Once your endorsement marketing campaign is launched, it’s time to fill out the stat sheet and measure the performance. The only way to improve your endorsement game is to develop your strengths and learn from your weaknesses.
In order to gather and understand the analytics of your campaign content, you must first understand what analytics matter. Once you understand this, you can start optimizing your campaigns to achieve your marketing goals.
Analytics that Matter
Social media endorsements allow your brand to easily track the performance of your campaign content. When using twitter, you’ll be able to track and analyze the following metrics:
- Organic Reach: This is your athlete’s follower count at the time of message delivery.
- Viral Reach: When your athlete’s endorsement is retweeted, your message reaches a larger audience. Track the users who retweet your athlete’s message and sum their total followers to calculate viral reach.
- Total Reach: The sum of your organic and total reach will give you an estimate of the total impressions generated from your endorsement marketing campaign.
- Engagements: When your message contains a link, be sure to track the amount of engagements (clicks) generated from the athlete’s endorsement.
After you’ve prepped your messages for measurability, set quantitative goals for your campaign. Setting benchmarks or estimates for your campaign will allow you to determine the success of your endorsement marketing campaign. Here are the average marketing outcomes of opendorse endorsement marketing campaigns:
Average Engagement Rate: 0.63%
Average Viral Rate: 15%
Average Cost Per Thousand Impressions: $10.00
Average Cost Per Engagement: $1.00
Start with estimating the total reach for your campaign by multiplying your athlete’s organic reach by 115% to account for additional impressions generated by retweets. Predict your engagement total by multiplying your total reach by 0.63%.
What Analytics to Focus On
When analyzing your campaign outcome, keep your campaign goals and predictions handy. If your campaign leverages multiple athletes and/or multiple tweets, be sure to track analytics on each individual athlete and message.
Here are the data points to focus on, and when they matter:
- Total Reach: This stat will tell you if your endorsement messages were relevant and shareable.
- Cost Per Thousand Impressions (CPM): This allows you to compare the outcome of your endorsement marketing campaign to other forms of marketing.
- Engagement Rate: Assess the strength of your call-to-action with this stat.
- Cost Per Engagement: When driving web traffic, CPE will allow you to see if your athlete selection gave your brand the best bang for your buck.
Learning From Your Results
Knowing the outcome of your campaign is the first step. Learning from your results will better prepare you for your next endorsement marketing campaign. Here are the variables that ultimately impact the performance of your campaign content
- The athlete
- The timing
- The content
- The call-to-action
Don’t assume that only one of these variables is responsible for your campaign success or failure. Here are some things to consider when analyzing the four variables:
- If an individual athlete shines throughout a multiple-message campaign, you’ve done a good job selecting your athletes.
- If an entire campaign underperforms, perhaps your content lacked relevancy.
- If your engagement rates skyrocketed, your call-to-action may be the root of the results.
When a message excels, try to identify which variables were responsible. It might also be worthwhile to switch up the delivery time of a message to determine how timing impacts its performance.
Test Test Test
If your campaign budget allows, attempt to include multiple athletes and multiple message types throughout your campaign.
Social media endorsements are easy to execute, and allow instant measurability. If an athlete works, stick with ’em. If a message type fails, switch it up. After 5-10 endorsements from an individual athlete, you’ll be better prepared to predict the outcome of future campaigns.
When you’ve learned all you can, and are ready to build your next endorsement marketing campaign, remember to start by outlining your campaign goals.
That’s it for the Endorsement Marketing 101 Guide. It is our hope that we’ve left you with the tools to strategize, execute, and learn from endorsement marketing campaigns.
We know that endorsement marketing can help your brand succeed in its marketing goals. Let us know what we can do to help along the way!