One of the top 10 questions we’re asked by new clients is, “what’s the best way to measure our influencer program?” Today, there’s no single “right” answer to that question. The answer varies according to the state and direction of the organization, its business objectives, and the market it’s addressing.
Each organization undertakes an influencer program for its own unique set of reasons. Even head-to-head competitors — targeting similar influencers in the same market — often declare different objectives and apply different measures.
That’s not to say there’s a lack of valid techniques for measuring the impact of influencer programs. Quite the contrary. It’s just that there’s no one-size-fits-all formula.
The Word of Mouth Marketing Association is one of the industry groups recognizing the need for a selection of valid measurement approaches. Their measurement research committee suggests that at least 4 measurement models deserve serious attention:
- Customer Value Matrix
- NetPromoter(TM) Economics
- Social Value of Opinion Leaders
- Conversation Value(TM) Model
Thought leaders like Ogilvy’s John Bell are paying attention, just as we are. These models will evolve rapidly. We can all help shape the thinking. We all have a hand in the rate of adoption.
Meanwhile, don’t hesitate to adopt a measurement model that makes sense for your organization.
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Tarah Remington was in touch with Influencer50 today, with a heads up that the Word of Mouth Marketing Association (WOMMA) has released a draft of the WOMMA Influencer Handbook for public comment. The handbook is about best practices in the use of influencer marketing:
“WOMMA believes influencer marketing is real and here to stay. It is not a myth, or a passing fad, or the latest trend. Rather, it is one component of successful word of mouth marketing programs.”
The WOMMA handbook references Nick and Duncan’s book, Influencer Marketing: Who Really Influencers Your Customers, in the bibliography on books, white papers, and research.
WOMMA is calling for public comment from marketers, bloggers, and consumers in order to make this tool as useful and effective as possible.
Update: Found a cameo post by one of the authors, Sean O’Driscoll.
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