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How to Calculate ROI for Influencers: A Step-by-Step Guide

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ROI for Influencers

In recent years, the influencer marketing industry has seen a steady rise, and it continues to grow every second. In fact, the industry has grown to an impressive $21.2 billion in 2023. Businesses of different scales and across different industries are actively incorporating influencer marketing as a viable strategy to enhance brand awareness, improve sales, and create more credible connections with their target consumers. 

A major cause of success behind the rise of influencer marketing is its ability to offer great ROI or return on investment. However, calculating the ROI of influencer marketing can be difficult for individual brands and small businesses. This is mostly due to the fact that influencer marketing extends across different short and long-term objectives. Moreover, it is majorly focused on things like growing brand awareness, which, is hard to measure. 

To make the process easier, here’s a step-by-step guide on calculating ROI for influencers. 

A 5-Step Process of Calculating ROI

Calculating ROI is not just punching in some numbers and metrics. The process goes way back, right from planning a campaign to the final outcome. Here are five steps you need to take that will help the calculation process and also in achieving better results.

Step 1: Have a Clear Campaign Goal

The first and most important step of an influencer marketing campaign is having a clear goal. These goals can include better brand visibility, better engagement, content creation, or direct revenue generation. Your campaign goal needs to complement your bigger marketing objectives. Every aspect needs to be cohesive for the best outcomes. 

Step 2: Understand and Set KPIs

KPIs are Key Performance Indicators that offer measurable numbers that can be used to evaluate the success of a campaign. For Eg, if the objective was to enhance brand awareness, relevant KPIs can be reached and impressions on the page or profile. If the objective is more leads, then KPIs should include website traffic, subscribers, and click-through rates on any page link. 

Step 3: Choosing the Influencer

The importance of choosing the right influencer for your campaign cannot be stated enough. This is what can make or break the entire campaign. For this, you need to assess the size of your target audience, compare costs of micro vs nano influencers, assess their niche and work pattern, and also how well their aesthetics match your own vision. 

Step 4: Picking the Right Strategy

Influencer marketing campaigns can differ based on the brand and the influencer’s mode of work. It can be a giveaway, a promo code offer, or maybe a specifically curated hashtag. It can be a combination of more than one strategy as well. 

Ensure that both you and the influencer are clear on what deliverables are expected, including the cost and the deadlines. Ask them to share accurate analytics reports from the posts, as this will help in the calculation process. 

Step 5: Calculating the Influencer Marketing ROI

The first important step in calculating your ROI is to know what your initial investment is. For this, noting each expense of the steps in the previous segment is needed. Consider the cost of any analytics software, influencer agency fee, influencer fee, product costs, etc. Investment does not always mean only monetary exchange. It includes the value of any product or service sent, time, and resources spent.

A simple formula to calculate the ROI of your influencer is:

Profit Return/ Total Investment x 100

Ancillary Factors to Consider

The process of calculating ROI is a bit more difficult in practice. While sales and profits are measurable metrics, these are not the only determinants of the success of an influencer campaign. A few more points to be considered are detailed in the following sections. 

Proview Views

For a small business, brand awareness is highly essential for better reach. A viable indicator of better awareness is the number of views of profile impressions. Impressions help understand the ROI of the influencer marketing campaign. It indicates the potential of generating more engagement, gaining more followers, and, as a consequence, more customers. 

Nowadays, most social media platforms have inbuilt analytics sections where you can see the impressions on the platform you are promoting. 

Checking Engagement

Engagement is a big factor in calculating ROI. This includes the number of likes, shares, and customer comments and saves on a post. This can also be tracked using the profile insights section of the platform. 

Moreover, you can check the analytics report you receive from the influencer on the sponsored posts. It will help understand how successful the post is and whether the paid post or sponsorship was a worthy investment. 

Follower Count

The more followers your brand profile gets, the more credibility your brand achieves. When planning a campaign, ensure that your goal is to have long-lasting followers, not ones who follow only for the purpose of a giveaway or a promo code. Having followers who stay for long is what actually helps build credible connections and lasting customer relationships. 

When you choose an influencer, check how well their followers engage with their posts and how fluctuating their follower count is. A steady growth or an engaged follower base will offer you the same

Time of the Campaign

When you compare costs of micro vs nano influencers, it is important to see what time of the year it is. During holidays and occasions, usually considered peak seasons, the costs are higher since most brands take to influencer marketing to promote holiday offers and limited edition launches. 

Owing to the large number of posts, chances of gaining visibility and exclusivity are low, and as a result, your ROI will also be low. It is, therefore, always better to plan for longer and year-round campaigns and not just focus on peak seasons. 

Type of Product and its Pricing

It is important to understand that different services and products have different results. A completely new idea or product requires more detailed videos to show its offerings, uses, and benefits. This helps convince viewers about its credibility. 

A piece of jewelry can get engagement based on an attractive post or a story. Allot budgets and revenue targets based on the type of product and the purchase behavior of your customers. 

Final Words

With small businesses understanding the value of influencer marketing, the industry is predicted to grow even further. However, it is always necessary to have clear goals and set a target to achieve the best ROI. Undertake the steps mentioned above and gain a clear picture of how much you are getting back. Remember, money is not always a parameter. Consider all factors, from follower counts to engagement, to have a well-rounded assessment. Make necessary changes based on the results and take a step towards even better ROI. 

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How To Manage Employees at Scale: Workforce Management Software

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Workforce Management Software

Companies that maintain a clear record of employee time, attendance, and tasks may experience boosted performance and improved bottom lines. Workforce management software enables labor-intensive organizations to maximize labor efficiency, minimize compliance risks, and develop strategic insight that improves business operations. Embracing a data-driven approach to management helps companies retain talent, cut labor costs, and adhere to labor laws. Here are a few ways workforce software can help you manage employees at scale:

Improved Labor Optimization

Management software identifies and alerts management to labor issues such as overstaffing or understaffing based on forecasted workloads. Workforce management software analyses historical data and business trends to align staff schedules with anticipated demand. It factors employee availabilities, skills, and preferences to generate optimized schedules that result in better timekeeping and adherence to deadlines. Businesses may experience reduced scheduling errors, optimized workforce utilization, smoother shift planning, and improved employee satisfaction due to fair and balanced schedules. Labor optimization increases productivity and success rates as each task is assigned and complies with the company’s workflow.

Enhanced Demand Forecasting

Accurately forecasting demand for a large and dispersed workforce, including remote employees, can present significant growth and operational efficiency opportunities. Miscalculated labor requirements lead to inefficient staffing that strains the budget and interferes with performance. A workforce management system uses artificial intelligence algorithms to predict workload volume for active operation days. The forecasted data can help management make informed decisions on when to increase or scale down the workforce. The software uses repeated data patterns to forecast future requirements, helping businesses to have better budget and resource allocation planning.

Automated Scheduling

Manual schedule creation is time-consuming for a large workforce,  especially when different shifts and employee skills are involved. Workforce management systems are automated and generate schedules that align with forecasted demand, employee availability, and skill sets. Such systems allow for easy updating and making changes to the schedule. A workforce management tool features workforce sharing, smart templates, and shift swapping. It will enable staff to pick up open shifts or make changes that a supervisor approves. Automated scheduling streamlines administrative tasks and promotes equitable distribution of shifts.

Improved Time Tracking and Attendance

Employee attendance and time tracking help calculate the number of hours worked, overtime, and absences. Managing data tracking manually for a large workforce can pose challenges in terms of time consumption, error risks, and complexity. Workforce management software provides a more efficient solution by automating the time-tracking process. Employees clock in and out using their devices, eliminating discrepancies or manual calculations. This feature also helps managers better understand their employees’ productivity and identify any issues that may arise. 

Improved Compliance and Reporting

Compliance with labor laws and regulations is a requirement for any organization. The laws stipulate maximum working hours, minimum wage, and overtime pay. Employees are entitled to rest, meal breaks, and a set number of vacation days. A workforce software ushers in automation and standardization, promoting law adherence. The software also generates comprehensive reports on employee data. The report makes it easier for organizations to monitor compliance and identify any areas of improvement. These reports can also aid in identifying trends and patterns within the workforce, enabling organizations to make proactive changes.  

Enhanced Employee Engagement

Features in a workforce management system, including newsfeeds, polls, surveys, and scheduling communications, support effective information sharing across the organization. Highly engaged employees are more productive, have lower absenteeism rates, and stay with the company longer. Workforce management tools improve employee engagement in various ways. The software allows employees to view their schedules and adjust as needed, promoting transparency and control over their work hours. It provides a platform for employees to request time off, swap shifts with colleagues, and communicate with managers. This level of autonomy and communication fosters a sense of ownership and teamwork among employees. The software can track employee performance and provide top performers, further boosting engagement levels.

Maximize Efficiency With Workforce Management Software

Effective communication improves workplace efficiency and reduces errors. Workforce management software allows for streamlined communication between employees, managers, and HR personnel. The software sends automated notifications, reminders, and updates to keep everyone on the same page. It also provides a centralized platform for all employee information, eliminating the need for multiple manual systems. Investing in workforce software may lead to significant cost savings and improve organizational success. Implement workforce software into your business processes today.

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BUSINESS

Creative Ways to Reuse and Recycle Takeaway Containers

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Reuse and Recycle Takeaway Containers

Have you ever pondered over what to do with the masses of takeaway containers that end up filling our dustbins weekly? Due to their convenience and durability, countless containers find their way into our homes, usually tossed out without a second thought. However, with a touch of creativity and a concern for the environment, these often neglected items can be granted a second lease of life. This blog will provide you with innovative ideas to recycle and reuse takeaway containers.

1. Artful Planters

Why not transform takeaway containers into chic planters for your houseplants or your kitchen garden? Drill some holes at the bottom for drainage and get your green thumb working. They can support herbs, succulents, or a splash of floral beauty right at your windowsill.

2. Craft Supplies Storage

Takeaway containers make excellent storage options for art and craft supplies. Sort out your buttons, beads, sequins, paintbrushes, and numerous other craft essentials. They will be readily available when you need them, and your work area will remain clutter-free.

3. Homemade Candles

A fantastic way to reuse plastic or aluminium containers is by turning them into candle moulds. Not only will you be crafting beautiful homemade candles, but also contributing towards reducing plastic pollution.

4. Versatile Organisers

Declutter your workspace, vanity, or even your garage by using these handy containers as organisers. They can hold everything – from nails and screws to makeup and jewellery, ensuring that everything is always within your arm’s reach.

5. Seed Starters

One of the easiest ways to reuse plastic containers is to use them as seed starters. Poke some holes at the bottom, fill with potting mix, and start your seedlings. Once they’re ready to be transplanted, you can reuse the container a win-win situation for you and the environment.

6. Leftovers Best Friend

Think twice before you ditch that sturdy takeaway container – it can be a lifesaver for storing leftovers. It’s worth mentioning that they should be cleaned thoroughly and dried before using them for food storage again.

In Conclusion

Demonstrating creativity with takeaway containers not only helps to lower the volume of waste that we contribute to the environment but can also serve practical purposes around your home too. Next time, remember that these containers are way more than just a one or two-time food carrier. They are a valuable, reusable resource, and their possible applications are as extensive as your imagination permits. The key takeaway here is to ingenuity and transform what’s typically considered as trash into an example of smart recycling. So, let’s brace ourselves to gift our beloved takeaway containers a new life and towards reduced waste and a healthier planet.

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BUSINESS

Mastering Logistics: Unleashing the Potential of 3PL Warehouse Management Software for End-to-End Supply Chain Success

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3PL Warehouse Management Software

In today’s hyper-competitive global market, businesses face a daunting challenge: to not only meet but exceed customer expectations while navigating the intricate web of supply chain logistics. From sourcing raw materials to delivering finished products, the efficiency and effectiveness of every link in the supply chain can make all the difference between success and stagnation. Enter third-party logistics (3PL) warehouse management software, a dynamic solution empowering businesses to conquer the complexities of modern commerce with unparalleled agility, precision, and continuous evolution.

Unveiling the Imperative for Logistics Technology

In the relentless pursuit of operational excellence, businesses are embracing technology as their trusted ally. Nowhere is this more evident than in logistics management, where outdated methods have become obsolete in the face of evolving consumer demands and global market dynamics. Recognizing the imperative for transformation, companies are turning to advanced logistics technology, with 3PL warehouse management software emerging as the cornerstone of their strategic arsenal.

Unraveling the Boundless Advantages of 3PL Warehouse Management Software

  1. Unparalleled Visibility and Transparency: Harnessing the power of real-time data analytics, 3PL warehouse management software offers unparalleled visibility into every facet of the supply chain. From inventory tracking to shipment status updates, businesses gain unprecedented insights, enabling informed decision-making and proactive problem-solving. With customizable dashboards and interactive reporting tools, stakeholders can access critical information anytime, anywhere, ensuring transparency and accountability across the organization.
  1. Optimized Efficiency and Productivity: By automating manual processes and streamlining operations, 3PL warehouse management software drives unmatched efficiency and productivity gains. With features such as automated order fulfillment, dynamic inventory replenishment, and intelligent route optimization, businesses can minimize costs, reduce lead times, and maximize throughput with unparalleled precision. Moreover, advanced algorithms and machine learning capabilities empower businesses to optimize resource allocation, minimize bottlenecks, and enhance operational agility in the face of changing demand patterns and market dynamics.
  1. Scalability and Adaptability: In the dynamic landscape of modern commerce, scalability and adaptability are non-negotiable traits for success. 3PL warehouse management software offers businesses the flexibility to scale their operations seamlessly, whether expanding into new markets, launching new product lines, or adapting to seasonal fluctuations. With customizable workflows and adaptable configurations, businesses can future-proof their logistics strategies and stay ahead of the curve. Moreover, cloud-based deployment options and modular architectures ensure scalability without sacrificing performance, allowing businesses to grow and evolve without constraints.
  1. Cost Optimization and Resource Utilization: In an era defined by razor-thin margins and relentless competition, cost optimization is paramount. 3PL warehouse management software empowers businesses to identify cost-saving opportunities, from optimizing inventory levels and reducing excess stock to minimizing transportation expenses and labor costs. By leveraging predictive analytics and machine learning algorithms, companies can unlock hidden efficiencies, forecast demand with precision, and drive sustainable cost reductions across the supply chain. Furthermore, real-time cost tracking and financial analytics enable businesses to monitor expenses, identify cost drivers, and make data-driven decisions to enhance profitability and competitiveness.
  1. Enhanced Customer Experience: In an age where customer experience reigns supreme, 3PL warehouse management software enables businesses to deliver unparalleled service excellence. With features such as real-time order tracking, automated notifications, and seamless returns management, companies can exceed customer expectations at every touchpoint, fostering loyalty and driving repeat business. Moreover, personalized customer portals and self-service capabilities empower customers to track shipments, manage orders, and resolve issues independently, enhancing satisfaction and loyalty while reducing service overheads. By prioritizing customer-centricity and responsiveness, businesses can differentiate themselves in the market, build brand loyalty, and drive sustainable growth in the long term.

Charting the Course for Future Innovation

As technology continues to evolve at an unprecedented pace, the future of logistics management holds limitless possibilities. From harnessing the potential of artificial intelligence and machine learning to leveraging the Internet of Things (IoT) for enhanced connectivity, the journey towards supply chain optimization is one of endless innovation and discovery. Emerging technologies such as blockchain, robotics, and predictive analytics are reshaping the logistics landscape, offering unprecedented opportunities for optimization, automation, and value creation. By embracing a culture of innovation and collaboration, businesses can stay at the forefront of technological advancements, drive continuous improvement, and unlock new avenues for growth and competitiveness.

Conclusion: Setting Sail Towards Success

In conclusion, the transformative power of 3PL warehouse management software is reshaping the landscape of modern commerce, empowering businesses to navigate the supply chain seas with confidence, agility, and foresight. By unlocking unparalleled visibility, driving operational efficiency, and enhancing customer experiences, 3PL warehouse management software serves as a beacon of innovation in an increasingly competitive marketplace. As businesses chart their course towards success, investing in 3PL warehouse management software isn’t just a strategic choice—it’s a voyage towards unparalleled growth, resilience, and prosperity in the digital age and beyond.

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