How can you use industry standards to set achievable influencer marketing goals?

2 How to use industry standards to set influencer marketing goals?

Industry standards are the average or typical results that influencer marketing campaigns achieve in terms of reach, engagement, conversions, and other metrics. As such, using industry standards as a benchmark can help you set realistic and attainable goals that are relevant to your industry, niche, and audience. To do this, you need to research the average performance of influencer marketing campaigns in your industry and niche using tools like BuzzSumo, Socialbakers, or Influencer Marketing Hub. Comparing your current performance with the industry standards will help you identify your strengths and weaknesses. Then, set SMART goals that are specific, measurable, achievable, relevant, and time-bound. For example, if you want to increase brand awareness, you may set a goal to reach 10,000 new followers in 3 months with a 5% engagement rate. Lastly, monitor and adjust your goals as you execute your influencer marketing campaigns. You may need to revise your goals based on actual results, feedback, or changes in the market.

3 What are some common influencer marketing goals and metrics?

Depending on your marketing objectives and budget, you may have various influencer marketing goals and metrics to track. For example, brand awareness is about increasing visibility, recognition, and reputation among your target audience. Metrics to measure brand awareness include impressions, reach, followers, mentions, and sentiment. Engagement is about building relationships with your audience and encouraging interaction with your brand and influencers. Metrics to measure engagement include likes, comments, shares, saves, clicks, and views. Conversions involve driving your audience to take a desired action such as signing up or downloading. Metrics to measure conversions include leads, sales, revenue, cost per acquisition, and customer lifetime value. Lastly, loyalty is about retaining your existing customers and turning them into advocates for your brand. Metrics to measure loyalty include retention rate, repeat purchases, referrals, and net promoter score.

5 How to use industry standards to set achievable influencer marketing goals?

When it comes to using industry standards to set achievable influencer marketing goals, there is no one-size-fits-all answer. A good approach to take is to begin with your overall marketing objectives and budget, and define what you want to achieve with influencer marketing and how much you can afford to spend. Then, research the industry standards for influencer marketing performance in your niche and audience, and use them as a reference point to set realistic and relevant goals and metrics. Finally, monitor and measure your influencer marketing results and compare them with your goals and industry standards. This will help you adjust your strategy and tactics accordingly, so that you can optimize your performance and ROI.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?