The value of the influencer marketing industry is nearing $16B in 2022, and as the practice continues to evolve, it’s clear that influencer marketing is here to stay. But while many brands have launched their influencer programs, and begun nurturing communities of content creators, measuring the performance of these programs remains an ongoing challenge.
According to a survey conducted by the U.S. Association of National Advertisers (ANA) in late 2020, 79% of respondents said that their team’s top influencer marketing challenge was measurement. ANA attributes this problem to the lack of measurement standardization and consistency across social media platforms. For example, almost all of the key social platforms used in influencer marketing define what constitutes an engagement differently. As a result, there has historically been no industry-wide approach for measuring influencer marketing success. Instead, brands have implemented partial solutions, and often lack clarity on which method is most optimal for different campaigns. To begin solving this issue, ANA recently rolled out new standards of measurement, which CreatorIQ soon adopted.
CreatorIQ’s Performance Methodology
Like all realms of marketing, influencer marketing is driven by results. This outcome-based approach underscores the need for a universal method of measurement for performance, projections, and financial planning. With Social Media Value (SMV), CreatorIQ’s universal measurement methodology, influencer marketers are empowered to prove the efficacy of their campaigns, ultimately unlocking more budget and enhancing the credibility of influencer marketing as a whole.
What is SMV?
In a nutshell, SMV is used to measure the value of your influencer campaign against the cost of driving the same results via paid social media advertising. By grounding the metric in established, commonly understood terms, SMV enables marketers to make informed decisions on budget planning and creator payments, all while offering a better way to benchmark campaign success.
How to Measure Your Influencer Marketing with CreatorIQ’s Performance Methodology
In CreatorIQ’s recent white paper, you can gain insights into the following areas:
- The importance of campaign measurement.
- An in-depth explanation of SMV and its use cases.
- An in-depth explanation of CreatorIQ’s other proprietary method of measurement, Earned Media Value (EMV), and its use cases.
- How both SMV and EMV can be used in tandem to measure, benchmark, and optimize influencer marketing programs.
- Best-practices for goal-setting.
While SMV and EMV are certainly not the only metrics that should be implemented in a healthy, successful influencer marketing program, brands can use these tools to address discrepancies in influencer marketing campaign measurement. Armed with SMV and EMV, influencer marketers can more easily demonstrate their value compared to other traditional forms of marketing.
Learn how you can measure the full performance of your campaign.
