanted to monitor, analyze, and rank the performance of 450 social media influencers to find out how often they were promoting their brand and measure the effectiveness and ROI they delivered. The client wanted this information delivered in an easy-to-consume, visual manner for quick decision making.

Solution

Netscribes deployed an influencer tracking mechanism, followed by a data analysis and scoring methodology to evaluate, rank, and assign a cost value for each influencer:

Data Tracking and Analysis:

• Through a combination of social listening tools and industry expertise, we tracked each influencer and recorded their posts promoting the client’s brand across Facebook, Twitter, Instagram, YouTube, and Twitch
• Both volume and engagement type (likes, comments, shares, views, etc.) for each post were tracked
• Based on the content of each post, we manually calculated its brand relevance to rate them as high, medium, or low on engagement
• We analyzed the potential reach of each influencer

Influencer Scoring:
Based on the data analyzed, we:

• Developed a tableau-based scorecard that indicated the performance of each influencer for every dollar spent, based on data such as their reach, engagement, and compensation
• Bifurcated engagement posts based on three categories: applause (rate of likes), conversation (rate of comments and mentions) or amplification (rate of shares)
• Assigned weightages to each category to derive a combined engagement score which determined an influencer’s rank
• Calculated marketing ROI based on the compensation and engagement scores
• This scorecard also ranked each influencer on a weekly and monthly basis, and classified them into high, medium, and bottom performers

Results Delivered

Netscribes delivered a comprehensive report in the form of an easy-to-navigate, visual dashboard on a monthly basis. It included the following:

• Engagement, post-level performance, and follower growth of each influencer across various social media platforms
• Data-driven ranking that identified the high, medium and poor performers, as well as influencers who were inactive
• Total engagement generated by each influencer for every 100 dollars spent