How to boost ROI with influencer marketing?

kailash02
Visitor
3 0 0

How can I determine the true impact of influencer marketing on customer retention and repeat purchases when assessing ROI?

Replies 4 (4)

Gojiberry-Amee
Shopify Partner
180 12 48

Hi Kailash02, 

This is Amee from Gojiberry - Shopify Survey & Feedback App. 

A lot of times Google Analytics / ads need to be more accurate in tracking conversions, and it is even harder when it comes to influencer marketing. Here are 2 ways you can track that more precisely: 

1. Use a dedicated coupon for each influencer -- then track the coupon usage and check the AOV. 
2. Install a post-purchase survey app from the Shopify App Store, then add a marketing attribution survey asking your customers where they heard about your store. This gives a more accurate overview of where the proportion of your converting traffic is truly coming from. 

 

I hope this helps! 

Amee | Gojiberry Team 

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OneMobile
Shopify Partner
137 12 25

Hi @kailash02 

 

There are actually several ways to measure the ROI of your influencer campaigns. I think this blog post covers all the tracking methods really well: https://www.yellowhead.com/blog/influencer-marketing-roi/ 

 

I hope this helps!

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magenest
Shopify Partner
151 9 15

Hello @kailash02 ,

 

Assessing the impact of influencer marketing on customer retention and repeat purchases requires a comprehensive approach, especially when using a platform like Shopify. Allow me to recommend some key steps and methods to determine the true impact of influencer marketing on ROI:

 

  • Trackable Links and Discount Codes: Provide influencers with unique trackable links or discount codes. This allows you to monitor the number of visits or purchases made through each influencer's specific link or code. Shopify allows you to create and track these codes easily.
  • Google Analytics Integration: Utilize Google Analytics integrated with your Shopify store. Set up goals and funnels to track customer journeys that originate from influencer campaigns. You can see how users from influencer links behave on your site, whether they make repeat purchases, and how long they stay engaged with your brand.
  • UTM Parameters: Add UTM parameters to your URLs. This practice helps in tracking the effectiveness of online marketing campaigns across traffic sources and publishing media. When influencers share these URLs, you can track performance in Google Analytics.
  • CRM and Shopify Data Analysis: Use your Customer Relationship Management (CRM) system alongside Shopify's data to analyze customer behavior. Look for trends in purchases that correlate with your influencer marketing campaigns. Pay attention to repeat purchase rates and customer lifetime value from those segments.
  • Customer Surveys and Feedback: Collect qualitative data through surveys or feedback forms. Ask customers how they heard about your brand and if influencer recommendations played a role in their purchasing decisions. This feedback can be invaluable in understanding the influencer's impact on brand perception and loyalty.
  • Return on Investment (ROI) Calculation: Finally, calculate the ROI of influencer marketing by comparing the revenue generated from influencer-acquired customers (including repeat purchases) against the cost of the influencer marketing campaign. Include both direct costs (payments to influencers) and indirect costs (time spent managing campaigns, creating content, etc.).

 

However, you need to remember that the impact of influencer marketing isn’t always immediate or straightforward. It often builds over time, contributing to brand awareness and customer loyalty in ways that are not always directly measurable by immediate sales. Therefore, combining both quantitative metrics (like sales, LTV, and ROI) with qualitative insights (like customer feedback and engagement) will give you a more holistic view of the true impact of your influencer marketing efforts.

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Milton_james1
New Member
11 0 0

Hey Kailash,

 

"I tried out SuperU, and it's been pretty awesome for digging into the impact of influencer marketing on customer retention and repeat purchases. They track the UTM source to crunch the numbers on customers who stick around and make repeat purchases. Plus, they throw in some other metrics through user profiling that are handy for retargeting efforts."

Overall, great to track ROI. Plus, it's super user-friendly. They even offer a 30-day free trial, so you can really get a feel for it. If you're curious, you can reach out to their team on their website superu.ai.