We’ve introduced you to the PRICE™ Method, discussed calculating potential impressions and reach, talked about measuring your personal investment in your sponsored content and reviewed how your content influences your pricing. In the coming weeks, we'll continue our discussion of PRICE, but right now it’s time to talk about the final step in the PRICE™ Method: Engagement.
When influencer marketing was in its infancy, it was often enough for a company to reach out to a certain number of bloggers and have them post about a product. The company measured the success of the campaign by the number of people who posted about their product. As influencer marketing has evolved, we've come to measure success very differently. Now, to measure the success of a campaign, companies want to see engagement on sponsored content. Because of this, it is important to ask yourself whether your content resonated with your audience in a way that makes them take action.
What is Engagement?
Engagement is any native action taken by a member of your audience on a particular social channel in order to interact with your content. On a blog post, for example, this may be a social share, a click, or a comment. On Instagram, it is a comment or a like.
To measure the success of your sponsored content, it is critical to know how your audience engages with the content after it is published.
How to Measure Engagement
To start, measure your engagement rates across your channels. The easiest way to measure engagement is by tracking the engagements for the particular channel. Once you have the total, you divide the engagements by views that the particular piece of content received.
On Instagram for example, you may have received 50 likes and 12 comments on a sponsored image. From their analytics, you see that you reached 312 members of your audience. Your engagement rate on that post is 19.87%.
Tips for Tracking Engagement
- Make sure you have access to analytics for all social channels on which you post sponsored content. Twitter has great analytics and Instagram just rolled out analytics for Business accounts.
- Ensure that you are tracking clicks to brand links within your blog posts. You can easily do this with bit.ly or Pretty Link Lite.
- Make sure that you can get totals from your sharing plugin on your blog.
Use Engagement in Your Pricing
Since most companies are weighing engagement so heavily when measuring the success of their campaigns, it is a critical factor for you to review when setting your sponsored content rates. Even if your potential audience is really large, you still need to show that your audience will engage with the content. If you have great engagement rates, it should definitely be a factor in your rate calculation.
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We think engagement is one of the most important factors in the PRICE™ Method, but that doesn't mean that you focus solely on engagement. If you want to review the full PRICE™ Method framework, enter your name and email below and we'll send you a free downloadable worksheet with all of the steps.