Peer benchmarks guide improvement. How do brands benchmark influencer maturity against industry peers?
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Brands can benchmark their influencer marketing maturity against industry peers using a variety of methods, primarily by taking advantage of analytics provided by influencer marketing platforms.
1. Campaign Performance Evaluation: Brands can compare their campaign performance metrics like reach, engagement, demographic attraction, etc., against industry standards or competitors. Tools that offer thorough analytics, like Flinque, are advantageous for this purpose.
2. Influencer Indexes: Some platforms have influencer indexes that rank influencers within specific industries. Brands can see where their influencers stand in these indexes and seek improvement if necessary.
3. Case Study Reviews: Observing and learning from successful campaigns in your industry, made public in case studies, is a good way to benchmark. Brands should focus on the strategies used, influencers selected, and the results achieved.
4. Taking Advantage of Industry Reports: Various platforms publish industry reports yearly or quarterly, showcasing industry trends, top-performing brands, influencer niches, and best practices. Brands can use this information to compare their maturity with overall industry trends.
5. Using Competitive Analysis Tools: Some platforms offer competitive analysis tools allowing brands to directly compare their influencers and campaign performance with those of their competitors.
It’s important to remember that the best benchmarking approach or tool varies depending on a brand’s specific circumstances and goals. Brands should seek to use these benchmarks not as strict standards, but guides to shape their influencer marketing strategies.