Influencer marketing return on investment – the holy grail for brands wanting to justify increasing spend – is yet to achieve clear definition within this still relatively new sector of digital marketing.
Influencer Intelligence’s latest report, Influencer Marketing 2020, reveals 84% of marketers feel proving the ROI of influencer marketing is a challenge. As investment continues to rise, it’s inevitable that stakeholder demand for budget justification will increase in kind.
This is completely understandable but like with any conversation on return, to understand the real value of a campaign, a tailored approach needs to be taken. Not only on a brand-by-brand basis, but also specific to each campaign, to truly measure the impact and assess longevity.
It is these necessities that mean traditional advertising metrics and values, which are often applied to attribute worth to influencer marketing, are not fit for purpose. Applying this type of data ultimately involves trying to make a new and versatile marketing technique fit into an outdated and rigidly formulaic metric. This, coupled with the fact that rates themselves are unreliable, means brands using advertising values are failing to measure the true effect of their campaigns.
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