Talk Data to Me: Engagement Rate
Let’s talk data! At Cohley, we love leveraging the data behind our campaigns to inform our brands how to best optimize their content strategies. In fact, one of our favorite phrases in the office is: Let the data speak for itself
We typically encounter three scenarios when discussing content creation and influencer marketing strategies with brands.
Scenario 1: The brand is more focused on the influencers or the content itself than the data. (“We just want to work with influencers with high follower counts”.)
Scenario 2: The brand recognizes the importance of data, but has yet to leverage it effectively.
(“We repurpose content on our social feed and marketing ads, but are not really sure what exactly performs best.”)
Scenario 3: The brand leverages data at every turn throughout the content creation process
(“We A/B test professional content with user-generated content to see what performs best in ads.”)
In Scenario 3, we’re pumped to be speaking the same language, and admittedly, slightly bummed that we don’t get to broaden your horizons. However, we find that most brands fit more with Scenario 1 and 2 and aren’t quite sure how to leverage data from their campaigns to inform their content strategy.
If you feel like you fit more with Scenario 1 or 2, listen up! This will be the first installment of a mini-series, in which each blog post breaks down a different metric, why it matters, and how to leverage it effectively. By the end of the series, you’ll be a content data expert! First up: engagement rate
Engagement rate is one of the most crucial KPIs for campaigns with impression-focused goals. It is a crucial variable in vetting creators to work with pre-campaign, as well as an indicator of a campaign’s overall success post-campaign.
What is influencer engagement?
When talking about engagement rate, we’re talking about the actions taken by users and customers. It demonstrates where in the funnel users are, and the level of commitment they are ready to take. It can come in the form of a click, a like, a contact, anything more than an impression.
What is a good influencer engagement rate?
Good engagement rates are subjective and related to the campaign running. Generally, here are our metrics:
Less than 2% engagement = low engagement rate
Between 2% and 4% engagement = good engagement rate
Between 4% and 8% = high engagement rate
Above 8% = very high engagement rate
When assessing creators through Cohley’s platform pre-campaign, Trending Engagement, alongside Audience Credibility, are reliable indicator of success. When vetting influencers and creators, resources are limited, and the resources at your disposal are often susceptible to manipulation - think purchased followers and paid likes. (By the way, we touch on trending engagement and how we navigate common fake follower pitfalls here.) This is why we provide both audience credibility and trending engagement rates for each creator. who applies to your campaign.
Post campaign, Cohley generates an aggregate engagement rate from all creators’ posts, as well as individual engagement rates on a creator-by-creator basis. Armed with this data, you can evaluate the overall performance of the campaign in terms of impressions and brand awareness, while also identifying top performers with which to foster long term relationships.
Was my campaign effective in generating impressions and interactions with my posts? Did it elicit a response? Do the accepted creators adequately speak to my brand? Which ones didn’t? Which creators do I want to work with again?
All of these questions can be answered by evaluating engagement data. The results can help home in on which strategies work and refine tactics for future campaigns. Let the data speak, refine the strategy, execute, repeat.
Stay tuned for our next blog posts in the series which will cover social Ads, cost per asset, cost per impression, and audience credibility!
Written by Tom Logan
Our CEO and Co-Founder Tom is no stranger to the Cohley blog! With seven years under his Cohley belt, Tom is our go-to on all company updates, new tech initiatives, and data focused trends. Tom helps to dictate our direction, monitor and emphasize our culture and put colleagues in the best possible positions to succeed. Tom is a self proclaimed Tech guy, Sports Writer and Lover of Rom-Com's.