The influencer marketing industry is definitely booming of late, there is no question about that, and recent research has shown that 85% of consumers trust online reviews and personal recommendations compared with other PR marketing strategies.
We recently gave you some tips on 'How To Measure Campaign Success' when you are running a campaign with influencers. For Instagram specifically, things are a little bit more complicated since influencers cannot add links to their posts to your product, making it difficult to track specific traffic to your website from their posts. But luckily, Instagram Stories were created and a swipe up feature came into play. This swipe up feature allows you to add a link to the exact product/service you are wanting the influencer to promote in order to see their engagement. In order to calculate the engagement rate, there is a standard industry formula:
Average Likes + Comments per post divided by the total number of followers.
In an industry as fast paced as influencer marketing, stats and metrics change rapidly. But how can you tell if the rate of engagement you see in your campaigns are good, average or not so great, since there are many factors that affect it?
We analysed a sample of over 7,000 influencers registered at The Blogger Programme with over 2,000 Instagram followers each, to give you a breakdown of their engagement and how it relates with their reach.
Our research, clearly backs up the industry theory that micro-influencers should indeed be a key part of your influencer marketing strategy. With an average engagement of 4%, you can make a small budget stretch a long way whilst seeing a better ROI on your influencer marketing campaigns. As well as this, Instagram Stories can be perplexing for companies using the functionality, mostly because it hasn’t exactly provided clear performance statistics beyond basic numbers. So below, we have given you some performance benchmarks for Instagram stories that are good to know the next time you think of using the feature for your brand.
The above information will provide you with a great starting point to begin your influencer marketing campaign and using features like Instagram stories. If you’re looking to work with experts to ensure you get the most out of your influencer marketing campaigns, you can make use of The Blogger Programme’s platform by contacting us to create a free proposal along with suggested influencers for your brand.