Tracking ROI: discount codes, UTMs, and the metrics that matter

You've spent (or are about to spend) $500 on 5-8 creators. Today we make sure you can measure what worked. Most small businesses skip this step and end the campaign saying "I think it helped?" — which means they won't know who to re-book.

There are three measurement layers, each more accurate than the last:

Layer 1: Vanity metrics (free, available to everyone).

For each creator, track: - Total impressions on their post - Engagements (likes + comments + saves + shares) - New followers gained (count your follower number before and after each post) - Profile visits to your account

The creator can send you screenshots of their insights, or you can estimate from public data.

Use: directional read on which post reached and engaged.

Layer 2: Coded conversion (free, easy).

Give each creator a unique discount code: their handle + a number. Examples: - @sarahbakes → SARAH10 (10% off) - @echoparkeats → ECHO10 - @brooklynyogi → BROOKLYN10

Print or program these codes into your POS. Track: - Number of times each code was redeemed - Total revenue from each code - Average ticket on coded transactions

Use: definitive proof of how many in-store visits or online orders each creator drove.

Layer 3: UTM tracking (free, requires setup).

If creators link to your website (Linktree, bio link, or Stories swipe-up), give each creator a unique UTM-tagged URL:

yoursite.com/?utm_source=instagram&utm_medium=influencer&utm_campaign=launch&utm_content=sarahbakes

Build these at Google's Campaign URL Builder. Send each creator their unique URL. In Google Analytics, you'll see exactly how many people clicked, what they did on your site, and what they bought.

Use: full-funnel attribution for online conversion.

The 4-metric dashboard. Build a Google Sheet with these columns:

| Creator | Post date | Impressions | Engagements | Code redemptions | Code revenue | UTM clicks | UTM conversions | | ------- | --------- | ----------- | ----------- | ---------------- | ------------ | ---------- | --------------- |

Update weekly for 30 days after each post.

Calculating your ROI:

Cost per impression (CPI): your payment ÷ impressions. Industry benchmark: $0.005-$0.02. If you paid $75 for 8K impressions, CPI = $0.009. Healthy.

Cost per acquisition (CPA): your payment ÷ code redemptions. Industry benchmark for local business: $5-$25. If you paid $75 and got 6 redemptions, CPA = $12.50. Healthy.

Return on ad spend (ROAS): code revenue ÷ payment. Industry benchmark: 2-5x. If you paid $75 and the code generated $300 in revenue, ROAS = 4x. Healthy.

Set your minimum acceptable ROAS at 2x. Below that, the creator probably didn't deliver. Above that, you'd re-book them.

The 30-day lookback. Some redemptions don't happen immediately. A follower might see the post, save it, and visit your shop 3 weeks later when they're in the area. Track redemptions for 30 days after each post. Most of the value lands in days 0-14, but the long tail matters.

The hidden metric: new followers. Even if direct conversions are modest, look at your follower growth in the 7 days after each post. A creator post that adds 80 followers to your Instagram is worth more than the immediate conversions — those 80 followers will see your content forever.

What to expect from a $500 campaign:

- Total impressions: 30K-150K (varies wildly with creator size mix) - Total engagements: 1,500-7,500 - New followers to your account: 100-400 - Code redemptions: 15-60 - Code revenue: $400-$2,500 (depends on your average ticket) - Overall ROAS: 0.8x-5x

If your ROAS is below 1x, your campaign lost money in immediate revenue. That doesn't mean it failed — the brand awareness and follower growth might still be worth it. But you'd adjust the next campaign.

If your ROAS is 2-3x, the campaign worked. Re-book your top 2 creators.

If your ROAS is 4x+, you found a magic formula. Scale.

The post-campaign decision tree:

For each creator, after 30 days: - ROAS 4x+: Re-book at the same or slightly higher rate. They're your power partners. - ROAS 2-4x: Re-book once more to confirm. Reliable performers. - ROAS 1-2x: One more test before deciding. Could be a one-off match issue. - ROAS under 1x: Don't re-book. Wrong audience match.

The compounding play. After your first campaign, you have: - 5-8 sets of professional-quality content (with creator permission, you can repost) - 5-8 creator relationships you can revisit - Performance data on which creator type works for you - A measurement system you can run on autopilot

This compounds. Campaign 2 is twice as effective because you skip the learning curve. Campaign 3 is even better because you only re-book proven winners.

The annual creator program. After 3-4 campaigns, the natural evolution is to formalize: pick 4-6 creators as your "ambassadors" with a quarterly cadence and a small monthly retainer ($75-$200 each). Total annual budget: $3,600-$14,400. Output: 48-72 posts a year, predictable schedule, deep audience saturation. This is the strategy that compounds local businesses into local powerhouses.

Tomorrow: iteration. We'll cover what to do after your first campaign concludes, how to improve campaign 2, and the pitfalls to avoid.