We often get asked the question: how do I measure the success of my campaign?
Most artist's minds immediately jump to counting new streams from the promotion. That's not the best way to look at it.
Though influencer promotions will usually result in a boost in streams, it should be viewed as a brand awareness and reach strategy vs. solely looking at streams.
Why do huge, successful artists put up billboards in Times Square?
For brand awareness and reach.
Can they count the exact number of streams they get from it? Absolutely not -- but they don't care. They know that by reaching hundreds of thousands (or even millions) of new eyeballs, the streams will come, and their brand will grow.
You're doing the same thing, except in a more strategic and cost-effective way. And on top of that, with influencers, you're gaining valuable social proof that you don't get with other types of marketing.
If a top influencer is sharing your music, it must be worth listening to, right?
What metric(s) should I focus on?
The best metric to focus on is cost per view. The equation is:
Amount $ paid for promotion / Total views
So if you paid $100 for a promotion, and got 100,000 views:
$100/100,000 = $0.001 cost per view.
That's a fantastic result.
What's a good cost per view?
Anything below $0.01 is really good. The lower the better.