Michael Brandt of H.V.M.N. made a great point on The Bottom Line: Ecommerce Tactics for Profitable Growth, saying there are really two ways to think about tracking influencer ROI. He separates the problem into two buckets: strong attribution and softer, survey-based attribution. This framework is the most useful way I've heard to get an accurate picture.
The first model is "strong attribution." This is the clean, direct, dollar-for-dollar tracking that every founder wants. As Taylor Lagasse breaks down on the same show, this involves giving an influencer a unique discount code or an affiliate link and then measuring the exact sales that come through. You track the revenue driven by that specific link or code, subtract your costs, and you have your ROI. Steven Borrelli of Cuts Clothing uses software to track every mention and hashtag, which gives him all the reporting and ROI metrics. This method is straightforward, easy to defend, and gives you a clear performance baseline.
The challenge is that strong attribution doesn't capture the whole story. How many people saw a post, loved the product, but decided to buy it a week later without using the code? This is where Brandt's second model comes in. He uses a post purchase survey to simply ask customers, "How did you hear about us?" This allows you to catch the halo effect of your influencer campaigns. You might find that a significant number of customers name an influencer, even if they didn't use their specific code. This blended approach gives you a much more honest assessment of your Influencer Marketing Strategy.
Finding that balance is key. On Firing The Man, investor and SaaS founder Eric Eden makes the case for being ruthlessly analytical, wanting to know the "exact ROI for every tactic and channel" as if you were an investor evaluating a stock. The strong attribution model satisfies this need directly. You have hard numbers to justify the spend. But relying on that alone is like only counting touch-downs and ignoring total yardage.
The most accurate view combines both of Brandt's models. You need the hard numbers from affiliate codes to satisfy the investor mindset that Eden champions. But you also need the qualitative data from post-purchase surveys to understand the full brand impact you're creating. And as Cody Wittig points out on The Bottom Line, you have to be patient. You need to commit to three to six months to let the effects compound before you can truly evaluate the success.
