Luxury Influencers: How to Measure Their Effectiveness

We are unquestionably in the era of influencers. Their ubiquitous presence on social media platforms is undeniable, and their ability to influence individuals’ purchasing decisions is significant. Among this diverse landscape of influencers, a category that stands out due to its unique nature are luxury influencers. However, for brands, the challenge isn’t merely finding the perfect luxury influencer, but measuring the effectiveness of their collaboration. This is where metrics come into play, serving as the key to understanding the impact of a luxury influencer marketing campaign.

Key Metrics and How to Calculate Them

To measure the effectiveness of luxury influencers, there are several metrics that must be considered. To describe and calculate these key metrics in a more detailed manner, we will explore each of the metrics, providing details and calculation examples. To facilitate understanding, we will also provide a summary table.

1. Reach: This metric is essentially the number of individuals who have the potential to see the content produced by an influencer. Calculation: Number of followers across all social media platforms + Number of impressions of the content. This figure is calculated by adding up the number of followers the influencer has across all their social media channels. For a more accurate calculation, one can also include the number of impressions of the content, representing the amount of times the influencer’s content has been displayed on social media platforms.
2. Engagement: This is a measure of how followers interact with the influencer’s content. ‘Likes’, comments, and shares are indicators of engagement. It is calculated by adding up these interactions, dividing by the total number of followers, and then multiplying the result by 100 to obtain a percentage. Calculation: ((Number of likes + Number of comments + Number of shares) / Total number of followers) * 100.
3. Clicks: This metric pertains to the number of followers who click on the links provided by the influencer. Not only is it important to consider how many followers clicked on the link, but also what actions they took upon reaching the link’s destination, such as making a purchase. Calculation: Number of clicks on the links provided by the influencer.
4. Sales and Conversions: This is one of the most direct indicators of a campaign’s success. It is measured by the number of the influencer’s followers who make purchases through the provided link. To track these sales, brands often utilise discount codes or tracking links. Calculation: Number of sales or conversions via the link provided by the influencer.
5. Earned Media Value (EMV): This metric estimates the amount of exposure a brand receives through the influencer’s social media, and how much this exposure would have cost if the brand had to pay for it as advertising. It is calculated by estimating the value of impressions, engagement, and other metrics related to the cost of paid advertising. Calculation: Estimated value of impressions + Estimated value of engagement – Cost of paid advertising.

How Can I Identify the Right Influencers for a Luxury Brand Campaign in Spain, for Example?

Identifying the right influencers for your marketing campaign can be challenging, especially when it pertains to a luxury brand. Here are a few steps you can take to find the most suitable influencers for your brand in Spain.
1. Define Your Objectives: Before commencing, it’s critical to articulate the goal of your campaign. Are you looking to increase brand awareness or boost sales? This goal will assist you in selecting the appropriate influencer.

2. Understand Your Audience: The influencer you choose should resonate with your target audience. This implies that you must have a clear understanding of who your customers are and what interests them. Moreover, the influencer’s audience should align with your target audience to ensure that your message reaches the right people.

3. Conduct Market Research: There are various online tools and platforms that can assist you in identifying the most influential influencers in the luxury field in Spain. For instance, Kolsquare offers a list of Key Opinion Leaders (KOLs) in the luxury field. Additionally, Forbes Spain has published a list of the top 100 influencers who can elevate your brand to another level, and Antevenio has a list of 10 influencers for the marketing strategy of luxury brands.

4. Consider Relevance and Engagement: You should not only consider the number of followers an influencer has, but also their relevance and level of engagement. Look for influencers who have an audience that actively engages with their content. This information can be obtained from the list of top Luxury Influencers on Instagram provided by Leguidenoir.

5. Review Their Content: Once you have identified potential influencers, review their content to ensure that their style and tone align with your brand image. Additionally, you can review past campaigns they’ve worked on to see how they present products and interact with their audience.

6. Reach Out to Them: Finally, make contact with the influencers you have selected to discuss the possibility of a collaboration. You can discuss your brand, your objectives, and how you believe they can mutually benefit from a collaboration.

Remember, influencer marketing is a long-term strategy. You might not see immediate results, but over time, working with the right influencers can significantly increase your brand’s visibility and attract new customers.