Part 1: Understanding the Difference
Over the coming months, we’ll be looking at influencer marketing statistics and metrics in depth and from different aspects. When it comes to analytics and obtaining the most valuable insights into your engagement, it’s important to know the difference between metrics and statistics.
A common misunderstanding is that metrics and analytics represent the same thing, but they don’t. While both are used to prove and improve the value of marketing, statistics and metrics are not the same and shouldn’t be used interchangeably. Instead, they can be used together to obtain the best insights into your influencer marketing social media campaigns.
The Difference between Metrics and Statistics
Metrics are quantitative measurements. To put this into perspective, an example may be the total number of page views per session or the number of likes that one specific post gets. This is taking the type of engagement such as view or like and turning it into numerical and quantitative data.
A statistic, however, is a fact or piece of data obtained from a study of a large quantity of numerical data, i.e. a derivative of metrics. If you have a bit of information, it’s a statistic. If you look at part of a data set, it’s a statistic. If you know that 10% of people engaged in an Instagram post, that’s also a statistic.
Vast and Varied Data
Hugely vast and varied, the metrics and statistics associated with influencer marketing can be somewhat overwhelming. Some of the most commons ways in which to measure statistics are through measuring the following metrics:
- Growth rates
- Website traffic
- Direct messages
With influencer marketing forever changing in regard to how data is recorded and presented, it’s no surprise that big brands and influencer marketers alike need to work hard to keep up with what’s happening on their social media space – especially when it comes to analysing the success of a campaign.
Knowing the Right Objectives
Just some of the main objectives of influencer marketing are to improve brand advocacy, manage reputation, expand brand awareness, reach a new target audience and drive sales or conversions. This is why it’s vital to understand the difference between metrics and statistics and to use them properly to understand engagement.
Impressions – These represent how often a piece of content has been viewed. For example, an Instagram business account provides this metric built in, but if you only have a standard Instagram account, you can still track stories and views. Particularly when working as an influencer, it can be beneficial to use screenshots as evidence of impressions.
Follower growth rate – This is how many new followers an account gains over a certain period. The metric is a percentage calculated by comparing the number of new followers to the number of existing followers. Instagram business accounts offer the follower growth rate as part of its insights.
Audience data – Looking more in-depth into your audience data allows you to measure ways in which to attract a new target audience, you may want to. This detailed information is highly valuable when it comes to understanding your followers are and how they may change over time.
Keep Up-to-Date with Stats
During any influencer marketing campaign, it’s vital to track whether your metrics increase and if they change over time. To create punchier and more engaging metrics, you can turn these into statistics for an impactful overview of how your audiences are engaging.