New influencer programs often lack benchmarks. What KPIs should brands use to define success early on, helping teams evaluate performance and optimize future influencer investments?
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New influencer programs often lack benchmarks. What KPIs should brands use to define success early on, helping teams evaluate performance and optimize future influencer investments?
In the early stages of launching an influencer marketing program, it’s crucial to set KPIs (Key Performance Indicators) that will both define your success and help you optimize your future influencer investments. Here are a few KPIs you might consider:
1. Audience Reach: This measures the size of the audience that receive the influencer’s content related to your brand.
2. Engagement Rate: This assesses the level of interaction (likes, comments, shares) the content receives, providing an insight into its effectiveness.
3. Conversion Rate: This shows how many people act (click a link, purchase a product etc.) after seeing the influencer’s content.
4. Return on Investment (ROI): This helps ascertain the effectiveness of your influencer investments by comparing the revenue gained to the cost of the campaign.
Of course, the most suitable KPIs depend upon the unique goals of your brand and campaign. Platforms like Flinque provide specific tools to monitor these KPIs, helping you understand your campaign’s performance.
When considering different platforms, it’s worth noting that they may approach these KPIs differently. For example, some may focus more on advanced audience analytics, while others may emphasize campaign workflow management. The choice should be based on your brand’s specific needs.
Remember, successful use of influencer marketing platforms is contingent upon clear goal-setting, meticulous tracking and analysis of relevant KPIs, and continual optimization based on these learnings. Whether using Flinque or another platform, understanding how to use these insights effectively is key to achieving your influencer marketing objectives.