Primetag has released its Influence to Store Analytics solution in the UK. The solution brings a new level of transparency to the influencer economy, allowing brands to directly correlate influencer activity with eCommerce sales and visits to physical storefronts. This, it says, gives brands a complete omnichannel view of how influencer engagements impact every step of the customer journey.
While influencer marketing may be a relatively young channel compared to its legacy counterparts, the industry is maturing quickly. In the UK, influencer marketing spend is expected to reach US$1.17bn in 2024 with brands opening their wallets to influencers to entice their loyal fans to open their wallets in turn.
Until today, the full ROI of influencer marketing has been difficult to measure accurately, with brands relegated to reading the tea leaves of vanity metrics in a futile attempt to divinate inflated, and unreliably reported, likes, shares and impressions into dollar figures.
With Primetag’s solution, brands now have a clear look into exactly how much ROI they receive from every influencer interaction. With accurate analysis of post-performance, eCommerce impact, and in-store footfall, brands unlock a new level of intelligence to evaluate their current influencer roster and optimise future campaigns.
Already piloted by some of Europe’s leading retailers such as Mango, IKEA, Calzedonia, Parfois and El Corte Ingles, early results have indicated that vanity metrics are not only poor performance indicators but as much as 70 per cent of the total ROI from an influencer engagement is found in store rather than online. Further, when optimised with true omnichannel metrics the pilot programme has seen a positive ROI of 60 per cent on influencer campaigns.
Speaking on the announcement, Manuel Albuquerque, CEO & co-founder of Primetag said, “The influencer economy is maturing into a primary channel for marketing teams globally. What was once a gimmick is now an integral part of many brands’ go-to-market strategy. Historically, its impact has been hard to quantify, with ROI being the single point of truth in budget discussions. We saw early on just how impactful influencer marketing could be and built our influence-to-store analytics solution specifically to usher the influencer economy into the next step of maturity.
“If you can’t see something, that makes it very hard to measure. Our industry-first solution offers a clear omnichannel view of influencer marketing performance. This gives influencer marketing teams the metrics to justify their budgets, brand leaders the perspective to evaluate campaign performance, and creators themselves the insights to demonstrate their value.”
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