During my keynote speech at PING Helsinki Business Festival 2017 titled The Truth about Influencer Marketing, I mentioned how success metrics in influencer marketing campaigns have shifted from vanity metrics to tangible conversions. Every company has its own set of metrics. At Skyscanner we have adopted Dave McClure's Pirate Metrics for Growth activities. This startup metric consists of measuring Acquisition, Activation, Retention, Referral and Revenue. The majority of our influencer collaborations focuses on Acquisition and Activation. We have also started experimenting a variety of activities that focuses on Retention and Referral especially when it involves a competition element.
How AARRR translates in Influencer Marketing
- Acquisition: measuring the number of users we acquired on web/app through influencers' content
- Activation: measuring the number of activated users on our platforms that we acquired (refer to point 1), i.e. engaging with and consuming content on the brand's platforms (search, read, book, download, subscribe, feedback, etc.)
- Retention: measuring the number of users that we acquired (refer to point 1) that comes back and back to our platforms
- Referral: measuring the number of users that are referred to our platforms through our acquisition initiatives with influencers (refer to point 1)
- Revenue: measuring bottom line results from users acquired through influencers
Influencer Marketing Experiment at PING
For a better understanding of the Pirate Metrics, I asked the audience of over 600 people to go to either one of my social accounts, Instagram or Twitter, and click on the link in my bio. Just to clarify this experiment:
- Objective: see tangible influencer conversions at PING Helsinki during my keynote speech
- Call to Action: click on link in bio on my personal Twitter or Instagram account that day and search flights to Edinburgh from Helsinki
- Metrics: Acquisition and Activation
- Target: Acquire 50% of the audience to Skyscanner with a 70% Product Activation Rate (Expecting 70% of acquired users to search for flights to Edinburgh)
The Experiment Results
The Finnish audience clicked on Instagram more than Twitter
The first thing that came to mind was, maybe they wanted to see more photos of me than reading my 140 character shouts. But perhaps Instagram is just more popular than Twitter in Finland? Below are the results from my experiment with the audience at PING Helsinki.
- 320 were acquired on Skyscanner that time of day (around 40 people typed in the url directly on a search bar)
- 282 people clicked on the link in my bio
- 238 people were acquired by Skyscanner through my personal Twitter and Instagram (44 people never made it to the page, maybe they decided to go through my posts instead and lost focus)
- 150 people out of the 238 were activated on the Skyscanner Finland site and searched for a flight to Edinburgh
- Total: 282 Sessions Acquired with a 62% Product Activation Rate
AARRR Experiment Explained
My exact words to the audience: I stand here as a content creator promoting Skyscanner, influencing the PING audience to try Skyscanner. My keynote speech and this exercise is my content. My call to action is to click on the link in my Bio. When you land on the Skyscanner landing page, that is Acquisition. Skyscanner just acquired you, through my keynote speech. When you search for a flight to Edinburgh you are considered activated because you engaged with the content on the site, this is Acquisition. If you come back again to the site after this event, you will have been retained, that's Retention. If you go back home and tell friends and family about Skyscanner and they go on to the site or download the app, that's Referral. In the end, every penny we make through this exercise is Revenue.
It wasn't bad for an 'on the spot' live experiment. Thank goodness for the great internet connection at Clarion Hotel Helsinki. Did I hit my targets, no. However, it was pretty close. Check the full statistics below.