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Instagram Stories are the newest social media marketing tool on the block. They allow you to provide consumers with a fun, behind-the-scenes look while showing your target audience how much their opinion matters to you. But how do you maximize your ROI for Instagram Stories for influencer marketing?
- Brand Stories hit an 86% completion rate, per Conviva, so Instagram Stories ROI is worth tracking closely.
- Set one clear goal per campaign, such as 10,000 new followers in six months, then measure against it.
- Instagram Stories double as a product channel when a story shows how an item works and ends with a CTA.
- A/B testing two story versions reveals which feature or CTA earns more engagement before you scale it.
- Instagram Stories expire after 24 hours, so Phyllo's API pulls the metrics with webhook notifications before they vanish.
More and more businesses are utilizing Instagram's Stories feature to engage their current customer base and attract new customers.
Brand Stories have a whopping 86% completion rate. - Conviva
But what makes Instagram Stories so popular?
The answer lies in its ability to create a sense of intimacy and connection between brands and their audiences. Stories are a great way to get your audience involved, give them behind-the-scenes access to your company, and create an emotional connection with your brand.
The ability to instantly share content on Instagram has made it an excellent channel for brands looking to build customer relationships.
But with so many brands trying their best to leverage this feature, how can your brand cut through the noise and maximize your ROI? In this blog, we’ll discuss this in detail.
Related Read: Effective techniques for measuring Influencer Marketing ROI
5 tips to maximize the ROI of your Instagram Stories
1. Setting objectives and goals
The first step in maximizing the ROI of Instagram Stories is to set a goal for your business. What do you want to achieve with your Stories? Are you trying to drive more traffic to your site? Are you trying to increase engagement with your brand? Or are you simply trying to get more people talking about your brand?
You must know what you want to achieve with your stories, who you want to engage with, and how you plan on doing so.
Create specific objectives for each campaign and break them down into manageable chunks so you can measure success at every step. For example, if you want more followers, set a goal of reaching 10,000 in the next six months by targeting people interested in your business/brand/category/industry.
Set realistic goals so that you can pat yourself on the back and celebrate when you achieve them!
Here are a few goals you could consider -
- Build brand awareness
- Improve audience engagement
- Improve customer retention
2. Instagram Stories are also a product marketing channel
If you sell products online, consider creating a story that explains the benefits of each item or how it works. You can even include videos of real people using the product. This will help customers understand their value proposition and see how they can use your product or service in their own lives.
You can also use stories to inform customers when they should take advantage of sales or promotions during the holidays or other times of the year when people tend to shop online more often than usual (e.g., Valentine’s Day).
An effective CTA can help you increase traffic, sales, and conversions. It's important to note that the word "conversion" isn't limited to buying something from your website; it can also mean signing up for your newsletter or following you on social media.
Remember, if you can guide your online audience to learn more about your product/service, you’re shifting your audience down the funnel in preparation for converting into a customer!
3. A/B testing and optimization
A/B testing allows you to test different versions of your story to see which one performs better in terms of engagement. If you're unfamiliar with A/B testing, here's how it works -
Create two different versions of your story — one that includes a specific feature or action (and is labeled as such) and another that doesn't include this feature or action. You'll then show each version equally over time so they can each get equal exposure and clicks from users who see them in their feed. Then, once you've collected enough data, compare the results of each version to see which one gave you better results.
You can then use this data to create more compelling content that resonates with your audience and increases conversions in the future.
4. Run contests on Instagram Stories
Social media contests like giveaways are great ways to use Instagram Stories as an awareness-builder and grow your following simultaneously.
Here are a few tips for running a successful social contest on Instagram Stories -
- Make sure you have an enticing prize. You want your audience to be excited about what they could win, so make sure it's worth their time and effort.
- Set up clear rules and guidelines for your contest. The more specific you are with what people need to do, the better your chances of getting more entries and engagement from them.
- Be transparent with your logistics, so everyone knows what they're getting into before they enter! This includes how many winners there will be, how long the contest will run when the winner(s) will be announced, etc.
5. Numbers, numbers, numbers
Use data to identify areas for improvement and optimize future campaigns. You should first monitor and analyze your Instagram Stories performance to understand what works and doesn't.
But stories are time-sensitive content and expire after 24 hours. Additionally, it is almost impossible to access story metrics once they expired. It thus gives one a very tiny window to gather and capture the latest data.
Read more about the technical challenges while capturing Instagram Stories data here.
So how can you access the much-needed Instagram Stories metrics to maximize your ROI?
Enter Phyllo with its powerful creator data infrastructure solution.
The Phyllo API gives you access to -
- Streamlined and up-to-date metrics collection
- Webhook notifications
- Crisp education-oriented SDK
Read more about the Phyllo API here.
Boost your Instagram Stories growth with the Phyllo API
In the end, you'll probably need to work towards increased engagement.
However, this doesn’t have to be a rocky climb. You should always leverage the best technologies and tools to achieve your marketing goals seamlessly.
Check out how Phyllo can help you achieve these goals today - Easily Capture and Analyze Instagram Stories Data with Phyllo
Schedule a call to learn more about how Phyllo can empower your business in the creator economy.
Want to test the waters before you go ahead? Sign up for a free account to access creator data with Phyllo APIs.
How do you maximize the ROI of Instagram Stories for influencer marketing?
Set one measurable goal per campaign, treat Stories as a product channel, A/B test versions, run contests, and capture the performance data before the story expires.
What is the completion rate for brand Instagram Stories?
Brand Stories carry an 86% completion rate, according to Conviva, so most viewers watch the story through to the end instead of tapping away partway through it.
Why is Instagram Stories data so hard to track?
Stories are time-sensitive and expire after 24 hours, and reaching story metrics once they have expired is almost impossible, so the window to capture data is tiny.
How does Phyllo help capture Instagram Stories metrics?
Phyllo is a creator data infrastructure platform, and its API gives you streamlined up-to-date metrics collection, webhook notifications, and an education-oriented SDK.
What goals should you set for an Instagram Stories campaign?
Pick brand awareness, audience engagement, or customer retention, then split the goal into chunks you can measure, like reaching 10,000 followers over the next six months.
How does A/B testing work on Instagram Stories?
Build two versions of the story, one with a specific feature or action and one without, give each equal exposure over time, then compare which version performed better.
Can Instagram Stories be used for product marketing?
Yes. A story can explain a product's benefits, show real people using it, and flag seasonal sales, which moves viewers further down the funnel toward becoming customers.
How do you run a successful contest on Instagram Stories?
Offer a prize your audience genuinely wants, publish specific rules on what entrants must do, and state the number of winners, the run dates, and when you announce them.
Does a conversion from Instagram Stories only mean a purchase?
No. A conversion can be a newsletter signup or a new social follow, not only a website purchase, so match the call to action to whichever result you decided to measure.
