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Influencer marketing is big business. But how do you know whether your campaigns are delivering results?

Like all forms of digital, influencer marketing must be measurable and have a demonstrable ROI to work as a viable marketing tactic.

Some influencer marketing gurus challenge the very idea of measuring ROI as antiquated, similar to asking the ROI of having telephones in the office.

But influencer marketing won’t be taken seriously by Chief Financial Officers (CFOs) as long as Chief Marketing Officers (CMOs) dodge the question.

In this column, you’ll learn about the challenges in calculating influencer marketing ROI, as well as a formula for calculating Return on Marketing Investment (ROMI). Let’s get started.

Calculating Returns on Influencer Marketing Can Be Tricky Business

Spending on influencer marketing in the U.S. will increase 33.6% from $2.76 billion in 2023 to $3.69 billion in 2023.

And 67.9% of US marketers will use influencer marketing this year, up from 62.3% last year.

The demand for the top celebrities and influencers is so great that global brand Clear paid Cristiano Ronaldo, one of the most popular football (AKA, soccer) players in the world, an estimated $619,497 to $1 million for a single Instagram post.

With so much money getting poured into reaching Ronaldo’s 339 million Instagram followers, you can bet dollars to donuts that someone at Clear is going to ask, “What’s the ROI of our latest influencer marketing campaign?”

That’s a great question – and it’s one that all of us need to know how to answer.

But, few topics generate as many deer-in-the-headlights looks from marketers as ROI. It’s hard to know what to measure and it’s tricky to tie influencer marketing efforts directly to business results.

The first thing you need to know is ROI is the wrong metric.

Why?

Because it measures money that is “tied up” in plants and inventories (which are capital expenditures or CAPEX).

The right metric to use is Return on Marketing Investment (ROMI).

Why?

Because it measures money spent on marketing, which is typically expensed in the current period (which are operational expenditures or OPEX).

And here’s how to calculate ROMI:

[Incremental Revenue Attributable to Marketing ($) * Contribution Margin (%) – Marketing Spending ($)] / Marketing Spending ($) = ROMI

So, let’s say Ronaldo’s #sponsored Instagram post cost $1 million, just so we can use a round number.

And, let’s say that the contribution margin on Clear shampoo is 60%, which is just a completely unscientific, wild-assed guess.

If Ronaldo’s post generates $5 million in incremental revenue, then you multiply that by 60% to get $3 million in gross profit.

Then, you subtract the $1 million spent on influencer marketing and then divide the $2 million result by the $1 million spent on influencer marketing to get a ROMI of 2.

Like this:

[$5,000,000 * 60% – $1,000,000] / $1,000,000 = 2

In other words, every dollar spent on influencer marketing generated an additional $2 on Clear’s bottom line.

Get it?

Got it?

Good.

Now, how can you be sure that you can attribute $5 million in incremental revenue to Ronaldo’s post?

Tips for Tracking Influencer Marketing Results

Well, one way is to use the free Campaign URL Builder tool, which allows you to easily add campaign parameters to URLs so you can measure Custom Campaigns in Google Analytics.

Create a Trackable URL

All you need to do is:

Enter the URL of the landing page.

Enter a term like “Instagram” in the box for the campaign source.

Enter another term like “influencer” in the box for campaign medium.

And enter a term like “Ronaldo” in the box for the campaign name.

The Campaign URL Builder tool will generate a campaign URL for you – and you can even use bitly to shorten the URL.

Then, all Ronaldo needs to do is use this URL in his post and the marketers at Clear can track the results in Google Analytics.

Tracking Influencer Marketing Campaign Performance Using Incremental Revenue

Another way to track results is to leverage the fact that Ronaldo is promoting the new CLEAR Men Legend Shampoo by CR7, which has a design, scent, and texture personally selected by Cristiano Ronaldo, who wears the number 7 on his jersey.

In addition, CLEAR Legend Shampoo by CR7 is now available at leading drug stores and supermarkets in Malaysia, Cambodia, Myanmar, Turkey, Kazakhstan, Uzbekistan, Azerbaijan, Greece, China, KSA, Gulf, Levant, Mashreq, Maghreb, Russia, Romania, and Greece.

All the marketers at Clear need to do is track incremental revenue from this sub-brand and compare that to revenue from their other shampoo products — or from Thailand, Italy, and Portugal, where CLEAR Legend Shampoo by CR7 isn’t available yet.

Smaller Influencers May Give You an Even Better ROMI

Marketers may not want to bet their jobs on the possibility that a celebrity or mega-influencer with more than 1 million followers can generate $5 million in incremental revenue with a single post.

Well, they will be relieved then to discover that smaller influencers will probably give them an even better ROMI. This could include:

Microinfluencers with less than 15,000 followers.

Regular influencers with between 15,000 and 50,000 followers.

Rising influencers with between 50,000 and 100,000 followers.

Instagrammers will get paid different amounts of money depending on how many followers they have, the engagement rates they get, and the categories of content that they create.

For example, Instagram influencers with less than 15,000 followers might make around $100 per post, while those with between 50,000 and 100,000 followers might make $200 per post on average, although it depends on the profile.

However, the calculation for your return on investment in influencer marketing remains the same.

So, let’s say a microinfluencer’s #sponsored Instagram post costs $100.

And, let’s say that the contribution margin on your brand is 60%, which is as good a guess as I can make without knowing more about your product category.

If the microinfluencer’s post generates $1,000 in incremental revenue, then you multiply that by 60% to get $600 in gross profit. Then, you subtract the $100 spent on influencer marketing and then divide the $500 result by the $100 spent on influencer marketing to get a ROMI of 5.

In other words, every dollar spent on influencer marketing would have generated an additional $5 for your bottom line.

Now, generating $1,000 in incremental revenue isn’t going to get you a promotion. But let’s say you identified 10 micro-influencers and were able to generate $10,000 in incremental revenue.

Do you see where this is headed?

The biggest challenge to this strategy, of course, is finding 10 appropriate influencers to participate in your campaign.

There are now 1,360 influencer marketing-focused platforms and agencies, 240 more than a year ago. So this is a relatively easy problem to solve.

Or, let’s say you find 10 rising influencers and pay each one $200 for a total of $2,000. If their posts generate $25,000 in incremental revenue, and your contribution margin is still 60%, then you get $15,000 in gross profit.

Then you subtract the $2,000 that you spent on the influencer marketing campaign and then divide the $13,000 result by the $2,000 spent on influencer marketing.

What do you get? A ROMI of 6.5.

In other words, every dollar spent on this influencer marketing campaign would have generated an additional $6.50 for your bottom line.

That’s the answer that you want to give when your CFO asks, “What’s the ROI of our latest influencer marketing campaign?”

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Featured image: CoCoArt_Ua/Shutterstock

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How To Optimize Universal App Campaigns

With the recent changes to Google Universal App campaigns, it’s now easier than ever to promote an app.

Operating system device (iOS or Android).

Budgets and bids.

Cost-per-install caps.

Creative assets and copy.

Conversions to track and optimize towards.

Now, let’s take a look at what you can’t control in these campaigns:

Bid adjustments.

Target audience or demographics.

With all of these settings out of your control, it may be hard to understand how you can optimize for Universal App campaigns.

Read on to learn five ways to maximize efficiency in one of the most automated ad types in Google.

Once your app is connected to Google Ads, Google Play will automatically create a conversion source that consists of a download.

Another way to ease the process, right?

Not so fast.

First Open events from Firebase or other third-party app sources have been more reliable and realistic, in my experience.

The other consideration is that you still need conversion sources to track iOS activity.

Enter in first open events.

In order to optimize campaigns for “first installs,” the events need to be imported into Google Ads.

To do this:

Once the events for first opens are imported to Google Ads, you’re able to track these as conversions.

Track both the Google Play source and your first opens to compare volume against each other.

Just be sure only include one of them as a conversion, otherwise, prepare yourself for a reporting nightmare.

2. Understand Your Cost Per Install Goal

Having a solid understanding of your target Cost-Per-Install (or CPA if targeting in-app action campaigns) is crucial before getting started.

Without proper goals, it gets more difficult to explain whether performance is good or bad.

A good place to start is understanding the LTV (lifetime value) of a subscribed or paying user.

How long is the average lifecycle?

How valuable (in revenue) is each user?

If that information is available, it’s a great first step to work backward into creating a target Cost Per Install goal.

For example, say the LTV of an average user is $250 over the course of 1 year. Additionally, you’ve been given a budget of $5,000/month with the goal of generating 1,700 installs.

Here’s a simple way to break this down if the Cost Per Install is realistic.

$250/12 (months) = $20.83 average monthly revenue per user

$5000/1,700 installs = $2.94 per install

The target average of $2.94 Cost Per Install is much lower than the average monthly revenue generated per user of $20.83. This simple math tells you that with your given budget, you should easily be able to reach your goals.

When setting your bid strategy, it’s important to note that with the Install volume setting, you should really put a CPI cap in there to avoid unrealistic targets. Make sure to set your initial CPI high enough to give Google the data it needs to start running.

3. Segment iOS & Android Campaign Budgets by Performance

It’s always important to know who your target audience is.

After working in app campaigns for years, my team has found that in Universal App campaigns, iOS campaigns typically have a higher Cost Per Install than Android. This is typically opposite from what we see in other platforms such as Facebook Ads.

At the end of the day, it comes down to the app and the target audience.

If you’ve got strict goals for your campaigns, it’s wise to segment campaign budgets accordingly based on performance.

For example, if your blended target Cost Per Install is $2, you may see Android campaigns performing more efficiently at $1.50 or less. On the other hand, you may see iOS campaigns performing over $5 CPI.

In the scenario above, more budget would then be allocated to Android campaigns due to lower CPI, with a smaller budget and higher CPI target for iOS.

4. Target Users More Willing to Perform In-App Actions

Imagine this scenario.

You successfully launch your first Universal App campaigns and the install volume and Cost Per Install goals are performing well above your expectations!

A few months go by with regular reporting meetings with clients, and then they hit you with an unexpected remark:

“We’re getting a lot of installs, but an uninstall rate of over 60%. Why is the quality so bad?”

Many factors result in high uninstall rates that are out of your control.

But if your paid media campaigns are driving the majority of installs, it’s time to take action.

When selecting Install volume for new user campaigns, there is another setting that is often overlooked: All users vs. Users likely to perform an in-app action.

Changing the type of users you want to target to Users likely to perform an in-app action may drastically change the quality of app installs for the better.

It’s important to note that this may reduce the overall volume of installs and potentially increase Cost Per Install, so it is imperative to monitor performance and make adjustments accordingly.

5. Create Clear, Compelling Assets & Content

This may be the most important recommendation of all.

With Universal App campaigns, you’re providing Google with a mixture of headlines, descriptions, logos, and ratio-based images.

From there, Google’s algorithm pieces together effective ad formats based on what network the ad is shown on.

Sometimes, an image doesn’t show at all and a user sees a basic text ad. Other times, an image takes up the majority of the ad with little information coming from the text itself.

Because assets and content are within the company’s control, I cannot stress enough how important it is to develop images and copy that has the following:

Strong Call-To-Actions (in text and possibly imagery).

Strong Brand recognition.

Clear understanding of what your app does. (What pain points does it solve for a user? Identify these in your messaging!)

The point is to make it clear to a user what exactly the app can do for them, and then deliver that promise once they install the app.

Being clear in your content will also likely weed out any potential irrelevant customers who may download your app and then uninstall it right away.

Summary

Ultimately, the questions may come down to quantity of installs vs. quality of installs.

It’s up to you to decide how to target and optimize based on your company goals.

By focusing on what you can control, you’ll come armed and prepared to execute effective App campaigns and recommendations based on data.

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Image Credits:

All screenshots taken by author, December 2023

What Is A Checksum And How To Calculate A Checksum

Are you wondering what a checksum is? You may have noticed that when you download files from certain websites, they have a very long string of numbers and letters called a checksum or MD5 checksum or SHA-1, etc. These really long strings basically act as fingerprints for that particular file, whether it be an EXE, ISO, ZIP, etc.

Checksums are used to ensure the integrity of a file after it has been transmitted from one storage device to another. This can be across the Internet or simply between two computers on the same network. Either way, if you want to ensure that the transmitted file is exactly the same as the source file, you can use a checksum.

Table of Contents

Checksums are used not only to ensure a corrupt-free transmission, but also to ensure that the file has not been tampered with. When a good checksum algorithm is used, even a tiny change to the file will result in a completely different checksum value.

The most common checksums are MD5 and SHA-1, but both have been found to have vulnerabilities. This means that malicious tampering can lead to two different files having the same computed hash. Due to these security concerns, the newer SHA-2 is considered the best cryptographic hash function since no attack has been demonstrated on it as of yet.

As you can see in the screenshot above, the ISO file I am trying to download from Microsoft has a SHA1 checksum listed. Once I download the file, I would use a checksum calculator to verify the integrity of the file.

About 99.9% of the time, you really don’t need to care or worry about checksums when downloading files off the Internet. However, if you are downloading something sensitive like anti-virus or privacy software like Tor, it’s probably a good idea to verify the checksum because hackers can create malware-infested versions of critical software in order to gain full access to a system.

There are a ton of different utilities for calculating checksums and I’ll mention only one or two here since the good ones can create multiple hashes for you and can also verify hashes.

MD5 & SHA Checksum Utility

The MD5 & SHA Checksum Utility is my favorite utility for working with checksums because it has all the features I need in the free version. Once you download it, simply run the EXE file to open the program.

As you can see the MD5 hash is the shortest and the SHA-512 hash is very long. The longer the hash, the more secure it is.

Online Checksum Calculator

For those who would rather not download any software onto their systems, an online checksum calculator would be the better choice. The online calculators have more restrictions, mostly the max upload size of the file, but for smaller files, they work just fine.

If 5 MB is just too small, then check out OnlineMD5, another free site that allows you to generate checksums for files up to 4 GB in size. Apparently, it does this without uploading the actual file to their servers. I’m not sure how it works, but it seems to just run the algorithm locally on your system and then just displays it in the browser. Quite a smart way to do it because you don’t have to download extra software and you don’t have to wait forever uploading a large file.

Google Announces Automated Performance Max Campaigns & This Week’s Digital Marketing News

Jess Budde, Greg Finn, and Christine “Shep” Zirnheld cover new machine-learning powered features from Google Ads, how to make your emails “beta” with fun fonts, and fall decor that lives up (or down) to its name.

If you’re unable to catch the episode on Spotify, be sure to watch the video version on the Search Engine Journal YouTube channel.

Here’s the digital marketing news you may have missed this week:

Google closed out Advertising week with an announcement of new features.

Insights Page

Max Performance Campaigns

In our take of the week segment, Google Ads made PPC Greg an offer and he had to refuse it.

Then, ICYMI, Kammy Caruss reminds us that Google isn’t just hiding bad keyword matches from search query reports.

— Kammy Caruss (@ynotweb) October 6, 2023

We’ll answer your burning digital marketing questions during our lightning round segment:

Who is eligible for the new Showcase News feature from Google News?

What are the new Microsft Advertising keyboard shortcuts?

When Facebook plans on rolling out the new Group features they announced this week.

Where can you find actual user location data in Google Ads now that they removed it from the user location report?

Why you should tread lightly with language targeting in LinkedIn Ads.

How our hosts feel about the Bing rebrand.

Thank you to our sponsor, Upfluence!

With Upfluence’s all-in-one platform, marketers can streamline their influencer marketing campaigns and scale their influencer programs in no time.

Head over to the Marketing O’Clock site for more information on these stories. Don’t forget to subscribe while you’re there!

Featured Image Credit: Cypress North

The Importance Of Event Marketing For The Success Of A Business

In recent years, more organizations have started to host events to grow awareness about themselves in the market. The step is also aimed at achieving sales and positioning through establishing connect with the target audience and leveraging face-to-face relationships. Well-planned events can bring benefits that are far-reaching in scale therefore transforming the face of a business.

Here is the importance of event marketing for the success of a business –  

Boost your conversation rates

Events are hosted to market brands and help them sell their products or services. Whether a company is into B2B or B2C, it can always leverage the impact of event to forge human relationships and in turn positively impact their conversion rates. Both businesses and customers will come face to face where the latter can clear their doubts, get assurance of quality and then establish a bond with the company. A lot of companies took event as an opportunity to drive sales and increase their ROI.

Related: – How Artificial Intelligence is Changing the format of Digital Marketing

Increase your brand awareness

When businesses host an event, they basically give potential customers a chance to find them. Hosting an activity is always quite helpful in letting people interact with the brand. A lot of companies use events to offer free samples to their customers to increase their brand awareness. Some events have guest speakers, freebies, discounts etc to catch the attention of the target audience and build the brand. Plus, the event photo and other information can be shared on social media to get more mileage out of them easily.

Building brand affinity

Related: – Top Digital Marketing Services for VAT Application

Grow relationships with the target customers

People crave fruitful relationships more than anything else. Brands should thus focus on enriching them with stories and magic so that they can feel a sense of connect. Without building an interpersonal connections, no business can benefit from event on any scale. You can host an event to show existing customers how much they mean to you and this will definitely reflect in your conversions. If an event is hosted to value the existing customers, then you can be sure about amazing results and better returns for your investment.

Establish thought leadership and credibility in the market

By using event production, a company can establish thought leadership in the market and show to their audience the domain-leading expertise and skills they possess. You can take steps that add value to potential customers whether directly or indirectly and prove your utility in the market. To gain a leadership position and build trust in the market, you need to use event judiciously and with the interest of the target audience at the forefront. You can get a speaker discussing about innovative concepts and show how much you’re keen on adding value to the industry.

Clearly, events can prove magic and beneficial for any company if used rightly and open the door of prospects as well.

Ftmcrazy: Introducing The New Hybrid Roi Dapp Project In The Crypto World

FTMCRAZY is set to transform decentralized application with hybrid ROI DApp project

Dapps or Decentralized Applications has become a buzzword in the crypto-world over the past 3 years.  For the uninitiated, the term dApp refers to a blockchain-based application that runs on a decentralized network and uses its resources. Decentralized apps normally have no central point of failure, have open source code, and work with a decentralized consensus mechanism.  The downtime of these decentralized apps is also eliminated. They are resistant to interference by individuals, corporations, or governments because they do not have any central authority.

Recently, ROI Dapps have been gaining investor attention. These types of dApps promise a return on investment that the user can withdraw at any time from the smart contract. ROI Dapps have been gaining in popularity, with the AvalancheFomo project being one of them.

Introducing the chúng tôi Project

FTMCRAZY is a hybrid ROI DApp project that is built on the FANTOM Network. The developers behind the project chose the FANTOM network for its larger audience, cheaper transaction fee, and matured investors. As ROI Dapps are normally a high-risk investment, choosing FANTOM community-driven network will be beneficial for investors.

The main aim behind this project is to ensure investors get financial and time freedom without the hindrance created by the current economic crisis. By tapping into the bear cryptocurrency market, FTMCRAZY is well-positioned to become one of the most sought-after ROI Dapps in the world.

Contract starts on the 22nd of March, 2023

Features of FTMCRAZY.COM

The FTMCRAZY ROI dApp has a lot of salient features that differentiate it from other normal ROI Dapps. These include the following.

Investors can deposit any amount above 5 FTM as there is no maximum capped amount.

There is a 5-10% withdrawal fee which is re-invested into the contract to sustain it. 

Investors can get 112% to 564.8% return on investment in 14 to 28 days (from 8% to 20% daily).

If users don’t make a withdrawal every day, will get extra bonus: a hold bonus. That means investors can get more profit.

Hold-bonus add 0.1% per day, max is 1.5%.

Referral bonus will auto-send in the wallet.

FTMCRAZY provides a functional calculator that easily allows users to calculate profits.

Earnings every moment, withdraw any time if you use capitalization of interest you can withdraw only after the end of your deposit Investment Plans We have two types of tariff plans with different periods and percentages of profitability

How to start investing at FTMCRAZY.COM?

Before investing at FTMCRAZY , you will need either the Metamask or Trustwallet application. To integrate your Metamask wallet, you have to complete the following steps.

MetaMask will require several bits of information such as Network Name, New RPC URL, ChainID, Symbol, and Block Explorer URL. The information you will need to enter to add the FANTOM Network is provided on the official website.

First, you have to decide how much funds you want to invest. Do this by keeping an eye out for the current value of all tokens involved.

After you have decided on the amount, check to see whether the amount is sufficient for your investment which is inclusive of the gas fee.

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