Influencer marketing is a core part of many brands’ strategies. Sponsored content spend on social media will total $8.14 billion in 2024, nearing the $10 billion mark by 2026, according to EMARKETER’s March 2024 forecast.
As this space grows, tracking success and measuring ROI remains a significant challenge. “It’s a space that’s still maturing, and the measurement tools and systems just really haven’t caught up,” said our analyst Jasmine Enberg.
The complexities of influencer marketing performance
Measuring influencer marketing performance isn’t straightforward and many organizations don’t have the infrastructure required to measure influencer efforts, Enberg said.
There is also a lack of clarity on influencer campaign goals. Some marketers struggle to define success beyond reach and engagement metrics such as likes and shares.
In 2024, conversions (46.0%)—such as sign-ups or downloads—and sales (44.0%) are used as success metrics for influencer campaigns, according to September 2024 data from Linqia. Both metrics saw double-digit increases from 2023, with conversions up 11.6 points and sales increasing 13.7 points underscoring growing pressure on marketers to demonstrate the financial impact of influencer programs.
Influencer marketing often operates outside traditional ROI metrics. Its impact can vary widely based on the platform, audience type, and campaign objectives. This makes it difficult to establish benchmarks or compare influencer results with other digital channels, Enberg said.
Adding to the challenge is the overwhelming amount of sponsored content generated. Whether it’s a sponsored hashtag or a paid partnership label, 84.4% of US social shoppers have noticed sponsored content on social media, a March 2024 EMARKETER survey found.
Tackle these three challenges to improve influencer marketing performance:
1. Identify the right influencers: Work with creators whose audience exhibit buying behavior that aligns with brand objectives.
2. Develop sustainable relationships: Building partnerships that go beyond one-off campaigns for long-term impact.
3. Determine ROI of campaigns: Accurately measure success to justify investment and inform future strategies.
Learn more in the Influencer Marketing Opportunity report.
This was originally featured in the EMARKETER Daily newsletter. For more marketing insights, statistics, and trends, subscribe here.