Expert Tips to Measure the ROI of Your Influencer Marketing
New York Fashion Week is about to start, and with over 75% of luxury fans using social media, the luxury discussion is going strong on social.
To help luxury brands cut through this noise - Dior was mentioned over 1.1 million times on social media in the month of January alone – we used Talkwalker’s advanced social media analytics to give these brands some tips on using social listening to measure the ROI of their influencer marketing.
For more in-depth insights into how luxury brands can use social listening to improve their influencer program, read our new report “Influencer Marketing: 3 Social Listening Strategies For Luxury Brands” on the Talkwalker Academy.
Tip #1: Tie Your Hashtag Campaigns to Revenues
Creating hashtag campaigns for new products and collections is quickly becoming an integral part of marketing strategies in every sector, including luxury.
Using social media analytics brands can track the virality and use of these hashtags, and compare the evolution of these numbers with the sales of the product promoted in the influencer marketing campaign. We looked for example at luxury make up brand Estée Lauder, who recently launched a hashtag campaign called #esteestories in a partnership with popular Instagrammer Aimee Song (@songofstyle).
By integrating Talkwalker and Klipfolio data, the graph below compares hypothetical US sales figures for the products advertised in Estee Lauder’s influencer campaign with the engagement rate for Song’s most popular Instagram posts with the #esteestories hashtags.
By correlating social data from influencer marketing campaigns with product sales data in this way, luxury brands can get a clearer view of the impact such campaigns have on in-store and online sales.
Tip #2: Change In Sentiment: Maximize ROI By Identifying Key Marketing Efforts
By tracking the sentiment of social media posts connected to your brand, social listening can help you identify which of your marketing efforts generated the most ROI in terms of brand perception.
In the introduction we mentioned Dior and the 1.1 million social media posts linked to the brand in January. It is one thing to know that the majority of those posts were positive in terms of brand sentiment, but can they be linked to specific marketing efforts?
Screenshot from Dior's Instagram account with Jennifer Lawrence wearing a Dior dress at the 2016 Golden Globes ceremony
Could it be because of the appearance of Dior Ambassador Jennifer Lawrence on the red carpet of the Golden Globes on January 10th? Here is what the social data said:
Sentiment expressed in social media posts linked to Dior between December 28, 2015 and January 25, 2016
From this spike analysis, Dior can see the impact made by an Instagram influencer, an external event and a Dior show and compare its level of investment in each of these marketing campaigns.
For more insights into how luxury brands can use social listening to improve their influencer program, read our new report “Influencer Marketing: 3 Social Listening Strategies For Luxury Brands” on the Talkwalker Academy.
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