CreatorIQ Develops New Metrics to Measure Impact of Creator Campaigns Against Traditional Digital Marketing
CreatorIQ, a leading creator marketing platform, is revolutionizing the way advertisers measure the impact of creator campaigns against traditional digital marketing. With the influencer and creator economy on the rise, CreatorIQ is developing new metrics to help marketers understand the true value of influencer marketing.
In a recent report released by CreatorIQ, it was found that influencer marketing is delivering increased return on investment and improved performance metrics. The company, which works with over 1,000 brands and agencies, conducted independent research in collaboration with Aberdeen Strategy and Research. The study surveyed more than 200 marketing executives in the U.S. and U.K. across various industries, including gaming, media, retail, and fashion and beauty.
The findings come at a crucial time when businesses are seeking to establish more analytics around influencer marketing to demonstrate ROI and other performance metrics to clients. Tim Sovay, Chief Business Development and Partnerships Officer at CreatorIQ, emphasized the importance of showing a return on every dollar spent in creator marketing.
Advanced influencer marketing programs, categorized as brands in the top 20% in metrics such as impressions, engagement, and annual revenue from influencer marketing, saw significant improvements in performance metrics across all stages of the funnel. These advanced programs contributed to a 6.2 times greater year-over-year improvement in annual revenue, resulting in a return on creator spend (ROCS) of $4.70 for every dollar invested in influencer marketing programs.
The study also highlighted the expected growth in influencer marketing spend, with the total market projected to reach $6.16 billion in the U.S. by 2023. Sovay emphasized the need for more research on mid-funnel and lower-funnel measurement in comparison to digital advertising.
Industry experts, such as Danielle Wiley, CEO of influencer marketing agency Sway Group, acknowledged the advancements in influencer marketing metrics over the past decade. Wiley emphasized the importance of ROCS in providing clients with a clear understanding of their investment’s impact.
As agencies strive to create more measurement standards, there is a growing demand for a consistent measurement framework across the industry. Gary Orellana, SVP of influencer marketing at Dentsu Creative, highlighted the need for innovation to continue proving the value of influencer marketing to brands.
Overall, the study by CreatorIQ showcased the significant impact of advanced influencer marketing programs on key performance metrics. Brands in the top 20% indicated their plans to increase investment in influencer marketing, surpassing the growth rate of digital advertising. As the influencer marketing landscape continues to evolve, the industry is poised for further growth and innovation in demonstrating the value of creator campaigns.