Influencer marketing has become a foundational element in every marketer’s strategic playbook across diverse industries. In the fiercely competitive landscape of fashion and beauty, characterized by an abundance of information and advertising inundating customers, the challenge of brand differentiation and effective audience engagement looms large. Strategically identifying a resonant Voice to cut through the noise emerges a critical imperative for a brand's path to success.
As stated in the latest Launchmetrics Voices of Fashion report, in 2023 the fashion industry alone generated $64.3B in Media Impact Value® (MIV®). Out of that staggering number, Influencers drove 24.6% of the total performance, proving the power and reach of this Voice. These numbers emphasize the tactical opportunity available to brands in leveraging viral moments through strategic influencer ambassadorship to engage with customers effectively.
However, navigating the landscape of influencer marketing and seizing these opportunities can be daunting to identify and measure. So, where can brands identify key Influencer Voices and measure campaign success?
The answer: Launchmetrics Insights. This empowering data-driven tool will allow you to assess the true effectiveness of influencer partnerships across multiple platforms, audiences and geographies, while simultaneously benchmarking against your competitors’ strategies.
Before diving deeper, let’s look at why Insights will become your most powerful ally when quantifying the return on your influencer marketing investment.
In this article you’ll learn…
What Do We Mean by Influencer Tracking?
In recent years, influencer marketing has experienced a meteoric rise, even amidst lingering skepticism. Influencers have evolved into trusted authorities within their communities, driving consumer purchase intent. Consequently, the landscape has become increasingly crowded and competitive, with new Voices emerging rapidly, garnering followers and recognition almost overnight.
In this dynamic environment, it is imperative for brands to monitor and identify these influential Voices, assessing their performance accurately. Such capabilities are essential for optimizing budget allocation, particularly in the current economic downturn, where every dollar must be meticulously accounted for to maximize impact and ROI.
Tracking your influencer marketing efforts through Insights will allow you to recognize who is driving the most value for your brand, identify key moments and benchmark against competitors' strategies to step up your game and skyrocket results. Moreover, with a standardized metric you will be able to assess the true effectiveness of your influencer partnerships.
Why is Leveraging Insights Important to Maximize Influencer Marketing ROI?
- Effective Decision Making: Media Impact Value® facilitates the assessment of influencer performance to understand collaboration value and enable real-time strategy adjustments to maximize efforts.
- Data Visualization: With our dashboards feature you can visualize data through compelling charts and graphics, simplifying the process of sharing influencer marketing performance across teams and key stakeholders.
- Real Time Analytics: Launchmetrics Insights delivers real-time analytics on your Influencer campaign, ensuring agility on strategy adjustment.With up-to-the-minute data on how your influence campaign performs across channels, tier and regions, Launchmetrics Insights enables you to make informed decisions that drive results.
- Performance Influencer Tracking: Insights will also allow you to track the performance of your influencer marketing campaigns over time through continuous monitoring. This enables you to evaluate effectiveness, identify trends and seize opportunities to enhance performance.
- Benchmark for competitive advantage: Take a look at your competitors’ Influencer Strategies by analyzing their performance by location or channel. You will be able to assess where your brand stands, adjust your strategies to maximize efforts and gain a competitive edge on your Influencer campaigns.
- Plan Ahead of Time: Leveraging historical data enables the identification of key influencers driving performance. This empowers brands to strategically plan for the future and invest in the Voices that bring the most value
How to Analyze Your Influencer Marketing Performance With Launchmetrics Insights
Here you can read a step by step process on how to navigate Insights focusing on Influencer performance:
- Getting started: Once your brand’s data is set on Insights, select the Influencer Voice for each tab to ensure you are getting a clear snapshot of your influencer marketing activations (this is explained in the following steps). Remember that you can adjust the period of time depending on your brand’s objectives.
- Navigating the Industry: Here you will be able to understand where your brand ranks in the industry based on your Influencer brand performance.
- Benchmark: In this section you will find an analysis of your Influencer performance against your competitors. You will have a comparative overview on the Influencer performance evolution, the best performing platforms, Influencer efficiency, sponsored vs organic content and the type of Influencers garnering the most success for your competitors.
- Brand Focus: By clicking on Influencer in the Brand Focus, you will visualize the value this Voice is generating exclusively for your brand. Similarly to Benchmark, you will be able to assess the evolution over time and identify the key moments bringing the ROI. You will also address which locations are driving the best performance, the Channel Mix, which type of Influencers are bringing the highest value to your brand and finally meet the faces behind the success along with their ROI.
- Voice Focus: Once you confirm who is the Influencer propelling your performance, you can compare how much value they are bringing to your competitors. By clicking the Voice Focus, you can pick your competitors and the name of the Influencer you want to analyze to discover how their performance varies from brand to brand.
- Dashboards/Reporting: As mentioned above, Insights equips you with the power of data visualization which allows you to seamlessly share data and report results. Each of the charts along the sections have three dots on the top right corner. If you click on them, you will have three options: First you can download each chart as an image, then you have the option to download it as an Excel and the last option is called Dashboards, which will allow you to customize your results by transferring the charts of your choice into one report.
For a visual walkthrough, we have recorded a quick tutorial that demonstrates how easy it is to use Insights for influencer tracking campaign performance:
Launchmetrics Product Sneak Peek | How to Nail Cross Channel and Cross Filter Marketing Reporting
Tips and Tricks: Three Types of Data Visualization
Set Winning Strategies Through Benchmarking
Analyze your overall Influencer strategies and benchmark against competitors to:
- Wrap up your Influencer campaign results and assess them every quarter
- Identify key moments for your brand and your competitors
- Optimize your 2024 strategy with a competitive edge
Strategically target your audience with the right type of Influencer
If your brand is launching a collaboration and you want to target a niche audience, filter by Influencer type to:
- Partner with Micro or Mid-tier Influencers driving the highest performance for your brand
- Filter by location to understand trends and seize opportunities
- Analyze the data to understand which Channel these Influencers are performing on best
Influencer Effectiveness Comparison
Find out how the Influencers bringing the most value to your brand performed for your competitors. In the Voice Focus you can:
- Select one Influencer and compare how much Media Impact Value® they’re garnering for other brands
- Analyze how many posts are made for each of the selected brands and how much value each post is bringing to your brand in comparison to your competitors
- Find out which brands are mentioned along yours in the same placement
If you're interested in learning more about Launchmetrics Insights, feel free to request a demo and chat with one of our expert consultants. Don't hesitate to reach out!
By Natalia CornejoBusiness Marketing
Natalia, a Marketing Assistant at Launchmetrics, is passionate about blending data-driven insights with compelling storytelling. With a background in fashion and a deep understanding of brand’s needs, she's eager to leverage data's transformative power to boost Brand Performance.