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Advocacy marketing today has become an integral part of any businesses toolbox. While brands keep hiring digital and social media marketing experts to garner a wider audience reach, brand advocates are the real game changers.
Today from small to big businesses, B2B marketers or B2C marketers all are using brand advocates for convincing the ‘online masses.’
Along with effective digital marketing strategies, the Word-OF-Mouth marketing is instigating nearly 650% of global leads to businesses.
However, with the rise in the budget for advocacy marketing, certain brands are more sceptic than others. So, if you’ve been working with a team of brand influencers and are wondering if there’s any way to measure Brand Advocacy ROI? Well, there is!
However, before delving into that, let’s discuss a little bit about ROI of Brand Advocacy –
The Return of Investment of Brand Advocacy is how much profit a brand influencer is assuring a business following Worth-Of-Mouth marketing.
A profitable ROI of brand advocacy includes –
- Decreased cost revenues due to advocates positive feedbacks
- A profitable pipeline along with increased revenue
- More brand awareness with increased customer demands.
Now, that you know more about what constitutes to a profitable ROI in Brand Advocacy, read on to find out the three practical ways to measure it’s ROI –
Method 1: Take into account the number of positive online reviews
A brand which has good online reviews will attract customers like a moth to a flame. The reason being, today nearly 85% customers check online reviews before investing in a product or service.
So, if you’ve previously had fewer reviews check to see if your reviews went up after hiring a brand advocate. If they did, then the company you hired is doing a good job.
Method 2: Track the values generated by the leads
While it’s completely essential to track conversion rates and leads it’s also vital to dig a little deeper. Try and look up the unit of referral leads. This showcase if the customers spend more, or how fast is their sales pipeline etc.
This can help you understand whether the brand advocates you’re working with are being able to influence the mass effect.
Method 3: Track content and find out their value
One way to do this is by creating customised links and URLs in the content shared by your brand advocates in their platform. This will help you follow the content trail, track the CTR’s and understand if people are finding the content useful or popular.
Method 4: Measure sales metrics!
Check the numbers of sales generated after hiring the brand advocacy platform. Look up yearly sales and calculate an average. If the average is more, then your brand advocates are doing a good job.
Well, there you have it, three simple ways to study and analyze the ROI of brand advocacy. Now, utilize the above methods and ensure that you’re garnering a profitable ROI by partnering with the brand influencer of your choice. Good Luck!
