Importance of optimising influencer marketing ROI with data and analytics
e4m Influencer Marketing Conference: M A Parthasarthy spoke to Nishant Kashikar, Anuja Mishra, Manasi Narasimhan, Gurpreet Singh, Sebastien Caurdron, and Aditya Aima
The inaugural edition of e4m’s Influencer Marketing Conference took place on September 17. The theme for the conference was ‘Building Brands through the Power of Influence’. A stellar line-up of industry experts shared their astute opinions on how brands are using the power of real people to influence consumers. They also discussed the landscape of influencer marketing in India. The aim of the event was to give attendees an overview of the influencer marketing industry in India and the power of influencer marketing in today’s world.
Among the many interesting sessions at the conference was the panel discussion on the topic ‘Measuring the influence (Optimising Influencer Marketing ROI with Data & Analytics).’ It was moderated by M A Parthasarthy, CEO, Mindshare. The panellists were Nishant Kashikar, Country Manager (India & Gulf), Tourism Australia; Anuja Mishra, Vice President & Head of Marketing-(Personal Care & Hygiene), Godrej Consumer Products Ltd; Manasi Narasimhan, Vice President and Head Marketing & Communications, South Asia, Mastercard; Gurpreet Singh, Co-Founder, One Digital Entertainment; Sebastien Caurdron, Global Lead- INCAtech, INCA; and Aditya Aima, Managing Director, AnyMind Group. The panel discussed how optimizing influencer marketing ROI with data and analytics plays a key role in measuring influence.
Opening the discussion, Parthasarthy asked the panellists to share their views on what actually goes behind measuring influencer marketing. Anuja Mishra said, “Just like any other medium, there is a very clear objective that defines the usage of an influencer. However, broadly speaking, I break it into quantitative and qualitative aspects. Firstly, it is very important that the choice of influencer is fairly deliberated because it really helps to amplify the authenticity and the messaging of the brand. Second is to look at the kind of outreach within a set of communities. And equally, it’s also about getting a positive outlook on the brand with respect to the authenticity of the influencer and the content.”
Manasi Narasimhan shared her views on the role of influencers and the measurement of success at Mastercard. She said, “We are a consumer brand and have a B2B business. However, influencers play a very crucial role in differentiating and amplifying what the cards can be used for. So when we used influencers, who are not necessarily celebrities, but experts in their own right, we had some incredible results by showing those passion points and how a Mastercard and a bank can enable goals. In terms of how we measure success, there is a difference between paid advertising and influencer marketing. Advertising would test the creative separately and the need for reach separately. However, in influencer marketing, the two are interlinked. So getting the influencer right, getting somebody who resonates with the audience is well worth the trade-off of that extra reach, because the engagement you get is what really drives success.”
Nishant Kashikar shared his perspectives in terms of managing the dichotomy of output and outcome when it comes to measurement and metrics. He said, “At Tourism Australia, before we embark on any engagement activity, we create an influencer engagement score. An influencer engagement score is when we evaluate reach, (traditional, social media, international), the rise of the celebrity, reputation, relationship, resonance, relevancy and ROI. A combination of these seven Rs helps us evaluate an influencer engagement score. If the score is about a 70-80 percentile, we will go ahead and work with that particular celebrity.”
“In terms of measuring the output or the outcome of any activity, there are three levels of metrics. They are campaign metrics, the brand health metrics and the strategic KPIs. The campaign metrics are the views, engagements, shares, likes, and maybe the cost of customer acquisition in case we're doing a tactical campaign. But equally important are the brand health metrics which comprise awareness for the brand, the consideration and intention, and the fashion ability for the brand. We do a pre and post campaign analysis as well to achieve the strategic KPIs in terms of arrival, solicitation, spends, the contribution and the market share for your destination.”
Sebastien Caudron shared his insights on the relevance of having the data point of AI tech which plays an important role in measuring influence. He added, “What we look at is basically measuring the influences by matching the brand and understanding how an influencer can match the brand in terms of content. So the brand has territories, and the influencer has topics. It requires a lot of intelligence, i.e. artificial intelligence to be able to eventually match influencers to specific brands. It is not possible to do it manually. Therefore, these data platforms are absolutely necessary nowadays. Because without it, we won't be able to know who to work with.”
As a solution provider, Gurpreet Singh shed a light on the biggest priority when it comes to providing the concept of ROI. He said, “It mostly depends on the objective of the brand. Whether it is branding, reach conversion, or enabling a transaction. In most of the cases it is a combined effort of brand awareness and convictions. On the basis of that, one can look at the engagement metrics like CPA metrics and the CPM metrics.”
Sharing his perspectives in terms of driving ROI for brands on various platforms, Aditya Aima said, “Most important is owning relevance, understanding what the click to conversion ratio is. Performance metrics are also very important. I think brands are leveraging that and we see to it that when we go back to them with any advice, it has to do with what are the metrics that the client is looking at? And how do we drive them?”
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