how to measure influencer roi for shopify brands

Last week I uploaded a new video to LinkedIn announcing a new product that,the team at Peg had been working on for the last six months which allows you to,truly measure the ROI of influence marketing and know that for every dollar,that you spend you get X dollars back,the video just kind of went nuts we were just inundated with questions,and emails and demo requests and I mean it was incredible to see how much this,clearly resonated with people it's clearly a problem that a lot of people have and,a question that we got asked a lot was essentially how did we do it? Or more,specifically did we build an attribution model and the simple answer to that is,No.,What we really wanted to do was focus on building technology where you could,be completely sure that the data is 100% accurate and attributable and so what,I'm gonna try and do is explain to you how we went about building the,technology and how we managed to achieve an 11 times higher conversion rate than,any other ad channel for one of our clients and I'm gonna try and do it in,like three minutes 41 seconds so we started with the classic conversion,funnel of prospects and customers out and we're going to keep this simple with,three different stages of awareness consideration and action and whilst this,will vary for different companies and different products we're going to keep,the awareness as views consideration as link clicks and action as sales now for,most influencer marketing campaigns they look something like this they can only,track the awareness piece on some more advanced campaigns they're moving into,the consideration phase by taking into account things like click-through rates,and for the much more advanced campaigns they're following it through all the way,to the end and looking at sales by using things like trackable links or coupon,codes. Now what we found was industry average conversion rates tended to be,very low so you're looking at maybe something like a 2% click-through rate,from the piece of content to a landing page or around about 0.5% of that,actually converting to a sale so what we wanted to try and achieve was something,more like this where we had dramatically increased the width of the bottom of the,funnel so step one was about being able to track data so we started by building,tracking links that would then drive someone through to a landing page,and then would connect multiple other data sources that you already use like,Shopify, Appsflyer, Google Analytics etc. This way you could be sure that for,every dollar spent on an influencer you know how many dollars you're getting,back. Step two was about developing an incentivization framework here we looked,into things like behavioural economics and psychology to develop a framework that,would dramatically increase the conversion rates at each of the stages,you can think of it like this: for someone to buy your product they have to,have level of interest in the product and a level of urgency to want to buy it,now. The goal with this framework was to say how can we dramatically increase,both the interest and the urgency someone hasn't buying a product and we,do this with a framework we developed called influencer productisation marketing.,Step 3 was about introducing dynamic remarketing the goal here is,again try and dramatically increase the conversion rates at each of the,stages by re-engaging those in the funnel who weren't previously engaged,here we would keep track of anyone who viewed the content but didn't click-through,to the landing page or who clicked through but didn't end up buying the product and,then retargeting them with adverts. Now as any digital marketer will know,remarketing is incredibly powerful because you get much higher conversion,rates and therefore much higher ROI if you're retargeting people who already have,a level of interest in your brand and product so one way you can look at this,is you're not doing influencer marketing you're feeding your funnel with warm,prospects that then you can retarget to. Think of it like this: everyone has a,trust spectrum and at one end of the spectrum are your closest friends and,family at the extreme other end of the spectrum are probably politicians right,now, brands are somewhere closer to the politician and the influences are much,closer to the friend end of the spectrum so again you can look at this as a way,to feed your funnel with warm prospects because of the association between the,influencer and the brand then we bring in the dynamic element by A/B testing,these remarketing adverts test A would be a generic advert for the brand and,test B would be influencer related in some way you would then keep track of,which is performing best and as usual optimize and double down then you bring,this all together in the Peg platform by including both the influencer content,and the remarketing adverts that you've created and bringing this all together,to measure the combined ROI.,So to recap on all of this the,methodology started with trackable links and linking that to your,existing data sources so that you have one source of truth. Step 2 was about,designing an incentivization framework to try and dramatically increase the,conversion rates at each of the stages of the funnel. Step 3 was about bringing,in dynamic remarketing again to try and increase the conversion rates at each of,the stages of the funnel by re-engaging those who weren't previously engaged,then bring all of that together and you've got a methodology for truly,measuring the ROI of influence marketing and being able to dramatically increase,the width of your conversion funnel.,Now what about things like what platform,should you use? What kind of influencers should you work with? What kind of,industry averages can you expect from things like conversion rates and,click-through rates? And the reality is we don't know, yet, but this is where you,come in. If you've got a campaign on right now or you've got one coming up,for a short period of time we are going to offer to teach you our methodologies for,how we go about doing influencer marketing and give you access to the new,platform completely for free and the reason that we'll do this is because,what we want to do is gather as much data as possible from different,campaigns and different companies and learn things like these sort of harder,questions to answer like industry averages so that one we,can improve the product and two so that then we can share the take those,learnings and share them back with the industry so that we can all create much,more impactful campaigns. If that's something that you're interested in go to...,fill in your email and one of,us will get back in touch with you if we think you're eligible and if you have,any questions at all feel free to put them in the comments rather than,messaging me directly and that way when I answer them,it might be useful for other people to see the answers as well and if there's,anyone else that you think might find this video interesting or useful feel,free to tag them in the comments so that they're notified about it as well.,Good luck!

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