To ensure a better tomorrow, the creator and brand communities must participate in solving influencer marketing’s standardized measurement problem.
Social media platforms are making huge decisions: where and how will content be shown and distributed, revenue shares, and other big-ticket items that are hard to exert any executive power over. In response, creators are banding together more in the hopes of influencing social media execs, as showcased in this video made by a famous YouTube creator, Casey Neistat.
Brands, on the other hand, have a marketing budget and goals to achieve. They need to require independent, standardized measurement for influencer marketing (same as all other media they purchase) so that they can support their spend. It’s too great of a risk to spend ever-increasing amounts of their marketing budget on a marketing medium that they are unable to quantify and compare against, say, the same spend on TV. So far, they have been working with several metrics that don’t translate to all the other media purchased for a campaign:
…and a few others. However, while these metrics tell them that something in their influencer campaigns is working, it doesn’t tell them what that is or why.
If the creator community started to leverage all of its performance data, it would unlock a solution to marketers’ burning question – where should we spend our money to make more money!. Otherwise, marketers will continue to see influencer marketing as something experimental with an unclear ROI.
2019 needs to be the year in which we make sure that the word ‘experimental’ is no longer associated with influencer marketing. To make that happen, we need to make standardized measurement our priority.
Join the conversation and be part of moving the influencer marketing measurement and reporting industry forward at Influencer Fraudnomics Summit in Los Angeles on Sept. 17th. Buy your ticket today.