Performance analysis of 140 influencer campaigns run by WOO
Influencer marketing is nowadays quite a common part of online communication. Unlike other tools, however, it is quite difficult to predict results. Or... isn't it? We took a look at 140 campaigns worth almost CZK 20 million and found out where the benchmark for influencer campaign performance on Instagram and TikTok is in the Czech Republic, Slovakia and Hungary.
TikTok versus Instagram.
Two key metrics were compared - CPE and CPM. These are also the most commonly measured KPIs that campaigns are optimised for, as increased awareness and engagement are what clients typically expect from influencer campaigns. In the campaigns compared, influencers are of different sizes and with different reach, but we do not factor influencer quality into the calculation, or rather, we know that it is reflected in the influencer price.
While the median CPE on TikTok is CZK 3.41, Instagram is several times more expensive, with a CPE of CZK 15.7. Conversely, the median price per thousand impressions is slightly lower on Instagram, 316 Kč versus 324 Kč on TikTok. We use the median value because campaigns from different segments are not equally represented in our sample and the average would be biased because of this.
However, when deciding on the optimal platform, it's also good to keep in mind the differences between Instagram and TikTok. Especially in demographics. Instagram has 3.35 million users in the Czech Republic according to data in Meta advertising tools, TikTok declares 2.5 million. That's still less than a million and roughly a third less.
Moreover, the age distribution shows that there is a chance to reach people who have moved past 34 on Instagram. Which is considerable buying power. And a well-chosen influencer can hit well even the seemingly insignificant 16% of the Instagram audience aged 35-44. On the other hand, if you're targeting the fairly common 18-34 group, then you're almost 100% sure to hit on TikTok.
Age distribution of Instagram users in the Czech Republic
Source. Statista, 2023
Age distribution of TikTok users in the Czech Republic
Source. Start.io, 2023
What about the segments?
You guessed right, Beauty is the most expensive. If we compare the prices for impressions in each segment with each other, Beauty comes out as the most expensive one. It's quite logical because beauty brands are the ones who use influencers the most and therefore there is the biggest demand from advertisers. And the interest drives up the price. This is consistent with WOO's experience, as data from beauty brand campaigns was the most available for this analysis.
Average CPMs on Instagram and TikTok by segment:
There is still the question of barter cooperation. If we include them in the calculation with zero cost, the average CPM in the Beauty segment would decrease to CZK 411.28. With barter being roughly 10% in our sample.
How many influencers are enough?
Comparing the engagement rate, we have an interesting finding - the optimum is somewhere between two and six influencers, with engagement tending to drop off with more. That's why it's important to choose the right influencers and not just rely on having a lot of them. It's not enough.
So how do you set up your influencer campaign - and your expectations?
Making the right choice based on your campaign goals and knowledge of the influencer market is absolutely essential. The insights from this analysis can help you correctly estimate performance goals and see how a given campaign is performing against the market. Furthermore, WOO's experience shows that campaigns that can engage with a message or form, rather than simply recommending a product, perform better. So here again, working with experts is ultimately the best investment.